Financial Daily from THE HINDU group of publications
Monday, Jan 09, 2006
Financial Daily from THE HINDU group of publications Monday, Jan 09, 2006 |
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Money & Banking
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Public Sector Banks State Bank of Patiala launches `no frills a/c' Our Bureau
New Delhi , Jan. 8 STATE Bank of Patiala has launched `no frills savings bank account' to woo low-income people, who have traditionally been staying out of the banking sector. An individual can opt for the facility either in his own name or as joint holders (including minors). The minimum amount required for opening an account is only Rs 5 and thereafter the account can continue even with zero balance. The maximum permitted balance in the account will be Rs 50,000. A release issued by the bank said that the procedure for documentation and introduction has also been simplified and only one introduction from another account holder will suffice. While the facility of collection of cheques will be allowed, no ATM card/cheque book will be issued and transaction will have to be across the counter.
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