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Bank of Baroda, State Bank of Hyderabad, Tamilnad Mercantile Bank, and Corporation Bank are among the latest to announce a no-frills savings bank account. An account can be opened in these banks with an initial deposit of Rs 10-50 . No penalty will be levied if the balance falls below the minimum level. Few of these banks also offer facilities such as chequebooks, ATM cards, remittance, collection and nomination.

BL Research Bureau

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