VIRTUAL ACCOUNT:

• To be opened as a “SHADOW ACCOUNT” at the Bank Level with respect to the primarily opened “REAL SAVINGS ACCOUNT” at the deposit mobilizing PACS level;
• Would be fully compliant with Know Your Customer (KYC) & Deposit Policy of the Bank;

ELIGIBILITY:

• Intended & active individual Savings Account holder of the Deposit Mobilizing PACS of the Bank through Proper Channel;

SERVICES TO BE OFFERED THROUGH VIRTUAL ACCOUNT:

• As like as Savings Account for any Individual Segment
• Zero Balance Account;
• Has not required to stand in Queue at any Counter of the Bank;
• Facilities for linking of AADHAAR Number with the Bank Account Number to get the benefits of any AADHAAR Based Payments;
• Facilities for Incoming / Inward NEFT / RTGS / DBTL / DBT / FUND TRANSFER etc. (Only Incoming / Inward facilities are permissible at present)
• Facilities for Encashment of Local / Inward / Outward Clearing & Collections of Cheque;
• Pass Book – On Demand;
• Account Statement – On Demand;
• Immediate Settlement on the very next working day of the Bank with respect to the Transaction date;
• Would be able to liquid the settlement amount at his / her Real Savings Account kept with the PACS level;

BINDINGS & LIMITATIONS IN VIRTUAL ACCOUNT:

• No amount as Interest to be entitled on Account Balance would be permissible in the respective account at Bank Level [i.e., 0.00% Rate of Interest (ROI) would be offered by the Bank for this product];
• Cash Transactions (Neither Cash Deposit nor Cash Withdrawals) are not permissible;
• No Cheque Book Facility;
• No ATM / SMS Facility;
• No Outward NEFT / RTGS Facility at present;
• Account is not Transferable;

WHO WILL APPROACH?

Only Intended Deposit Mobilizing PACS of the Bank who are wishing to take the advantage of Online Transfer of Money (Only INWARD / INCOMING facilities are permissible by the Bank at present) to its Off-Line Savings Account Holder(s) will approach to the Bank for and on behalf of its intended Off-Line Savings Account Holder(s);

***T & C Applicable***