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- Virtual Account & Services (VAS)
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***


