Financial Inclusion Initiatives , By: -

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Financial Inclusion Efforts

The Karnataka Bank has taken the following action towards Financial Inclusion:
Sl.No. Particulars
1 Name of "no-frills" account SB-SUGAMA
2 Initial deposits & minimum balance Rural Semi Urban Urban Metropolitan
    In exceptional cases bank has also permitted to open account with ZERO BALANCE
3 Rate of interest As applicable to regular Savings Bank Account
4 Facilities provided
  1. Maximum of 6 (six) withdrawals per month through withdrawal slip
  2. Collection of outstation cheques
  3. Pass Book
  4. Nomination
  5. One cheque book (10 leaves)  per annum
5 Services Charges
  1. Rs.10 /- per withdrawal if withdrawals exceed stipulated 6 withdrawals per month.
  2. all other charges as applicable to regular Savings Bank Account

Further, branches have conducted survey through NGOs, SHGs etc. to identify the households at allotted wards/villages at various districts and have opened "no-frills" accounts with Zero balance.

As on September 30, 2007 the Bank as 31357 SB-SUGAMA"no-frills" accounts.

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