Savings Accounts


Features of the Savings Bank Account:

  • WHO CAN OPEN AN ACCOUNT :
    • An Individual in his/her name
    • More than one person jointly 
    • An illiterate person
    • A blind / visually Impaired / Incapacitated Persons
    • A guardian on behalf of minor in the minor's name
    • Clubs, Association, (only if registered) 
    • Local bodies, all types of Co-operative Societies or any other body
    • Student who has completed 14 year of Age.
  • Daily Minimum balance of Rs. 1,000/-
  • RuPay Debit / ATM card*(Under Process)
  • One personalized cheque book free every year.
  • Internet banking facility. (View only mode) (Under Process)
  • RTGS and NEFT payments facility available to other banks
  • Anywhere banking - Deposit or Withdrawal across any MACO BANK branches.
  • Standing instructions.
  • Interest rate of 4.00% per annum.
  • Nomination facility.
  • Free SMS alerts.
  • INCIDENTAL CHARGES: If a minimum balance of Rs.1000/- (for all accounts with/without cheque book facility) is not kept, the Bank will charge incidental charges at the rates as in force from time to time. 
    Also refer to our Service Charges elsewhere on this site for other incidental charges.
  • GENERAL :
    • Penalty at the rate prescribed will be debited to the account on quarterly basis for non maintenance of prescribed minimum balance.
    • Bank reserves the right to close any account, if cheques drawn are returned unpaid frequently for want of funds or the account is considered as irregular/non-satisfactory.
    • Account not in operation for more than 2 years will be treated as inoperative/dormant account.
    • Bank reserves the right to alter, amend, and rescind the rules from time to time.
    • Two copies of latest photographs
    • Proof of residence to the satisfaction of the Bank (passport, Driving Licence, Ration Card, Voters Card, Electricity Bill, Aadhaar card etc.)
    • Photo Identity Proof
    • Introduction by person known and acceptable to the Bank
    • Permanent Account Number (PAN) with original for verification or declaration in Form 60/61.
    • Initial deposit in cash