Zero Balance Salary Account Scheme
Salient Features of the Zero balance Salary Account Scheme:
The scheme will have following salient features
1 | Who can open account | Regular employees of state government, central government ,PSUs, Semi govt. organizations, State/central govt. corporations, Urban development authorities, Educational institutions / Universities, MNCs, Reputed public ltd companies, Selected (approved from R.O) Private Ltd Companies etc. Branches will ensure that opening of accounts under the scheme shall not result in overcrowding affecting service to other customers. |
2 | Age (Minimum) | 18 Years |
3 | Documents Required |
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4 | Initial Deposit | Account can be opened with zero balance. The initial credit could be by way of cheque/credit of salary/other instruments, etc. |
5 | Minimum balance required | No minimum balance requirement in the account (Zero Balance Account), however we would encourage them to keep balance as a matter of thrift. |
6 | Employees strength (A Company / Corporate with minimum employee strength) | 20 Employees |
7 | Monthly take away (Minimum) of the account holder | 10,000 / per month |
8 | Cheque book facilities | Available as per normal savings account scheme |
9 | INSTA ATM Card | Free INSTA ATM Card while opening of account |
10 | Credit Card facility | Available (Annual Charges applicable.) |
11 | Internet Banking, Phone Banking and SMS Banking | Free Internet Banking ,Phone banking and SMS banking facility |
12 | Utility Billing facility/ Online Shopping | Free Utility Bill payment / Online shopping facility |
13 | Availability of additional financial services | Availability of wide range of additional financial services, such as Retail Loans (Home, Vehicle, Consumer), Insurance (life/non-life), Mutual Funds, Demat, Online Trading etc., subject to usual terms & compliances. |
14 | MAHA Bill pay facilities | The depositor can give standing instructions for transfer of funds from one account to another account, RD account etc, for payment of electricity bills, Insc. Premium, telephone bills and govt. taxes, loan installments. |
15 | Service Charges(One time Charges) | 100/- (After opening the account) |
Rate of Interest:
The scheme shall carry rate of interest as that of regular saving deposit scheme.
Benefits of the scheme:
Mahabank Salary Account Scheme provides a host of benefits to the employers as well as employees.
Benefits to Employers:
- No tension for cash disbursement
- Freedom from account reconciliation
- No calculation is required for keeping the details of employees’ turnover
- Pension disbursement facilities for retired employees of the organization
- Salary disbursement through CBS transfer
Benefits to Employees of an organization:
- No waiting or tension for clearing salary cheque
- Instant credit of salary to the account
- All the facilities of savings account are available
- Instant opening of salary account with zero balance
- International ATM/Debit card can be used in all VISA ATMs inside and outside India.