1. Opening and Operation of Accounts:

1. Opening of Accounts
1. An account may be opened in the name of one person or jointly in the names of two or more persons.
2. All Savings Bank Accounts irrespective of their mode of operations must comply with KYC standards/Anti Money Laundering Measures (AML)/ combating Financing of Terrorism guidelines (CFT) and Customer Identification Procedure (CIP). For opening of accounts proof of identity, proof of address and recent photograph for all individual accounts. For all other accounts some more documents would be required to fulfill the norms.
2. An Account in the names of two or more persons operated upon by any one or more or all of them, and the balance made payable to any one or more or all of them or anyone or more or all of the survivors of them or to the last survivor, as applicable.
3. The mode of operation of a joint account should be specified at the time of opening the account and cannot be changed subsequently, without the written consent of all the joint account-holders.
4. A joint account to be operated upon by 'Former or Survivor' can also be opened. Where the special instructions relating to the operation of an account reads 'Former or Survivor' the account shall be operated upon and the cheques/withdrawal forms shall be drawn by and the balance shall be repayable to the former i. e. the first named account-holder during his/her life time and only after his/her death by and to the second named account-holder if then surviving.
5. In approved cases, an account may be opened in the names of associations, clubs, co-operative societies (with the permission of the Registrar of Co-operative Societies), Trusts or other non-trading Institutions for purposes of depositing savings, provided the relevant bye laws, rules, etc. are found acceptable to the Bank and are strictly adhered to and when required a suitable indemnity is given to the Bank.
6. In a joint account of two persons to be operated upon by 'Either or Survivor' on the death of any one of them the surviving account-holder alone can operate on and will be entitled to the balance in the account, the heirs or legal representatives of the deceased account-holder will have no claim against the Bank provided that there is no order from the competent court restraining the bank from making the payment. On the death of the surviving account-holder, his heirs or legal representatives alone will be entitled to claim the balance from the Bank.
7. In the event of death of a sole depositor or of the surviving or the last surviving depositor without nomination, the amount payable in the account of such deceased depositor shall be paid to the legal representatives of such sole depositor or of the surviving or the last surviving depositor, as the case may be. "Legal representatives" shall include either the executor or the administrator who has obtained Probate or Letters of Administration from a Competent Court in India or the holder of a grant of Succession certificate or of any other proper grant of legal representation to the estate of such deceased depositor from a Competent Court in India. The Bank reserves the right to pay at its discretion the balance due in the account of such deceased account-holder to his/her heirs on a proper indemnity with or without sureties.
8. Customer is requested to furnish unique mobile No for every accounts opened with ESAF Small Finance Bank, Exceptional scenarios, maximum of up to 3 CIFS only will be considered.

2. Account of Minors:

1. A Savings Bank account of a minor may be opened to be operated upon by the natural guardian of the minor or by the guardian appointed by the Court.
2. A Savings Bank Account may also be opened in
1. the single name of a minor aged 10 years or more to be operated upon by the minor.
2. the joint names of two minor who have completed the age of 10 years to be operated upon by them jointly.
3. the joint names of two or more minors to be operated upon by a person who is the natural guardian of both or all the minors.

3. How to open Savings Bank Account:

Application to open a Savings Bank Account should be made on the Bank's prescribed forms duly completed with his name, address and occupation. Each applicant will be required to sign a declaration to the effect that he has read and accepted the Savings Bank Rules.

4. Illiterate Depositors:

Any depositor unable to write must attend in person and (in the presence of an approved witness who knows the depositor and is known to the Bank) affix his thumb impression to the application and other forms and have it attested by the signature of the approved witness. An illiterate depositor may lodge in person a passport size recent photograph with the Bank subject to provision of rules regarding withdrawals. 

5. Minimum Average Balances:

The minimum average balance that should be maintained in the account will be as below for different variants of Savings Bank account, which will be calculated on a monthly basis: (Except   Accounts opened under Pradhan Mantri Jan Dhan Yojana A/c where the stipulated average balance is zero)

6. Maximum Balance:

There is no limit to the maximum balance in accounts

7. Interest:

Interest will be allowed at the rate prescribed by the Bank from time to time.  Such rate shall be published on the Notice board of the Bank Branches and the Website of the bank. The Bank reserves the right to vary the rate of interest from time to time and to increase or decrease the rate of interest payable.

1. Interest on Savings Bank account will be calculated on daily product basis or as prescribed by the Reserve Bank of India from time to time.
2. Interest will be calculated quarterly and credited to at the end of June, September, December and March every year. Interest amounting to less than Re 1/- per half year will not be credited.

8. Collection of Cheques, Warrants, etc.:

Cheques, Dividend Warrants, Interest Warrants, etc., in favor of a third party will not be accepted for credit of a Savings Bank Account.
The facility of collection of Cheque/any other instrument like Dividend warrant, Interest warrant etc. will be available in the account, but at the discretion of the bank and the Bank will not be held liable for any loss/delay beyond its control for realisation of the same. Bank will have liberty to appoint agents/couriers of its choice for collection of cheques/any other instrument. Any loss/damage that may be incurred/sustained by the Bank and/or its agent/courier while making collection of the cheques/or any other instrument will be solely at the risk of depositor/s who would be called upon to make good the same immediately.

9. Electronic Transactions

The Customer shall be deemed to have agreed and accepted that all transactions/services effected by or through facilities for conducting remote transactions including the Website, ESAFSFB Customer Care Centre, World Wide Web, electronic data interchange, teleservice operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines network or through other means of telecommunication, established by or on behalf of the Bank, for and in respect of the Savings Bank Account, or the Bank's other products and services, shall constitute legally binding and valid transactions when done in adherence to and in compliance with the terms and conditions of the Bank, as may be prescribed from time to time. The Customer should mandatorily register for SMS alerts and, wherever available, for e-mail alerts, for electronic transactions. The Customer must notify the Bank of any unauthorised electronic transaction at the earliest after occurrence of such transaction. The longer the time taken, the higher will be the risk of loss to the Customer as well as to the Bank. The Bank reserves the right to deny facility of electronic transactions to the Customer if he/she fails to provide mobile number to the Bank.

10. Debit Cards/Internet Banking/Mobile Banking

1. If any particular product of the Savings Deposit is eligible for debit card facility, the same will be issued. Debit card will be issued to primary accountholder free of cost. If the debit card is sought to be issued in the name of the joint accountholder, the same shall be considered by the Bank only against payment of applicable charges. There shall not be annual fee for the first year of issuance of debit card. In the subsequent years there shall be annual fee. The transaction limits (number of transactions as well as amount of transactions) through ATM, Point of Sale or e-Commerce platforms shall be subject to the restrictions stipulated by the Bank from time to time. Subject to the guidelines issued by NPCI from time to time, the holder of RuPay debit card will be eligible for personal accident coverage under RuPay Insurance Program of NPCI. The terms and conditions governing the debit card shall be provided to the Customer separately at the time of issuance of debit card.
2. The Customer is specifically advised that, providing any of the above facility shall not enable the Customer to automatically avail the same unless the Customer activates the facility at his/her discretion.
3. Customers opting for internet banking or mobile banking facility shall be bound by the terms and conditions governing the said facility(ies)

11.Statement of Account:

1. The Bank shall give written/printed proof of the first-time deposit, in addition to the electronic confirmation of the deposit.
2. The Bank shall provide statement of account in paper form on request on chargeable basis or otherwise,
3. The Bank shall provide account information through multiple user-friendly modes such as SMS and/or Internet Banking, Mobile Banking etc.
4. The Bank shall provide electronic confirmation through SMS/e-mail/printed proof for each account transaction.

12. Withdrawals:

1. A depositor cannot withdraw by withdrawal forms a sum smaller than Rs. 1/- or any sum which is not a multiple of Re.1/- unless it be to close the account.
2. When a depositor wishes to withdraw from his account by withdrawal forms he must present his pass book personally or by duly authorised agent at the Bank with an order for withdrawal on the form prescribed by the bank for the purpose, signed by himself and showing the amount which he wishes to withdraw. In the case of joint account, the withdrawal forms should be signed in accordance with the instructions given at the time of opening of the account.
3. If the depositor is unable to write he must attend personally and affix his thumb impression to the order, to be attested by the signature of the approved witness who knows the depositor and is known to the Bank. If a photograph is lodged with the Bank by an illiterate depositor, he need not have his thumb impression attested every time he withdraws money. It will suffice if he affixes his thumb impression in the presence of an official of the Bank. An illiterate depositor may operate an account by means of a cheque provided that his thumb impression on every cheque is authenticated by the Bank's official.
4. Cheques must be drawn on the printed forms provided by the Bank, the Bank reserves the right to refuse payment of cheques drawn otherwise.
5. Cheque Books upto a specified number, as applicable to the variant, will be issued free of charges and beyond which charges will levied. The Bank reserves the right to withdraw the cheque book facility if the required minimum average balance is not maintained or for any other reason whatsoever, either with or without prior intimation.
6. Applications for cheque book must be made by the depositor in writing on the Bank's cheque book requisition form. It is particularly important that the printed requisition form inserted in the cheque book must be used when a new cheque book is required. The requisition form should be signed in accordance with the mode of operation of the account as specified at the time of opening the Account.
7. Accounts in which cheque books are issued will be drawn upon only by means of cheques. However, withdrawals may be allowed by means of withdrawal forms in accounts in which the cheque book facility is withdrawn or at the discretion of the Bank.
8. The attention of the depositor is particularly drawn to the notice on the front cover of the cheque book, regarding the drawing of cheques and the safe custody of cheque books.
9. Cheques/withdrawal forms must not be post dated.
10. Cheques/withdrawal forms must be drawn in such a way as to prevent unauthorised alteration or additions after issue.
11. All alterations made in the writing of a cheque/withdrawal form must be authenticated by the drawer's specimen signature, otherwise the cheque/withdrawal form will not be paid.
12. The amount of the cheque/withdrawal form must be stated in words and figures. Writing should be clear and distinct.
13. The Bank will be entitled to refuse payment of a cheque/withdrawal form on which the signature(s) does not exactly correspond with that on record at the Bank.
14. Cheques/withdrawal forms should not be issued before the necessary funds have been credited to the relative account and are actually available for withdrawal. If cheques/withdrawal forms are presented when there are insufficient funds to meet them, payment will be refused and the cheques/withdrawal forms returned as Savings Bank Account should not be overdrawn. Disregard of this rule will entail summary closing of the account.
15. The account number must be written on all cheques/withdrawal forms at the place provided for the purpose. Should any cheque/withdrawal forms be drawn without the account number being mentioned thereon the Bank shall be entitled to refuse payment of the cheque/withdrawal form.
16. The bank will register instructions from the drawer of a cheque/withdrawal form to stop payment of it, but cannot undertake any responsibility in case such instructions are over looked for any reason or cause whatsoever and howsoever arising.

13. Demand Drafts/Pay Orders

1. Customers may place with the Bank (by visiting the branch of the Bank or through any other mode to be communicated to general public through its branches/outlets) request for issuance of demand drafts or pay orders, and such requests shall be considered by the Bank. Customers should pay applicable charges/commission to the Bank in connection with issuance of demand drafts/pay orders. The demand drafts or pay orders requested for should be collected from the branch of the Bank by Customers at his/her/its responsibility.
2. Issuance of duplicate demand drafts or pay orders in lieu of lost/misplaced originals will be considered if the Customer (and the beneficiary in case the demand drafts or pay orders had left the hands of the Customer) submits requests therefor and complies with the formalities stipulated by the Bank in terms of its guidelines adopted in conformity with the directives of RBI.
3. Requests for cancellation of demand drafts or pay orders once issued shall be considered subject to the guidelines adopted by the Bank from time to time in conformity with the directives of RBI. 

14. Safe Keep of Debit Card, Passwords, Cheque Book etc.:

The Customer shall be solely responsible for the safe-keeping and the confidentiality of the statements of Account, balance confirmation certificate, cheque books, debit card/credit card and their PINs, user id and passwords relating to internet banking and such other items relevant or pertaining to the Account.

15. Transfer to Other Deposit Account:

The Bank would accept instructions from depositor to transfer amounts from their Savings Bank Account to other types of deposit account such as Short Deposits, Fixed Deposits, Monthly Income Certificates, Recurring Deposits, Double Benefit Deposits, etc. Such instructions should normally be accompanied by cheques/withdrawal forms drawn on the depositor's account together with completed opening forms/cards in respect of the deposit accounts proposed to be opened. Transfer to such deposit accounts would be subjected to minimum amounts prescribed and Bank's rules relating to such accounts prevailing from time to time.

16. Nature of Savings Bank Account:

Saving Bank Accounts are not intended to take the place of Current Accounts. Savings Bank Accounts must not be overdrawn. The Bank reserves the right to stop the interest on or to close without notice any account which is not, in the Bank's opinion properly conducted.

17. Business Hours: 

The Savings Bank will be open for transaction of business during the normal hours the Bank is open for business.

18. Change of Address: 

Change of address should be immediately intimated to the Bank in writing. As long as the Bank does not receive any intimation from Customer as regards these details, the Bank shall be reckoning the data available with it for all purposes and the Bank disclaims all liability resulting from any loss or damage due to delivery of deliverables to the incorrect address

19. Death or Incompetence

The Customer shall notify the Bank promptly if any of the joint account holders or authorized signatory of the Savings Bank Account dies or is declared incompetent by a court. Until the Bank is satisfied with the credentials of the successor(s) of the deceased, it may place a freeze on the Savings Bank Account and stop all operations when any of the joint account holders or authorized signatories dies or is declared incompetent

20. Nomination Facility: 

Nomination Facility is available to new as well as existing SB Accounts. A nomination form duly filled up and signed by all account holder/s is required to be submitted to the Bank for the purpose. The account holder/s can make, cancel and vary the nomination at any time during currency of the account by submitting the prescribed form for the purpose duly signed. The nomination can be made in favour of only one individual. The name of the nominee can be indicated in the Saving Bank Pass Book if so desired by the account holder/s, in writing. 

21. Closing of Accounts: 

1. If a depositor closes the account within 6 months of opening it, a nominal charge will generally be levied.
2. The Bank reserves the right to close any account without previous intimation if in the Bank's opinion it is not operated upon satisfactorily or for any other reason whatsoever.

22. Deletion, Addition and alteration to rules:

1. The Bank reserves to itself the right to delete, add to or alter these rules at any time without giving a separate notice to every account-holder. An announcement of any change in the rules put up on the Bank's Notice Board or published on the Website of the Bank shall be deemed to be sufficient notice to all account-holders.
2. These rules as amended from time to time as aforesaid shall constitute a contract between the account holder and the Bank and will be binding on the account holder, his heirs, executors, administrators or other legal representatives and on the Bank.

23. Inoperative/Dormant Accounts

Customers are informed to do transaction either debit or credit to avoid account becoming inoperative/dormant. As per RBIs guidelines, the account will be treated as inoperative if there are no customer induced transactions in the account for over a period of 12 months and dormant if it is not there for another 12 more months.

For the purpose of classifying an account as inoperative both the type of transactions i.e. debit as well as credit transactions induced at the instance of customers as well as third party are considered. However, the service charges levied by the bank is not considered. Such accounts are maintained with the bank with status inactive. Only credit transactions are allowed once the account becomes inactive. For debit transactions, the account is required to be activated. To activate such accounts customer is required to submit application for activation of account, fresh KYC documents and do some credit transactions in the account.

24. Know Your Customer (KYC) and Anti Money laundering Guidelines:

The Bank shall be adhering to all the guidelines issued by the Reserve Bank of India from time to time, pertaining to KYC and AML, while accepting the customer as well as permitting operations in the account.
Bank reserves to verify the antecedents all the transactions in the account under the ambit of the Prevention of Money Laundering Act 2002 or any such regulation, and the customers are liable to produce proof of genuineness of transactions if the Bank desires so.   

25. Non-Transferable and Non-Negotiable

The Savings Bank Account and the services are non-transferable and nonnegotiable at the instance of Customer, and no right, title or interest therein or any part thereof can be transferred or secured by Customer to or in favour of any person without the prior written consent of the Bank. The Customer shall not create or permit to subsist, any encumbrance or third party interest over or against any account(s) with the Bank or any monies lying therein without the Bank's express prior written consent. However, the Bank shall have the right to transfer, assign or sell all its rights, benefits or obligations to any person and the T&C shall continue to be in force and effect for the benefit of the successors and assigns of the Bank. The Bank will endeavour to give prior notice to Customer if it intends to transfer, assign or sell its rights, benefits or obligations

26. Service Charges

For applicable Service charges for various transactions and services, please visit the service charges link on our website.

27. Bank’s Right of “General lien and Set Off”

The  Bank , at its discretion, in exercise of its rights of “General lien and Set Off” , shall have the right to appropriate the proceeds of any deposits(including Fixed Deposit) standing to the credit of the  customer, towards  the satisfaction of any outstanding dues , whatsoever, arising as a result :
1. of any Credit facilities extended/to be extended to the customer either as principal borrower or co borrower or guarantor;
2. and/or   any of the Bank' services extended/to be extended to and/or used by the Customer(s)

28. Sharing and Disclosure of Information:

1. The Bank shall respect the privacy of the Customer. However, the Bank Customer shall be deemed to have authorised the Bank to disclose, from time to time, any information and data relating to him/her/it (including personal sensitive data or information and any information that requires consent under the Information Technology Act, 2000/2008, the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 and/or any other statute) and/or the Savings Bank Account in or outside India to:
1. any group entity, employees, agents, representatives etc. of the Bank;
2. third parties engaged by the Bank or any of its group entities;
3. any rating agency, insurer or insurance broker of, or direct or indirect provider of credit protection to the Bank or any group entity;
4. any service provider or professional adviser of the Bank or its group entity with the rights to further share it with their sub-contractors in any jurisdiction;
5. any credit bureau, credit information companies, database/databanks, corporates, banks, financial institutions etc.;
6. any authority or other entity as required by law or any authority;
7. any other person to (or through) whom the Bank assigns or transfers or novates (or may potentially assign or transfer or novate) all or any of its rights and obligations under the Savings Bank Account;
8. RBI or any Government or any other regulatory Authorities/Bodies/Departments; and/or
9. any court or judicial, statutory authority/tribunal. Possession, processing, usage or sharing of the herein mentioned information by the Bank and/or the herein mentioned entities shall not be disputed or cause to be disputed by the Customer at any point of time.
2. The Bank and/or its agents shall have full rights to make references and enquiries relative to any information provided by the Customer, which the Bank or their agents consider necessary

29. Notices

Notices in respect of the Savings Bank Account, the services and facilities in connection with the Savings Bank Account may be given by the Bank either through e-mail or posting a letter to the Customer’s communication address provided in the Account Opening Form(AOF) or updated by the Customer from time to time. The Bank may also give any notice by posting the notice on the Website and the same will be deemed to have been received by the Customer upon its publication on the Website. All notices in connection with the Savings Bank Account, including any deliverables and/or the services associated with the Savings Bank Account, by the Customer to the Bank shall be in writing and served on the address of the branch of the Bank at which the Savings Bank Account is maintained and all such notices shall be deemed to be received by the Bank only upon acknowledgment of receipt of the same in writing by the Bank

30. Waiver

No failure or delay by the Bank in exercising any right, power or privilege under the T&C shall operate as a waiver thereof nor shall any single or partial exercise of any other right, power or privilege. The rights and remedies of the Bank under the T&C shall be cumulative and not exclusive of any rights or remedies provided by law.

31. Indemnity

The Customer shall at his/her/its own expense, at all times, keep the Bank and its employees indemnified and save harmless from all actions, proceedings, claims, losses, damages, costs, interest (both before and after judgement) and expenses (including legal costs on a solicitor and client basis) which may be brought against or suffered or incurred by the Bank, arising from or relating to the operation or use of the Savings Bank Account or the services, or breach, non-performance or inadequate performance by the Customer of any of the T&C or the acts, third party claims, representations, misrepresentations, misconduct or negligence of the Customer in performance of his/her/their obligations

32. DND/NDNC

The Bank is also authorized to use the contact number/e-mail ID of the Customer, mentioned in the AOF, in connection with transactional, promotional as well as service related calls or messages, through Telephone/Mobile/SMS/e-mail by the Bank or its agents. However, the Customer have the right and option to reregister for DND/NDNC at any time at his/her discretion

33. Restrictions on Minor’s account, upon conversion to Major

As on the day of Minor attaining majority, i.e. reaches the age of 18 years as per the records submitted to the Bank, a debit freeze will be imposed on the Account. On attaining majority, fresh operating instruction, photograph and specimen signature of erstwhile minor should be provided to the Bank. A complete set of KYC documents shall also be provided. The freezing may be released only when the erstwhile Minor account holder visits the branch and completes the necessary formalities to convert the account to a regular account.

34. Grievance Redressal

The Bank has displayed in notice board of its branches and on the Website the details of Grievance Redressal System. Grievances, if any, related to Savings Bank Account or services may be got redressed by escalating to ESAFSFB Customer Care Centre. Any grievances unresolved by ESAFSFB Customer Care Centre may be escalated to nodal officers of the Bank. Contact details of nodal officers are displayed on Website and at branches of the Bank. Grievances, if any, related to unauthorised transactions that have taken place and/or loss or theft of payment instrument such as card, etc. may be notified by the Customer, to USFB Customer Care Centre.

35. Governing Law and Jurisdiction

The terms and conditions and matters mentioned herein shall be governed and construed in accordance with the laws of India.  Any legal action, suit or proceedings arising out of or in connection with the terms and conditions and the matters discussed herein shall be brought in the courts or tribunals or other appropriate forum in Thrissur, Kerala and the Customer irrevocably submits to and accepts the jurisdiction of those courts or tribunals or other appropriate forum.  The Bank may, however, in its absolute discretion commence any legal action or proceedings arising out of the terms and conditions and the matters discussed herein in any other court, tribunal or other appropriate forum, and the Customer hereby consents to such jurisdiction

36. Additions and alterations to the Rules

The Bank reserves the right to alter or add to these rules at any time without notice.

37. The above rules are not exhaustive.

For further details, please contact the  our Branch  nearest to you.