Welcome to our Mogaveera Bank

Unnathi Account

In accordance with RBI’s stated objective to bring about financial inclusion of all marginalized & under privileged sections of society, our bank takes pride to introduce a “No Frill Account” to permit a daily wage earners, house maids, vegetable vendors, cobblers, cart pullers and small eateries, tea stall owners etc to open their savings account with our branches.

The features of our proposed Unnathi “No Frill Account” will be as follows:

DetailsDescription
ELIGIBILITYAdult Individuals having gross income of Rs 5,000 or less per month with self declaration can open the a/c either singly or jointly with other adults. Nomination facility is available.
MINIMUM BALANCERs.100/- (No penalty will be levied for non maintenance)
WITHDRAWAL FROM ACCOUNTThrough withdrawal slip and RuPay cards. Cheque Book not be issued on the a/c. Th ird Party withdrawal not permitted. SMS banking will be made available
INTEREST PAYMENT3.00% p.a.
AMOUNT OF TRANSACTIONSAs per RBI regulations, balance in the account should not exceed Rs.50,000 at any point of time and the total credit in the account should not exceed Rs.1,00,000/- in a year.
NO. OF TRANSACTIONS5 transactions per month
PENALTY FOR EXCEEDING NUMBER OF TRANSACTIONNo penalty
VALUE ADDITIONSPersonal Accident Cover & Pension A/c will be offered when they are launched. No penalty or charges for closure of the account will be levied.
BRANCHES WHERE ACCOUNT CAN BE OPENEDAll branches of the Bank

KYC Documents

As per RBI’s stated policy No Frills Account should be made available with simplified Know Your Customer norms. Hence, a single document having Identity, address proof is enough to open the bank a/c.

Following can be accepted as valid KYC document:

  • Voter’s ID
  • Aadhaar Card
  • Ration Card

Introduction from existing customer maintaining a/c to the satisfaction of the bank, Letter from Post Master on the letter head of post office confirming Photo & Address.

ID card issued by State/Central Govt including job card issued by NREGA signed by officer of State Govt.

If the holder of Unnathi “No Frill A/c” wishes to avail services of a general Savings A/c, such customer will be required to comply with the requisite KYC and AML norms of the same.

Bank has the right to alter, add or amend any of the above terms and conditions by giving notice to that effect through circulars displayed in the branch notice board. The same will also be explained by staff to the customers whenever such changes are implemented.

“Unnathi Account” will help our bank & branches to expand our customer base to cover various sections of the Society. It will also help us to contribute towards Social Banking.