Special SB Account or No frills account
In order to bring the low-income group of people, who can not afford to maintain minimum balance in SB account and therefore have been traditionally staying out of the banking sector, into the banking net the Chinatrust Commercial Bank has introduced the facility of   “No Frills Savings Bank Accounts”.
1 Eligibility Only individuals in their own name or in joint names
2 KYC Norms Yes. Simplified.
Introduction from another account holder who has been subjected to full Know Your Customer (KYC) procedure. The introducer's account with the bank should be at least 6 month old and should show satisfactory transactions. Photograph of the customer who proposes to open the account and also his address need to be certified by the introducer.
Or
Any other evidence as to the identity and address of the customer to the satisfaction of the Bank.
3 Minimum Balance for opening the account Zero
4 Issue of Cheque Book No. The Account holders will not be eligible for Cheque Book
5 Immediate credit of outstation cheques No
6 Conversion to regular SB/CA Allowed
7 Other Conditions All other rules and regulations relating to Savings Bank accounts are applicable
Maximum numbers of withdrawals are restricted to 30 per half year. In case the number of withdrawals exceeds the limit of 30 transactions per half year, the same will be permitted after valid authorization of the Branch Manager/Operations Manager.
The existing SB account holders will not have the option to convert to No Frills SB account.
A quarterly statement of account will be given to the depositor on demand. Duplicate statement of account may be issued to the account holder with a charge of Rs.10/- per page.
No Charges on non maintenance of Minimum Balance
No other service charges
Ordinarily, a customer will not be allowed to open more than one basic banking 'no-frills' account.
Rate of interest:As applicable to Savings Bank accounts, if a minimum balance of Rs.500/- or more is maintained.