NEW PRODUCT SBI TINY (SPECIAL) ACCOUNT

HIGHER ACCOUNT BALANCE OF Rs 2.00 LACS AND OTHER ADVANTAGES LAUNCH IN SBI KIOSK BANKING.
Customers more than 18 years of age, submitting KYC document either as PAN Card, Driving License, Voter Card, Aadhaar Card, Passport, NREGA Job Card will have the option to select Ordinary Tiny Ac or Special Tiny ac during enrollment.
The existing / Old FI accounts can be migrated to the new product after satisfactory verification of KYC documents at the link branches.

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State Bank of India has started the new product for Kiosk Banking. The Tiny account limit have been increased from Rs 50000/- to Rs. 200000/-. Now Customers can Keep Upto Rs. 200000/- to their saving account. The customers More than 18 Years with full of KYC Documentation can take benefit of this service. The Small Tiny account with limited transaction will also be continue with Normal KYC documents. PAN card will be required for the Special Tiny OD account. All the Details and services can be read here in the given State Bank of India e-Circular.

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ANNOUNCEMENT

OUTREACH/2015-16/585

IMPORTANT MESSAGE for all BC/CSP Link Branches

FINANCIAL INCLUSION: BC CHANNEL INTRODUCTION OF NEW PRODUCT

SBI TINY (SPECIAL) ACCOUNT (1611-1431)

Most of the BC Channel accounts are now getting opened on the basis of any of the six Officially Valid Documents prescribed by RBI (Pa s s port, Driv ing lic e nce, V ote rs ’ ID c a rd, PAN card, Aadhaar letter and MNREGA card). With a view to leveraging savings in full KYC F.I. accounts opened by BCs, it has been decided to roll-out a new product viz. SBI Tiny (Special) Account (1611-1431).

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Product features are as under:-

a) Full KYC compliant product at BC Channel with maximum balance upto

Rs.2,00,000/- and ceiling on credits in a year upto Rs.5,00,000/-. b) Eligibility : Individuals with age limit 18 years and above

c) Overdraft upto 5,000/- under PMJDY would also be made available to SBI TINY (SPECIAL) accounts with same features and inbuilt controls.

d) The existing FI accounts can be migrated to the new product after satisfactory verification of KYC documents at the link branches.

e) New accounts with full KYC will be opened by BCs under the new product SBI TINY (Special) and account opening forms will be kept by the link branch as hitherto.

f) The existing simplified Account Opening Form as mentioned in e-Circular No.

RABG/RB-AC/20/2015-16 dated the 8th January, 2016 will be used for opening of accounts.

g) The detailed features of new product SBI Tiny (Special) Account are given in attached Annexure-A

Please instruct BCs/CSPs linked to your branch to open accounts of all eligible customers under this new product only.

Please bring the contents of this e-Circular to the notice of all BC/CSP

working under control as well as operating staff at your branch

OUTREACH DEPARTMENT, LHO, AHMEDABAD

DATE : 25.02.2016

Encls : E-circular No: RABG/RB-AC-AC/24/2015 – 16 with Annexure-A

containing features of the product.

e-Circular

RURAL BUSINESS (ALTERNATE CHANNELS). Sl. No. : 1445/2015 – 16

Circular No. : RABG/RB-AC-AC/24/2015 – 16

Wednesday,February 24,2016.

.All Branches/ Offices

Dear Sir/Madam,

FINANCIAL INCLUSION: BC CHANNEL INTRODUCTION OF NEW PRODUCT

SBI TINY (SPECIAL) ACCOUNT (1611-1431)

Please refer to e-Circular No. RABG/RBNFMCFI-FININC/2/2014-15 dated the 3rd September, 2014. Presently, 4 types of products including their product codes and the channel from where it is to be promoted, are included under Financial Inclusion, as under:

(a) Basic Savings Bank Deposit (BSBD) Accounts – 1011-1701 (Branch) (b) Small Accounts – 1011-1601 (Branch)

(c) SBI Tiny OD Accounts – 1611-1411 (Branch as well as BC Channel) (d) SBI Tiny Accounts (for minors, without OD) – 1611-1401 (BC Channel)

2. While BSBD accounts are full KYC accounts and there is no ceiling on balances held in such accounts, Small accounts and SBI Tiny accounts carry a restriction on balances up to Rs.50,000/- per account and also on total credits during the year not to exceed R1,00,000/-.

Most of the BC Channel accounts are now getting opened on the basis of any of the six Officially Valid Documents prescribed by RBI (Passport, Driving licence, Voters’ ID card, PAN card, Aadhaar letter and MNREGA card). With a view to leveraging savings in full KYC F.I. accounts opened by BCs, it has been decided to roll-out a new product viz. SBI Tiny (Special) Account (1611-1431). Product features are as under:-

(a) Full KYC compliant product at BC Channel with maximum balance upto

Rs.2,00,000/- and ceiling on credits in a year upto Rs.5,00,000/-.

TINY (SPECIAL) accounts with same features and inbuilt controls.

(c) The existing FI accounts can be migrated to the new product after satisfactory verification of KYC documents at the link branches.

(d) New accounts with full KYC will be opened by BCs under the new product SBI TINY (Special) and account opening forms will be kept by the link branch as hitherto.

(e) The existing simplified Account Opening Form as mentioned in e-Circular No.

RABG/RB-AC/20/2015-16 dated the 8th January, 2016 will be used for opening of accounts.

(f) The detailed features of new product SBI Tiny (Special) Account are given in

Annexure.

4. Please bring the contents of this e-Circular to the notice of all concerned for meticulous com

Yours faithfully, (K.M. Trivedi)

Chief General Manager (RB)

SBI TINY (SPECIAL) ACCOUNT (1611-1431)

1.	Name of the Product & Code	SBI Tiny (Special) Account (1611-1431)
2.	Purpose / Objective	a. To encourage customers for saving higher amount and b. ensure that all the government credits are routed through BC channel.
3.	Segment	Personal
4.	Eligibility	Individuals with age limit of 18 years and above.
5.	Mode of Operation / Transaction	Operated singly However, Joint Account (Either or Survivor) facility is under IT development Transactions will be through biometric / AEPS / using card with PIN.
6.	Type of Account	Savings Bank Account
7.	Availability of PMJDY Overdraft facility upto Rs.5,000/-	Yes
8.	Enabled at	BC channel
9.	KYC Requirements	Accounts can be opened with any one of the following Officially Valid Documents:- i) Aadhaar Card, ii) Voter ID, iii) Driving License, iv) PAN Card, v) NREGA Job Card, vi) Passport e-KYC through UIDAI if Aadhaar is available.
10.	Minimum / Maximum Balance	Minimum: Nil Maximum: Rs.2,00,000/-
11.	Initial Deposit Amount	No minimum amount (Max. Rs.20,000/-)
12.	Transaction Limit	Maximum Rs.20,000/- per day / per transaction
13.	Ceiling on credits in a year	Maximum upto Rs.5,00,000/-
14.	Rate of Interest	Savings Portion: As applicable to normal Savings Bank Accounts. At present 4.00% p.a. (half-yearly rest) Overdraft Portion: 2.00% above Base Rate (currently 9.30%), effective rate 11.30%
15.	Operation of the account and applicable charges	(a) No Cheque Book facility & internet banking (b) RuPay (Debit) card issued on request (c) Debits permitted through RuPay (Debit) card / biometric authentication at Kiosk and AEPS platforms (d) Foreign remittances not allowed (e) Pass Book issued at Link Branch

		(f) Aadhaar Seeding available at the request of account holder.
16.	Number of Accounts	Not more than one account
17.	Charges for availing services	No charges for maintenance of account. Service charges applicable as per circular No. RABG/RB-AC/15/2015-16 dated 5th October, 2015.
18.	Nomination	Available
19.	Account Opening Form	FATCA – CRS complied Simplified AOF