Bank of Bhutan BOB : Savings Deposit Account Opening Procedure

Name of the Organization : Bank of Bhutan
Type of Facility : Savings Deposit Account Opening Procedure
Country : Bhutan

Website : https://www.bob.bt/personal-banking/deposits-pb/savings-deposit-account/

Savings Deposit Account Opening Procedure :

The main objective of Savings Deposit Account, which is also known as Saving Bank Account is to inculcate the habit of savings and thrift among individuals, housewives, family members of businessmen, etc.

Related : Bank of Bhutan Current Deposit Account Opening Procedure : www.statusin.org/6803.html

Eligibility:
Savings Deposit Account can be opened by: –
** Individual, singly or jointly with other individuals;
** Associations, clubs, societies and similar other non-profit making institutions for the purpose of depositing their savings provided their bye-laws/rules/resolutions, etc. are found acceptable and are strictly adhered to;
** Minors or on behalf of minors by their guardians;
** No accounts will ordinarily be opened in the names of business organisations and Government Departments. However, only in exceptional circumstances, specifically approved by the Managing Director, Savings Deposit Accounts may be opened in the names of companies, corporations, firms, trustees, etc.

Savings Deposit Accounts may be opened in the names of individuals in the following manner: –
In the name of a person;

In the joint names of two or more persons and payable to:
** both or all of them or the survivors/survivor of them
** either or any or some of them (including former or latter) and their survivors/survivor.

Accounts may also be opened for or on behalf of minors under the guardianship of their natural/court appointed guardians. Parents may also open a joint account with their minor child/children. Children above 14 years of age may also be permitted to open a Savings Deposit Account in their own names.

Documents required for opening of New Account:
For National Individual Account :
** A Citizenship Identity Card photocopy.
** An introduction by our Bank’s Saving/Current Account holder.
** Two Passport Size Photographs
** legal Stamp

For Non-National Individuals :
** Work Permit Copy
** Passport Copy
** Legal Stamp
** 2 Photos
** Introducer

For Minor Account :
** A Citizenship Identity Card photocopy (Parents/Guardian).
** An introduction by our Bank’s Saving/Current Account holder.
** Two Passport size photographs of Parents/Guardian.
** legal Stamp
** Guardian’s declaration form to be filled which is available at the BOBL braches.

For Club/Associations/welfare (Non-Profit Making Org. ONLY) :
** Application Letter
** Article of association
** Certificate copies of bye-law/rules/constitution of the club
** Board Resolution
** 2 photos (Only for sole proprietor – esp, for Clubs)
** ID Copy (Only for sole proprietor – esp, for Clubs)
** Rubber stamp and
** Legal Stamp

For Trusts/ Business Organizations/ Govt. Depts. :
** Copy of the Trust Deed
** Copy of the registration certificate
** Copy of the Resolution of The Trustees
** Authorizing the members concerned to open and operate the account
** Photographs of the members operating the account
** Rubber stamp is required
** legal Stamp

Minimum Balance :
No minimum balance required

Interest Rate:
The prevailing rate of interest on Savings Deposit Account is 5% per annum.
No upper limit on account balance.
The interest would be paid irrespective of number of withdrawals.

Service Charges:
Service charges will be charged when the balance in an account falls below the required minimum balance as under:

Since minimum balance is not required such charges are not applicable.

Deposit of Nu.1 million and above in SB account will be charged : (Total amount)X (1.75/1000)/2.