Motor Accidents Claim Account (MACT)

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MACT Claims SB Account
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Features

  • Cheque book
  • Debit Card
  • ATM Card
  • Welcome Kit
  • Internet Baking
  • Mobile Banking facility will be available with the permission of the Court only.(System Development to block these facilities is in progress. Till such development is made, branches should not provide these facilities without the permission of the Court.)
  • Only single operation.
  • In case of Minor accounts, the operation will be through guardian.
  • Withdrawal by withdrawal slips only.
  • Withdrawal by Bio-Metric Authentication (under development. Process will be advised shortly)
  • Only New accounts will be allowed to be opened under this product. conversion from existing SB account to this product and vice versa not allowed.
  • The Product is available at all branches of the Bank. However, as per the directions of the Court, the account should be opened only at the branch near to the residence of the claimants.
  • Account Transfer is not allowed without the permission of the Court. (System development is in progress. Till such development is made, branches should not accede the request for transfer without the permission of the Court.)
  • Nomination is available
  • Minimum/Maximum Balance Requirement is not applicable
  • Passbook is available
  • Statement by e-mail is available

Eligibility

  • All Individuals including Minors (through guardian) having valid KYC documents are eligible to open account in single name.

Other conditions

  • A suitable certificate /undertaking (enclosed as Annexure II) that “funds are being withdrawn for the benefit of the Minor” to be obtained from the guardian, in case of withdrawal from the Minor’s account.
  • The operations in the account should be stopped in the event of the death of the guardian.
  • Compliance of KYC guidelines to be meticulously ensured.
  • Personalised or Non-Personalised Welcome Kit will not be issued (System development is in progress (Till such development is made, branches should not provide these facilities without the permission of the Court.)

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Interest Rates

3.25% p.a.

Upto 1 lakh

3.00% p.a.

Above 1 lakh

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