Interest on Saving Account is paid @ 6% p.a. upto 1 lakhs.  If Account balance is above 1 lakh interest will be paid 25 bps above normal rate (The same is applicable except BSBDA Small Account, as per RBI regulation)

  • What is the procedure for Add/Modify & Delete Nominee?

Nomination under Section 45 ZA of the Banking Regulations Act 1949 and Rule 2(1) of the Banking Companies (Nomination) Rule 1985 in respect of Bank deposits, Form DA 1 is for addition of nominee, Form DA 2 is for deletion of nominee & Form DA 3 is for modification of nominee.

  • What happens if the Account is not operated for long?

If the Account is not operated for more than two years it becomes dormant.
To activate the account, customer needs to visit NESFB Branch and submit account activation request along with his\her Id proof.

  • What document to be given as a proof of ID & Address?

Six documents as ‘Officially Valid Documents’ (OVDs) has been notified by Reserve Bank of India for the purpose of account opening. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Job Card. Customer need to submit any one of these documents as proof of identity. If these documents also contain address details, then it would also be accepted as ‘proof of address ’. If the document submitted for proof of identity does not contain address details, then you will have to submit another officially valid document which contains address details.

  • If I do not have OVD, can I still open Account?

Yes. You can still open a Bank Account known as ‘BSBDA Small’ 

  1. Balance in such accounts at any point of time should not exceed Rs.50,000
  2. Total credits in one year should not exceed Rs.1,00,000
  3. Total withdrawal and transfers in a month should not exceed Rs.10,000
  4. Foreign remittances cannot be credited to such accounts.

Such accounts remain operational initially for a period of twelve months and thereafter, for a further period of twelve months if the holder of such an account provides evidence to the bank of having applied for any of the officially valid documents within twelve months of the opening of such account.

  • Can an Individual have multiple Saving Account in one Bank?

No, an individual can avail only one saving account in one bank.

  • Is Introduction is necessary while opening Bank Account

No, Introduction is not required.

  • For which transaction PAN need to be provided?

PAN number needs to be quoted for transactions such as account opening, transactions above Rs.50,000/ (whether in cash or non-cash), etc.

  • Can I avail Standing Instruction?

Yes, you can set up standing instructions through your NESFB Account . A few examples of the same are as below:

  1. Transfer to any Deposit Account
  2. Make recurring payments like RD Instalments, Loan EMIs, etc.

For more details please contact your nearest NESFB branch.

  • How Do I Change/Add my Mobile Number/PAN/Address etc

You may contact your nearest NESF Branch to update/change the same along with valid documents.

  • For which Banking transaction do I need to quote my PAN Number

PAN Number need to be quoted doe transactions such an account, transactions above Rs.50,000/-(whether in cash or non-cash) etc. A full list of transactions where PAN number needs to be quoted can be accessed from website of Income Tax Departments at the following URL.

Income Tax Department