CorpBank's no-frills account

Corporation Bank has introduced a 'No Frills' savings bank account with zero balance facility.

The account, 'Corp Pragathi Savings Bank account' can be opened with an initial deposit of Rs 10 and will provide the account holder the basic banking facilities. No penalty will be levied even if the balance in the account drops below Rs 10.

Any individual, including minors, are eligible to open this account, can open the account.

Rate of interest is as applicable to normal Savings Bank account. The account will be available in all branches of the Bank. Account holders will be provided cheque book facility, maximum of ten withdrawals per quarter, collection, remittance facilities, nomination facilites etc.

With this the Bank aims to reach out to the vast sections of society who are yet to open an account with a Bank. The documents required for opening a Corp Pragathi account are photograph of the customer and proof of identity and address.

In the absence of proof of identity and/or address, introduction from any customer of the bank who has maintained his account for at least six months is required.