Savings Max Account Eligibility Requirement

All you need to know about eligibility criteria for Savings Max Account

Individuals meeting the following criteria qualify to open a Savings Max Account:

  • Resident Individuals, whether operating the account individually or jointly

  • Hindu Undivided Families

  • Foreign Nationals Residing in India*

  • Minors above the age of 10 years are eligible to open a self-operated minor account, and an ATM/Debit card can be issued to them
     

*Foreign Nationals residing in India can open a Savings Max Account by temporarily submitting an undertaking (QA 22 Form) outlining their sources of credit along with a copy of their residence permit.

Balance Requirement:

  • The Average Monthly Balance (AMB) requirement varies based on location: metro/urban/semi urban/rural areas require an AMB of ₹25,000, or an FD Relationship of ₹1.50 lakh in metro/urban locations, and ₹1 lakh in semi urban/rural locations. FDs must be booked from the Savings Max account in the name of the primary holder to fulfill this requirement.

Frequently Asked Questions

For the Savings Max Account eligibility in India, minors aged 10 years and above qualify to open a self-operated minor account, with the option of receiving an ATM/Debit card.

To be eligible to open a Savings Max Account, individuals must meet specific criteria. This includes resident individuals, whether managing the account independently or jointly, as well as Hindu Undivided Families. Foreign nationals residing in India are also eligible, with the provision of temporary submission of an undertaking (QA 22 Form) detailing their credit sources and a copy of their residence permit. Additionally, minors above the age of 10 years have the opportunity to open a self-operated minor account, with the option to receive an ATM/Debit card.

The eligibility for Savings Max Account encompasses a diverse range of individuals. This includes resident individuals, whether managing the account solo or jointly, as well as Hindu Undivided Families. Additionally, foreign nationals residing in India are eligible to open an account, provided they adhere to specific procedures. For minors aged above 10 years, the option exists to open a self-operated minor account, with the added possibility of obtaining an ATM/Debit card. Foreign nationals living in India can initiate a Savings Max Account by temporarily furnishing an undertaking (QA 22 Form) detailing their credit sources, accompanied by a copy of their residence permit, thereby ensuring compliance with regulatory requirements.