Shakti Saving Account

AllBank Shakti Saving Bank Account

As a next step towards women empowerment, the Bank has decided to offer the women of the nation a savings bank product “Allbank Shakti” that makes available investment opportunities & much more. This product also provides benefits to them in the form of discounts on healthcare product, locker facility, concessional rate of interest on their housing loans & education loan for self/ daughter(s).

Account Type

  • Variant –I for accounts where no salary is being credited.
  • Variant – II for accounts where salary is being credited.

For Variant I :-

  • Savi fix option with threshold (minimum Rs.50,000), sweep/break sweep amount (minimum Rs10,000) & tenure (upto 179 days) as per customers’ choice. Sweep will be created at fortnightly interval.
  • Overdraft facilities through Cash option scheme.

For Variant II :-

  • Overdraft facility as per new Saral Overdraft Scheme.
  • Savifix option with threshold (minimum Rs.50,000), sweep/break sweep amount (minimum Rs10,000) & tenure (upto 179 days) as per customers’ choice. Sweep will be created at fortnightly interval.

Common features for both variants :-

  • Minimum quarterly average balance Rs. 1000/-.
  • Free cheque book of 20 leaves per annum
  • All digital products e.g., mobile banking, internet banking facilities would be offered
  • Concession of 0.50% in interest on MSME loan subject to minimum of one year MCLR.
  • Rebate of 0.50% interest under Education loan in the name of AllBank Shakti Primary Account holder subject to minimum of one year MCLR. If the Primary account holder is a mother, she can avail Education loan for her daughters also.
  • An insurance policy- Pradhan Mantri Jeevan Suraksha Yojana will also be made available by the branch at a premium of Rs. 12/- p.a to be borne by the account holder
  • Concession of 0.05% in Housing loan scheme to AllBank Shakti Primary Account holder.

Special features :-

  • 25% discount on locker rental on lockers of all sizes for locker allotment linked to AllBank Shakti SB account (subject to availability of lockers). Locker may be held jointly but first name in locker account should be of the AllBank Shakti Primary Account holder.
  • Platinum Rupay Debit Card free for first year
  • Free remittances (NEFT/ RTGS/ IMPS).
  • Free Demat Account for first year for new demat accounts.
  • Waiver of processing fees on Housing loan, Car loan and Two Wheeler loan. Asset purchased should have the first name of AllBank Shakti Primary Account holder.
  • Reduced margin requirement of 10% on Car Loan & Two wheeler loan sanctioned to AllBank Shakti Primary Account holder.
  • 0.25% concession in Rate of Interest on facility under AllBank Gold loan scheme. The first name should be of AllBank Shakti Primary Account holder
  • Free remittances (NEFT/ RTGS/ IMPS).
  • Domestic and international lounge access.

Value added features :-

  • Optional Health Insurance of AllBank Shakti Primary Account holder for critical illness (Benefits as detailed in point no. B) by M/s USGICL to begin from next calendar month after deposit of premium amount with USGICL.
  • Sum Assured Rs 1 lakh
  • Concessional Premium p.a. Rs 400/-. (to be borne by the customer)

All Bank Shakti Accounts may be opened in the names of :-

  • Individual - Single Accounts
  • Two or more individuals - Joint Accounts
  • Primary account holder: Any girl/ woman (student/working/homemaker/professional)
  • Age: 18 years and above
  • All accounts should be Aadhar seeded.
  • Interest on the balances in Shakti account should be allowed on daily product basis at the rates advised by the Bank from time to time.
  • Proof of Identity: Photocopy required of any one.
  • PAN Card

  • Passport (along with validity details like date of expiry.

  • Driving License

  • Voter ID Card

  • Identity card with photo issued by: Central Government and its departments, State Government and its departments, Statutory / Regulatory Authorities, Public sector undertakings.

  • Proof of Address: Photocopy required of any one.
  • Passport

  • Voter Id

  • Driving License

  • Bank Passbook / statement.

  • Latest electricity bill or Landline Telephone bill (atleast 3 months old).