Savings Bank AccountCurrency
Savings Bank Account can be opened in Bahraini Dinar only.

Eligibility
Individuals above the age of 21 (of all nationalities) are eligible to open a Savings Bank account. Parent or legal guardian may open account in the name of a minor. The account will be operated by the parent or legal guardian till the minor becomes a major.

Minimum Balance
Minimum balance of BD 20.000 shall be maintained in the account. Penal charge of BD 1.000 per month will be levied if the monthly minimum balance in the account falls below BD 20.000. (The penal charges will be waived for the first six months from the opening of the branch)

Rate of Interest
Interest at the rate of 0.75% p.a. will be payable half yearly as at the end of June and December, on accounts with monthly minimum balance of BD 200.000 and above. No interest will be payable if the monthly minimum balance is below BD 200.000.

Joint Accounts
Accounts can be opened in the joint names of upto three persons. However, notwithstanding any instructions regarding mode of operation in the account / payment of balance in the account, on the death or incapacitation of one of the account holders, the account will be suspended until a representative of the deceased / incapacitated account holder is appointed. The account will be deemed to be divided among (not jointly owned by) the joint account

Guarantee Cover
Cover under the Deposit Protection Scheme of the Central Bank of Bahrain will be available for ‘eligible deposits’.

Jurisdiction
Only the courts in Bahrain shall have jurisdiction in respect of all matters of dispute pertaining to deposits under the scheme.

Governing Law
The scheme shall be governed by and construed in accordance with the law of Bahrain

Withdrawals from the Account
No cheque book will be issued in Savings Bank deposit accounts. Withdrawals upto BD 500.000 shall be through ATM. Withdrawals above BD 500.000 shall be through Withdrawal Slips. The account holder shall appear at the branch in person for withdrawals through withdrawal slips. ATM Facility Depositors under the scheme shall be eligible for ATM card. Transactions through Bank’s own ATM shall be free of charge.

Access to ATMs of other banks
Access to ATMs of other banks in Bahrain will be available subject to normal charges

Access to State Bank ATMs in India
Depositors under the scheme shall be eligible for an additional ATM card for access to State Bank ATMs in India. The access will be free of charges.

Internet Banking
Depositors under the scheme shall be eligible for Internet Banking facility

Remittance of funds
Facility for automatic remittance of funds to any bank / centre will be available under the scheme