Mangalore-based Karnataka Bank Limited has introduced a new product - SB-Sugama - in the backdrop of Reserve Bank of India's direction to banks to make available a basic banking "no frills" account to the larger section of the populace in the country. | |
| The minimum balance in the account prescribed is Rs 50 for rural branches, Rs 100 for semi urban branches, Rs 150 for urban branches and Rs 200 for metro branches. |
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| The scheme provides for maximum six withdrawals per month through withdrawal slips besides nomination facility, collection of outstation cheques and issue of pass book. |
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| The rate of interest charged will be the same as applicable to regular Savings Bank account, a Bank press release said. |
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