The central Madhya Pradesh Gramin bank was formulated on 8th October 2012 according to Rural Regional Banks Act 1970. This bank was formed by merging Vidisha Bhopal Kshetriya Gramin Bank, Satpura Narmada Kshetriya Gramin bank and Maha Kaushal Kshetriya Gramin Bank. This bank operates with a network of 455 branches and 25 districts across Madhya Pradesh.
This bank works with a motto of contribution to economic development by supporting agricultural and rural economy. This bank provides all the core banking and financial services to all the sections of society. This bank issues rupay cards and kisan credit cards to its account holders. Its head office is located at Chhindwara.
Savings Account Minimum balance limit and charges
=> A savings account can be opened by individuals, joint account, trust, association or Hindu undivided families.
=> Charges for not maintaining minimum quarterly account balance varies according to the localities.
=> For rural areas if QAB is less than Rs.250-Rs.500, the charge is Rs.50 per quarter
=> If QAB is less than Rs.250, the penalty will be 100 per quarter.
=> For semi urban areas, if QAB is between Rs.500-Rs.1000, the charge is Rs.75 per quarter and if QAB is less than Rs.500 the charge will be Rs.150 per quarter.
=> For urban areas, if the balance is less than Rs.1000- Rs.2000 the penalty will be Rs.100 per quarter and if the QAB is less than Rs.1000 the penalty will be Rs.200 per quarter.
=> For metropolitan areas, if the balance is less than Rs.1000-Rs.2000 the penalty will be Rs.150 per quarter and for balance less than Rs.1000, the penalty will be Rs.240 per quarter.