Banks also seek introduction of the person from an existing account holder. In terms of government notification w.e.f. It helps in settlement of dues in the event of death of the account holder. Details of charges, if any for issue of cheque books and limits fixed on number of withdrawals, cash drawings, etc. The amount of interest will be calculated for each calendar month on the lowest balance in credit of any account between the close of the tenth day and the last day of each month.
Most banks pay interest on a half yearly basis.