Key facts
What the official sources publish
Every value below belongs to this exact product. Select a source marker to check its context.
Account purposeCredits motor-accident compensation and interest on a Motor Accident Claim Annuity Deposit awarded by a Tribunal or Court
Source 1Eligible account holdersIndividuals, including minors through a guardian, who hold valid KYC documents
Source 2Holding patternSingle-name account only
Source 3Savings interest rate2.50% p.a. across all account balancesEffective 15 Jun 2025
Source 4Court-controlled facilitiesCheque book, ATM-cum-debit card and internet banking are unavailable by default and may be provided only with court permission
Source 5NominationAvailable for an individual account holder
Source 6Account materialsPassbook and welcome kit are available
Source 7Minor-account withdrawalsGuardian must provide the prescribed certificate or undertaking that withdrawn funds are for the minor's benefit
Source 8Guardian deathAccount operations must be stopped if the guardian dies
Source 9KYC conditionKYC compliance is mandatory and must be meticulously ensured
Source 10Benefits and features
- Dedicated account for court-awarded motor-accident compensation receipts
- Current SBI savings-account interest rate
- Passbook, welcome kit and individual nomination
- Court-controlled access safeguards for cheque, card and internet banking
Eligibility
- The account is opened in one claimant's name; minors act through a guardian.
- Cheque-book, ATM-cum-debit-card and internet-banking access require explicit court permission.
- A guardian withdrawing from a minor's account must provide the prescribed benefit-of-minor undertaking.
- This savings account should not be confused with the separate Motor Accident Claim Annuity Deposit.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- Valid KYC documents
- Guardian certificate or undertaking for withdrawal from a minor's account