Savings Bank Deposits
The auditor should verify the balances in individual accounts on a test check basis and should also examine whether the balances as per subsidiary ledgers tally with the related control accounts in the General Ledger. In case of any differences, the auditor should examine the reconciliation prepared by the branch in this regard.
The auditor should also check the calculation of interest on a test check basis. In case of branch under Core Banking Solution (CBS) the product sheet for calculation of interest on saving bank accounts can be obtained in selected sample and auditor can verify the calculation. In case of manual branches the calculation can be verified as per the work sheets.
As in the case of current accounts, the auditor should pay special attention to inoperative savings bank accounts.