Saving and Deposit

SAVINGS BANK ACCOUNT

  • The object of the Savings Banks Account is to encourage the Member of the Society to save small sums from time to time.
  • Saving Bank Account can open Member of the Society only
  • Accounts may be opened with a minimum sum of Rs.250/- and the same to be maintained to keep the account running.
  • Local Cheque Book facility will be provided to the account holder who maintains a minimum balance of Rs.500/

RECURRING DEPOSIT ACCOUNT

  • A recurring deposit account may be opened for periods of 12,24,36,48,60 and 61 months, in multiples of Rs.10/- per month. More than one account can also be opened in the name of the same person.
  • Recurring deposit Account can open Member of the Society only.
  • A recurring Deposit may be opened by a person in his or her name (ii) more than one person payable to jointly or to either or any one or more of them or Survivor or Survivors (iii) by a natural guardian, 
  • Each Depositor will be supplied with a pass book of such deposit in which the payment made in each month will be entered and acknowledged by the officer of the Society
  • Recurring deposit is repayable 30 days after the last instalment is due and paid or after the expiry of the period for which the deposit is accepted, whichever is later.
  • The Society may grant loans on the security of Recurring deposit accounts upto 80% of the amount of deposit including interest occurred on the loan account. Interest will be levied at 2% higher than the rate of interest paid on the deposit.

FIXED DEPOSITS

  • Who can open an account:
    Fixed deposit Account can open Member of the Society only.
  • Mode of opening an account:An account can be opened with a minimum amount of just Rs.100/-.The depositor should give an application in the prescribed form.
  • Period of Deposit:Under the scheme, customer can choose the period of deposit to suit his needs, from a minimum of 3 Months to a maximum of 37 Months..
  • Interest:The interest on Fixed Deposit will be paid at rates fixed by the Society Boards. From time to time Interest is paid at quarterly rates. If required, monthly interest may be paid at discounted rates.
  • Repayment on Maturity: The deposit is repayable on the maturity date as indicated on the deposit receipt.
  • Premature Closure:The depositor can close the account prematurely. In such case interest will be paid at 1% less than the rate applicable for the period deposit remained with the Society.
    The interest is payable at the appropriate operative rate on the date of maturity of original deposit and is payable only on the amount of the deposit so renewed. Automatic Renewal Facility is also available. A request letter is to be obtained from the depositor at the time of making fresh/renewal of deposit for the first time. Each renewal is to be treated as a fresh contract and the rate of interest prevailing as on the date of renewal / due date shall be the new rate applicable for the renewed deposits.
  • Loan against deposits:Depositor can avail a loan upto 85% of the deposit amount. Interest on loan will be levied at a rate 2% higher than the rate of interest paid on the deposit.

PIGMY DEPOSIT

The scheme:This Scheme is designed to attract small savings of all categories of depositors, whether big or small, poor or rich having the income either daily weekly, monthly or even though through uncertain source of income.

  • Who can open the account:An adult singly or jointly with suitable repayment clause.A minor in his name, if he has completed 14 years.A guardian on behalf of minor with suitable repayment clause
  • These deposits are colleted by PIGMY agents appointed by the Society for meeting the respective depositors daily or at any other regular interval convenient to the depositor at his residence or place of business.
  • How to open an account and operate:The agent will take the necessary application form duly completed and signed by the depositor indicating the period for which the account will continue with the bank.The period should be for minimum 12 months and maximum of 60 months.The minimum deposits to be obtained from the depositor is Rs.10/-, while opening the account and Rs.5/- or on multiples thereof towards further installments.Every time while paying the amount to the collecting agent the depositor should see that the necessary entries are made in the daily collection memo and the agent should hand over receipt for the amount collected during the previous week duly signed by the bank officer.The collecting agent has got the authority from the bank to collect the deposit only for the NDD account and is not authorized to collect any amount that is payable and receivable to the bank.If the depositor has to obtain repayment or the loan amount on the security of NDD account from Branch and under no circumstances the agent can deal with such transactions.
  • Interest:Interest will be paid as per the monthly products of the amount to the credit of the account as on end of the day.
  • Nomination facility:Nomination facility available and necessary application obtained from the depositor is recorded in the Bank.