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Deposit Scheme

Saving Bank Account

S. B. Account is generally opened for the purpose of savings for the future. Interest is paid on the balance maintained at the rate specified by Reserve Bank of India from time to time. Restrictions are not imposed as far as number of time the deposits can be made and amount of deposits at any time.

Who can open a S. B. Account?

This can be opened by:

  • An Individual in his /her name
  • More than one person jointly
  • An illiterate person
  • A blind person
  • A guardian on behalf of minor in the minor´s name
  • Charitable / Religious institutions
  • Trust, Clubs, Association
  • Local bodies, Primary Co-operative Societies or any other body corporate
  • Staff members

Traders, Business firms or Professional concerns are not permitted to operate S. B. Accounts for their trade, business or professional purpose.

 

Requirements for Opening a S. B. Account. :

  • Introduction
  • Completion of Account Opening Form
  • One Photograph
  • Initial Deposit of Cash
  • Permanent Account No. (PAN) allotted by Income Tax authorities and if the same has not been allotted or obtained a Declaration in Form No.60 prescribed for this purpose duly completed and signed
  • Any document in support of address such as Ration Card, Passport, Driving Licence, Identity Card issued by any institution, copy of Electricity Bill, Telephone Bill etc

Traders, Business firms or Professional concerns are not permitted to operate S. B. Accounts for their trade, business or professional purpose.

Current Account

Current Accounts are generally opened by Traders, Business Community, Corporate as well as Government Bodies both for depositing cash / cheque and making payments on account of business transactions. These accounts have been designed specially to meet their business requirements.

Who can open a Current Account?

This can be opened by:

  • Individual
  • Two or more Individuals
  • Sole Proprietary Firm
  • Partnership Firm
  • Joint Hindu Family
  • Private Limited Companies
  • Public Limited Companies
  • Public Corporations
  • Registered / Unregistered Societies / Associations
  • Trust
  • Government / Semi – Government Bodies / Departments

No current Account should be opened in the name of minor.

TERM DEPOSITS

The term Fixed Deposits means deposits which are not repayable on demand but is repayable after the expiry of a fixed period. In the case of these deposits, the period of deposit is fixed at the time of opening the account and making the deposit. The period of deposit should not be less than 15 days or as per the instruction given by the Bank. Each time, deposit is a separate contract and no change in terms and conditions is permissible except under statutory obligations as per R.B.I. directives, till the deposit matures for payment.

Who can open an Account?

This can be opened by:

  • An individual in his/her own name.
  • More than one individual in their joint names payable to all of them jointly or any one or more of them or survivor/s.
  • A guardian on behalf of a minor with a declaration as to the date of birth of the minor and also that the monies will be utilized only for the minor’s benefit.
  • A partnership firm, a company, an association, Trust, Society etc.

Rate of Interest:

Rate of interest payable on fixed deposits is subject to the directives of R.B.I. from time to time and policy of the Bank.
Scheme of giving additional rate of interest to Senior Citizen.

Reserve Bank of India has permitted banks to formulate Fixed Deposit Schemes specifically meant for Senior Citizen offering higher rate of interest as compared to normal deposit rate of interest. Accordingly, the Bank offers 0.5% p.a. additional rate of interest on all Term Deposits and Recurring Deposit Accounts standing in the name of Senior Citizen.

Banks Various Term Deposit Schemes:

  • Fixed Deposits.
  • Recurring Deposits.
  • Dam Duppat Thev Yojana.
  • Masik Uttpanna Certificate.
  • Kamdhenu Thev Yojana.
  • Short Term Deposits.

An individual in his/her own name.

  • More than one individual in their joint names payable to all of them jointly or any one or more of them or survivor/s.
  • A guardian on behalf of a minor with a declaration as to the date of birth of the minor and also that the monies will be utilized only for the minor’s benefit.
  • A partnership firm, a company, an association, Trust, Society etc.

Fixed Deposits

Salient features of the scheme :

  • Account can be opened with a minimum of Rs.1000/- or any amount fixed by H.O. from time to time.
  • Minimum period is 1 year.
  • Maximum period is 120 months.
  • Interest due will be paid on monthly, quarterly, half yearly and yearly basis according to the choice of the depositor.

Loan can be granted up to 85%of the deposit amount against the pledge of Deposit Receipt in case of need. In case the depositor desires to have interest payment on monthly, quarterly, half yearly or yearly basis, he should notify this instruction.

Recurring Deposits

Salient features of the scheme :

  • Payment of fixed amount, which is in multiple of Rs.100/-, is made every month.
  • Duration is 1 to 10 years.
  • Rates of interest on Recurring Deposits account are as per rates offered on fixed deposits.
  • Re-payment with interest on maturity date.
  • Loan can be granted up to 90% of the accumulated deposit amount against the pledge of Pass Book in case of need.
  • Minimum amount is Rs.100/-.

Dam Duppat Thev Yojana

Salient features of the scheme:

  • Account can be opened with a minimum of Rs.1,000/- or any amount fixed by H.O.
  • After certain period, the amount deposited will be double. Here , the period is computed based on the rate of interest prevailing at the time of deposit.
  • Full amount is paid on maturity.
  • Loan can be granted up to 85% of the deposit amount against the pledge of Deposit Receipt in case of need.

Masik Uttpanna Certificate (Monthly Interest Scheme)

Salient features of the scheme:

  • Account can be opened with a minimum amount of Rs.1000/- or any amount fixed by H.O. from time to time.
  • Minimum period is one year.
  • Maximum period is 120 months.
  • Interest due can be paid on monthly basis according to the choice of the depositor.
  • Loan can be granted up to 85% of the deposit amount against the pledge of Deposit Receipt in case of need.

Kamdhenu Thev Yojana (i.e. Re-Investment Plan)

Salient features of the scheme:

  • Interest is automatically ploughed back into deposit on quarterly compounding basis. This helps depositor to earn interest on interest amount.
  • Minimum period should be 15 months and it should be in multiple of 3 months.
  • Minimum amount is Rs.1000/- or any amount fixed by H.O.
  • Loan can be given up to 85% of the deposit amount in case of need.

Short Term Deposit

Salient features of the scheme:

  • Account can be opened with a minimum of Rs.1000/- or any amount fixed by H.O. from time to time.
  • Minimum period is 15 days.
  • Maximum period is 12 months.
  • Interest due will be paid on monthly, quarterly, half yearly and yearly basis according to the choice of the depositor.

Loan can be granted up to 85%of the deposit amount against the pledge of Deposit Receipt in case of need.
In case the depositor desires to have interest payment on monthly, quarterly, half yearly or yearly basis, he should notify this instruction.

 Jaoli Fixed Deposit Certificate

Salient features of the scheme:

  • Combine features of the Short Term Deposit and Fixed Deposit scheme .

 

 

 

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