Recurring Deposit

Recurring Deposit information:

The advantage in opening a Recurring Deposit Account that the depositer would be able to save certain sums in fixed monthly installments so that he/she would be able to meet an anticipated liability/obligation after the end of a specified period

ELIGIBILITY:

Any person or persons approved by the Bank.

Co-operative Societies, Registered Trust, Institutions and Associations.

By two or more persons in their joint names.

By a natural guardian i.e., father or mother approved by the bank on behalf of a minor.

MINIMUM DEPOSIT: Rs.100/-

INTEREST:

Interest will be paid on the deposits at the rates in force as per the Reserve Bank’s directive from time to time.

Interest amount will be paid at the time of maturity.

Period 8% 8.5% 8.75% 9% 9.5% 9.75% 10%
12 months 1253 1256 1258 1260 1263 1265 1266
24 months 2609 2623 2630 2637 2650 2658 2664
36 months 4077 4109 4125 4142 4174 4191 4207
48 months 5666 5726 5756 5787 5848 5880 5911
60 months 7386 7485 7535 7585 7687 7739 7791
72 months 9248 9398 9474 9551 9707 9787 9866
84 months 11263 11479 11589 11700 11926 12041 1215

PASS BOOK: The Bank will issue a Pass Book showing the name, address, installment amount,the period for which the deposit is accepted, maturity date and maturity amount.

LOAN AGAINST DEPOSIT: 85% Loan against deposit amount is available.

GENERAL: The Bank reserves the right to alter, amend, rescind the rules from time to time.

TAX DEDUCTION AT SOURCE (TDS): No TDS on Recurring Deposit Accounts.

Eligibility

Any person or persons approved by the bank in the following manners:

In his/her name

In the name of two or more persons

Co-op. Societies, Institutions and Associations

Private/Public Ltd. Company

Proprietor/Partner

Initial Deposit

Initial cash deposit of Rs.10,000/- which balance should always be maintained in the Current Account. Interest : No interest will be paid on the balance in Current Account. Statement of Account: Bank will issue statement of account to the accountholder once in a month on requisition. Incidental Charges:Incidental charges as per Service Charge Manual in force will be levied for non-maintenance of minimum balance prescribed, return of Inward/Outward cheques, stop payment instructions, issue of cheque books etc. Refer to our Service Charges elsewhere on this site.

Minimum Requirement:

Introduction by a person known and acceptable to the bank.

2 copies of latest photographs

Proof of identity and residence and business proof

Copy of PAN card with original for verification

GENERAL

The Bank reserves the right to alter, amend, rescind the rules from time to time.

Eligibility:

Any person or persons and associations of individuals like Co-op. Societies, Institutions and Associations approved by the bank.

Account may be opened individually by one person or by two or more persons in their joint names.

Natural guardian i.e. father or mother can open account on behalf of a minor child/ward.

Initial Deposit for opening SB A/c

With cheque book – Rs.1000/-

Without cheque book – Rs. 250/-

*This is also the minimum balance requirement for respective accounts.

INTEREST:

Interest will be paid @ 4% p.a. (half yearly) as per rules. Interest for the period September to February and March to August will be calculated and credited in the months of March and September each year.

PASS BOOK:

Pass book will be supplied to every savings bank depositor showing the number of his account, name and address and transactions with date, amount and particulars.

INCIDENTAL CHARGES:

If a minimum balance of Rs.1000/- (with cheque book facility) is not kept, the bank will charge incidental charges at the rates as in force from time to time.

Also refer to our Service Charges elsewhere on this site for other incidental charges.

MINIMUM REQUIREMENT FOR OPENING A/C :

2 copies of latest photograph.

Proof of identity and residence to the satisfaction of the Bank (Aadhar Card, passport, Driving Licence, Ration Card, Voters Card, Electricity Bill, etc.)

Copy of PAN Card with original for verification.

AADHAAR LINKAGE FACILITY:

Aadhaar Linkage facility is also available for the Individual SB Account Holders. Under this linkage the customers can avail the benefits like LPG Gas Subsidies, etc. under Direct Benefit Transfer Scheme.

GENERAL:

The Bank reserves the right to alter, amend, rescind the rules from time to time.
* for more details contact our nearest branch.

ELIGIBILITY :

Any person or persons approved by the Bank.

Co-operative Societies, Registered Trust, Institutions and Associations.

By two or more persons in their joint names.

By a natural guardian i.e., father or mother approved by the bank on behalf of a minor.

MINIMUM DEPOSIT:Rs.100/-

INTEREST:

Interest will be paid on the deposits at the rates in force as per the Reserve Bank’s directive from time to time.

Interest amount will be paid at the time of maturity.

TERM DEPOSIT RECEIPT:

The Bank will issue a receipt in favour of the depositor/s showing the amount deposited, the period for which the deposit is accepted, maturity date and maturity amount.

DUPLICATE RECEIPT:

In case of loss of original Fixed Deposit Receipt the depositors would have to intimate the bank immediately. On an application satisfying the prescribed rules the certificate indicating the particulars of the deposit will be issued to the depositor. The Bank will charge Duplicate Receipt Charges at such rates as in force from time to time.

GENERAL:

The Bank reserves the right to alter, amend, rescind the rules from time to time.
* for more details contact our nearest branch.

Nodal System

The Nodal System is introduced in the Bank to guide, support and help the Branches in proper functioning, customer service and maintenance. In the Nodal System, the Bank has felt necessary that the Senior Officers should be in-charge of the branches. The Nodal System is the best way for effective functioning and monitoring the delivery mechanism at gross root level of the Bank i.e., Branches, PACS and other Member Societies.

Each Senior Officer called “Nodal Officer” is allotted with few branches for monitoring/guidance and support. These Nodal Officers will be the in-charge of allotted branches. The Nodal Officers are instructed to visit all the branches and necessary review will be there on the overall working/functioning of the Branch with the branch staff. On every visit the Nodal Officer personally verify/organize/review the aspects entrusted in their orders. The Nodal Officers are responsible for redress all the problems and re-solve them then and there. They should assign specific targets/duties to staff and also ensure timely furnishing of information and also to maintain all the Books of Accounts and other all the ledgers, registers etc., as required with special emphasis to

  1. Orderly maintenance of books of A/cs, safe custody of documents etc.
  2. Controlling the contingent expenditure.
  3. Coverage of legal action of overdue cases of Branch/PACS.
  4. Targets and achievements of Mobilization of deposits, recovery of loans etc.,
  5. Review of PACS C.E.Os atleast once in a month

Items/Issues to be verified/reviewed/inspected by the Nodal Officers during their visit to the Branches

  1. Verification of cash balance and remittance of surplus balance to Head office/ Regional Office.
  2. Up-to-date maintenance of cash book/General Ledger and submission of Cashbook Abstracts to Head Office on daily basis.
  3. Ensure safe custody of DD Books / ChequeBooks / Receipt Books / F.D receipt Books etc.,/ Computerized FD Receipts, etc.
  4. Verification of gold loan bags as entrusted by Head Office.
  5. Verification of test calculation of interest receipts / payments under major accounts.
  6. Verification of movement register of Supervisors/Managers.
  7. Upto date maintenance of D.V files and Declarations.
  8. Review of Items under Sundry Debtors / Sundry Creditors.
  9. Reconciliation of Head office, APCOB and notified Banks accounts.
  10. Inspection of PACS.
  11. Review of Recovery and action on NPAs at Branches / PACS.
  12. Review of passing on of collections by PACS.
  13. Maintenance and updation of leave registers at Branch level.
  14. Rectification/Compliance of Audit, APCOB, NABARD inspection observations.
  15. Other instructions issued from time to time.

 

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