Deposits     

  Current Account


Current Account is primarily meant for businessmen, firms, companies, public enterprises etc. that have numerous daily banking transactions.

Current Accounts are cheque operated accounts meant neither for the purpose of earning interest nor for the purpose of savings but only for convenience of business hence they are non-interest bearing accounts.
In a Current Account, a customer can deposit any amount of money any number of times. He can also withdraw any amount as many times as he wants, as long as he has funds to his credit. Generally, a higher minimum balance as compared to Savings Account is required to be maintained in Current account.


Current Account can be opened :

1. In the name of an individual

2. In the name of two or more persons

3. Proprietor/Partner

4. Private/Public Ltd. Company

5. Co-op. Societies, Institutions and Associations


Interest

20% per annum.


Documents required :

1. Proof of Identity(Election Id / Aadhaar Card / Driving License / Passport)

2. Copies of above documents

3. Two copies of latest photographs

4. Introduction by a person known and acceptable to the bank.


Initial Deposit

Initial cash deposit of Rs.250/- which should always be maintained in the Current Account.


Documents provided to customer :

Pass book will be provided to every current account holder showing the number of his/her Account No, Name, Address, Transactions with date, Amount and Particulars.


  Recurring Deposit


Recurring Deposit offers you a fixed interest on the invested amount at a specific frequency till the pre-determined term or up on maturity. At the end of the term, the amount upon maturity(which is your invested capital) along with remaining or accumulated interest is paid.


Documents required :

1. Proof of Identity(Election Id / Aadhaar Card / Driving License / Passport)

2. Copies of above documents

3. Two copies of latest photographs

4. Introduction by a person known and acceptable to the bank.


Initial Deposit

Minimum deposit amount for RD is Rs.50/-


Interest

9% per annum.


Documents provided to customer :

Pass book will be provided to every RD account holder showing the number of his/her Account No, Name, Address, Transactions with date, Amount and Particulars.


  Savings Bank Account


A savings bank account is a virtual vault that holds your money, allows you to withdraw a certain amount from it at certain intervals, and adds to itself a small amount (as interest) each year.


Savings Bank Account can be opened by :

1. A single person in his or her name.

2. Two persons in their joint names.


Documents required :

1. Proof of Identity(Election Id / Aadhaar Card / Driving License / Passport)

2. Copies of above documents

3. Two copies of latest photographs

4. Introduction by a person known and acceptable to the bank.


Initial Deposit

Minimum deposit of Rs.250/- should always be maintained in the account.


Interest

4% per annum.


Documents provided to customer :

Pass book will be provided to every Savings Bank account holder showing the number of his/her Account No, Name, Address, Transactions with date, Amount and Particulars.


  Fixed Deposit


Fixed Deposit scheme provides you the facility to deposit an amount in the bank for a long time that earns you an interest amount.


Schemes:

1. Short Term Fixed Deposits.

2. Long Term Fixed Deposits.

3. Samridhi Deposit (Cumulative scheme in which the interest amount will be paid at the end of the tenure).


Fixed Deposit Account can be opened :

1. In the name of an individual

2. In the name of two or more persons

3. Proprietor/Partner

4. Private/Public Ltd. Company

5. Co-op. Societies, Institutions and Associations


Documents required :

1. Proof of Identity(Election Id / Aadhaar Card / Driving License / Passport)

2. Copies of above documents

3. Two copies of latest photographs

4. Introduction by a person known and acceptable to the bank.


Minimum Deposit

Minimum deposit of Rs.250/-


Rate Of Interest :

Tenure Period Rate of interest
46 days 7 % per annum.
91 days 7.5% per annum.
180 days 8% per annum.
12 months 8.5 + 0.5 (Senior Citizen) = 9 % per annum.
Upto 23 months 8.5 % per annum.


Documents provided to customer :

Pass book will be provided to every current account holder showing the number of his/her Account No, Name, Address, Transactions with date, Amount and Particulars.


  Dinanidhi Deposit


This scheme is primarily meant for small scale traders. An agent from the bank will go and collect the amount from the traders and deposit in their respective accounts on a daily basis.


Documents required :

1. Proof of Identity(Election Id / Aadhaar Card / Driving License / Passport)

2. Copies of above documents

3. Two copies of latest photographs

4. Introduction by a person known and acceptable to the bank.


Minimum Deposit

No minimum deposit need to be maintained.


Interest

Interest will be paid @ 4% per annum.


Documents provided to customer :

Pass book will be provided to every current account holder showing the number of his/her Account No, Name, Address, Transactions with date, Amount and Particulars.


  Mutual Benefit Deposit Scheme (Chitty)


Mutual Benefit Deposit Scheme is conducted by an institution and this entity is called the foreman. It is basically a contract between the foreman and the subscribers.

As per the contract each subscriber agrees to remit a fixed amount of money every months for a period of time.


Documents required :

1. Proof of Identity(Election Id / Aadhaar Card / Driving License / Passport)

2. Copies of above documents

3. Two copies of latest photographs

4. Introduction by a person known and acceptable to the bank.