Deposits

Our Deposit Schemes

Saving Bank Deposit

SAVINGS BANK A/C It is an operative account which is opened by an individual in his own name or jointly with another person or persons and a minor person through his guardian.

Features:

  • Savings Bank Account with Cheque Book facility
  • Demand Draft (Local and outstation).
  • RTGS / NEFT / Fund Transfer
  • Cheque Clearing services.

Current Deposit

Current account is an operative account and it will be opened for business purposes or facilitating large transactions

Features:

  • Savings Bank Account with Cheque Book facility
  • Demand Draft (Local and outstation)
  • RTGS / NEFT / Fund Transfer
  • Cheque Clearing services

Fixed Deposit

Ideal to earn higher rate of interest, if the investor can spare money for a specified period of time. This deposit plan offers convenient solutions to both working class as well as senior citizens. These products facilitate the depositor to enjoy security and competitive rates of interest on their deposits.

Features:

  • Any individuals ,firms, corporate bodies ,associations etc. are eligible to deposit in this scheme.
  • Account can be opened with a minimum of Rs.1000/-
  • Minimum period of 30 days and up to 120 months
  • Interest is paid monthly / quarterly / Half yearly or along with principal amount on maturity
  • Loan granted up to 85 % of the deposit amount against the pledge of Deposit Receipt in case of need.
  • Convenient for parking the short term surplus funds from 30 days to 1 year.
  • PAN Card is mandatory if aggregate amount of deposit is Rs. 50,000/-and above.
  • Form 15G/15H Should be Submitted in the month of april of every financial year without fail. If deposit interest earned Rs 40,000 for General Public & 50,000 for Senior Citizen or else TDS will be Deducted.
  • Copy of PAN Card & Aadhar Card should be Submitted by the depositors.

Recurring Deposit

Recurring deposit is an ideal deposit scheme and beneficial to salaried class, monthly wage earners and those who are having monthly income for saving a fixed amount every month and obtaining handsome amount at the end of the selected period.

Features:

  • This Deposit Scheme is open to all categories viz. Individual and Non- individual entities.
  • A Recurring Deposit account shall be accepted for periods minimum tenure of 12 months to a maximum tenure of 120 months
  • The minimum core deposit amount should be Rs. 100/-
  • Copy of PAN Card & Aadhar Card should be Submitted by the depositors.
  • Installments may be remitted by Standing instructions by transferring the ‘Core deposit’ amount each month from the current/ savings accounts in the same branch or from another branch to their Recurring Deposit accounts.The balance in the account should be sufficient to make the transfer, or else the standing instructions will be treated as cancelled.
  • It is mandatory for the depositor to deposit the core deposit amount every month.
  • The Deposits in this type of account earn compound interest on quarterly basis.

Pigmy Deposit

This deposit scheme suits the needs of everyone. You can save money with the Bank regularly depending on your convenience, and you need not visit the Bank for doing so. The Bank’s authorised Agent collects your savings at your doorsteps at regular intervals. And your money silently grows over a period into a lumpsum for meeting your future commitments.

Features:

  • Amount as low as Rs.100/- per day can be saved daily / weekly / monthly.
  • No penalty even if depositor is unable to pay installments regularly.
  • Deposit account can be closed prematurely subject to certain conditions.
  • Loans upto a maximum of 75% of the balance in the Pigmy account available.
  • Scheme applicable for 12 months to 120 months
  • No tax will be deducted for the interest on the deposit.
  • The rates of interest are as fixed by the Bank from time to time.

RATE OF INTEREST ON TERM DEPOSITS (INDIVIDUALS)

Sl No.ParticularsRate of Interest
107 days and above upto 45 days@ 3.50% p.a
246 days and above upto 364 days@ 6.50% p.a
31 Years@ 8.00% p.a
401 year and above upto 03 years@ 7.50% p.a
503 years and above upto 10 years@ 7.00% p.a
6Pigmy Deposit@ 3.00% p.a

0.50% more of Senior Citizens Deposits

RATE OF INTEREST ON TERM DEPOSITS (FOR INSTITUTIONS/ CO-OP. SOCIETIES)

Sl No.ParticularsRate of Interest
146 days and above upto 364 days@ 4.50% p.a (for fixed period)
21 year and above upto 2 years@ 6.00% p.a
32 years and above upto 3 years@ 6.50% p.a