- The object of the Savings Banks Account is to encourage depositors to save small sums from time to time.
- Interest will be allowed at the rate as prescribed under RBI rules/directions/guidelines from time to time and fixed by the Bank. interest is paid on daily product basis.
- A person may open an account in his/her own name, but may not open more than one such account. The person desiring to open an account shall furnish two passport size photographs, Address proof, ID proof and Permanent Account Number or General Index Number as per the guidelines issued by the Income Tax Authority or in lieu of which a declaration in the prescribed form shall be given.
- Nomination facility will be available under section 45ZA read with section 56 of the Banking Regulations Act 1949 and rule 2(1)of the co-operative Banks (Nominations) Rules 1985.
- Accounts may be opened by Secretaries, Treasures, Managers or other duly constituted officers of Corporations whether incorporated or not. The Rules governing such institutions and all other necessary information should be furnished in writing when opening the account.
Current Accounts are opened for Co-operative Institutions, Individuals and other firms/Company (known to the Bank or) properly introduced. However, an individual person desiring to open a Current Account Shall furnish two Passport size Photographs, ID proof, address proof and Permanent Account Number or General Index Number as per the guidelines issued by the Income Tax authority
In the case of accounts to be opened in the names of Co-operative and other Institutions, the resolution of the Board of Management of the concerned institution, for opening an account and the officials authorized to operate on the account, together with the Rules and Bye-laws governing such institution’s Memorandum and Articles of Association, as the case may be and all other necessary information required by the Bank should be furnished at the time of opening the account.
- Nomination facility is available on applications.
- No interest will be paid in this account.
- Joint accounts can be opened.
No account will be opened for a sum less than Rs.1,000/- and the amount of minimum balance to be maintained is Rs.1,000/-.
ಮತ್ಸ್ಯ ನಿಧಿ ದೈನಿಕ ಠೇವಣಿ
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 NDD agents appointed by the Bank 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.
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 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 available and necessary application obtained from the depositor is recorded in the Bank.
ಅಷ್ಟಲಕ್ಷ್ಮೀ ಆವರ್ತಕ ಖಾತೆ
How to open a 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.
Who may open a Recurring Deposit Account:
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, i.e.father or mother on behalf of a minor in which case the date of birth should be declared at the time of opening of account or by a guardian appointed by Court and (iv) a Co-operative Society through the persons authorized by its Board of Directors.
Terms of deposits:
The account can be opened on any day in a month. But every subsequent instalment is due for payment by the last day of every calendar month.
Payment of monthly instalments:
Every Depositor shall pay the monthly deposit amount before the end of the month. Standing instructions from the Depositor for transfer of monthly instalments from his/her savings Bank or Current accounts till the deposit matures will be accepted by the Bank and such transfers will be effected by the Bank, free of the charge.
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 Bank.
ಸುವರ್ಣ ಲಕ್ಷ್ಮೀ ನಿರಖು ಠೇವಣಿ
- Who can open an account:
Mode of opening an account:
- Individual in his own name.
- Two or more individuals in their joint names with suitable repayment instructions.
- A guardian on behalf of a minor.
- In the name of clubs, societies, associations, educational institutions, trusts, firms, partnership concerns, joint stock companies, executors and administrators.
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 15 days to a maximum of 10 years.
Deposits for more than 10 years is acceptable at the discretion of bank only in case of deposits made under orders of competent courts or in the case of minors where minor’s interest is involved, provided the Bank is convinced that it is necessary to do so.
The interest on Fixed Deposit will be paid at rates fixed by the Bank. 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.
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 bank.
In the event of the death of the depositor while paying deposit prematurely., deducting 1% of interest will not be applicable.
Renewal of matured Deposits:
The total amount of overdue deposits or part thereof can be renewed from the date of its maturity till some future date provided the renewal must be for a minimum of 15 days, beyond the date on which it is renewed and the renewal is made within 30 days from the date of maturity.
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.
Transfer of Deposit Account:
The fixed Deposit account can be transferred from one branch of bank to the other at the request of the depositor after maturity only.
Nomination Facility is available. Necessary application is to be obtained from the depositor and entries are to be made accordingly in the Banks records.