Products & Services -> Deposits

Savings Bank A/C
a.	The Savings bank accounts are designed to help the individuals (personal customers) to inculcate the habit of saving money and to meet their future requirement of money. Amounts can be deposited/withdrawn from these accounts by way of cheques / withdrawal slips. It helps the customers to keep minimum cash at home besides earning interest. The Savings bank a/c holders are eligible for ATM and ABB (Any Branch Banking) facility.
b.	These accounts can be opened by eligible person/s and certain organizations / agencies (as approved by the Bank.
c.	As required by law, while opening SB account, the Bank will satisfy itself about the identity. including verification of address, of a person/s seeking to open an account, to assist in protecting the prospective customer/s, members of the public and ourselves against fraud and other misuses of the banking system.
d.	Interest at 4% per annum is presently paid on a daily basis.
e.	The account holder is required to maintain certain minimum balance in the account, as specified by the Bank from time to time according to the population category of the branch concerned and also depending on, whether account holder wants to avail the cheque book facility or not. Non-compliance of this would attract service charges.

Current Account
a.	Current Accounts can be opened by individuals, partnership firms, private and public limited companies, societies, trusts, etc. The Current Account holders are eligible for ATM and ABB (Any Branch Banking) facility.
b.	As required by law, while opening this account, the Bank will satisfy itself about the identity, including verification of address, of a person/s seeking to open an account, to assist in protecting the prospective customer/s, members of the public and ourselves against fraud and other misuses of recent photographs of the person/s opening / operating the account, as per R B I directives of the banking system.
c.	The Bank is required to obtain Permanent Account Number (PAN) or alternatively obtain declaration in Form No.60 or 61 as per the Income Tax Act (vide Section 139 A) from the person/s opening the account (i.e. including partners of Registered / Unregistered partnership as also Registered / Incorporated bodies / companies).
d.	The Bank will provide the prospective customers details of the documents required for identification of the person/s opening the account in addition to a satisfactory introduction. Documents normally accepted are the current link based gas / telephone / electricity bill or voter's identity card or driving licence or passport etc.
e.	Minimum balance as stipulated from time to time will be required to be maintained.
f.	No interest is paid on credit balances kept in current account.
f.	Service charges are levied for Ledger folio used, Cheque books issued, Non-maintenance of minimum balance, Return of cheques etc.

Fixed Deposit
Fixed Deposits are regular interest earning scheme. A convenient deposit scheme which ensures that your money never remains idle. Even very small amounts earn interest for very short periods..
1.	Salient features of the scheme are:
	a. Minimum deposit Rs. 1000 b. Deposits accepted for periods ranging from 15 days to 120 months. c. Premature withdrawal of deposit is permitted any time subject to payment of prescribed Bank charges. d. Loans available of the deposit amount depending on the length of the unexpired period of the deposit. e. Nomination facility available. f. The rates of interest on deposits are as fixed by the Bank from time to time. g. Premature Payment of Term Deposits- Interest to be paid on premature withdrawal of term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank.

Recurring Deposit
An ideal scheme of monthly savings for salaried people, businessmen, professionals etc. Small amounts saved every month for a long period come in handy to meet large financial commitments in the future.
1.	Highlights
	a. Minimum deposit is Rs. 100 per month. b. Period of deposit ranges from 12 months to 10 years. c. Delayed payment of installments are accepted with nominal interest. d. Monthly minimum balance in the account earns compound interest every quarter. e. No tax is deducted from the interest on the deposit. f. Nomination facility available. g. The rates of interest are as fixed by the Bank from time to time. h. Premature Payment of Term Deposits- Interest to be paid on premature withdrawal of term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank.

Reinvestment Plan
This plan helps you to earn interest on interest, thus giving you a two-fold income. You deposit your money with us for any period between six months to 10 years, and we pay you interest on your deposited money plus on the interest you earn. Thus your interest gets compounded every quarter giving you higher returns.
1.	Highlights
	a. Premature Withdrawal Interest to be charged on premature withdrawal of special term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank. b. Timely Payment of Interest We assure timely delivery of the proceeds of your deposit with interest, on maturity. Flexibility of payment on maturity through Cash (subject to prevalent Income Tax Act), Banker's Cheque, Credit in Savings Bank/Current account. c. Nomination Facility Nomination Facility is available for this scheme. d. Tax Implications Tax Deductible at Source, as per Income Tax Act. h. Premature Payment of Term Deposits- Interest to be paid on premature withdrawal of term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank.

Day Deposit Scheme

This schemes are mainly meant for businessmen, traders, shopkeepers and other profit generating vendors. Day deposit is collected at door steps on a daily basis by day deposit collectors and can generate receipts for each collection. The device for day deposit collection is known as ‘Palmtec’, its a hand held micro computer with LCD monitor and in-built printer that runs on a rechargeable battery. The Bank during 2009-10 distributed 31 nos. Palmtec machines to day deposit agents.