MEMBERS SAVINGS DEPOSIT ACCOUNT

The object of the Members Savings deposit Account is to encourage depositors to save small sums from time to time.

Interest will be allowed at the rate as prescribed under RBI/NABARD rules/directions/guidelines from time to time and fixed by the PACS. Interest is paid on Monthly 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 Karnataka co-operative act 1959 & Rule 1960 under rule no 11.

Accounts may be opened with a minimum sum of Rs.500/- and the same to be maintained to keep the account running.

MEMBERS FIXED DEPOSIT ACCOUNT

1. Who can open 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 Co-op societies, clubs, associations, educational institutions, trusts, firms, partnership concerns, joint stock companies, executors and administrators.

2. Mode of opening an account:

An account can be opened with a minimum amount of just Rs.1000/-. The depositor should give an application in the prescribed form.

3. 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.

4. Interest:

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.

5. Repayment on Maturity:

The deposit is repayable on the maturity date as indicated on the deposit receipt.

6. Premature Closure:

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.

7. 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.

8. 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.

9. 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.

10. Nomination facility:

Nomination Facility is available. Necessary application is to be obtained from the depositor and entries are to be made accordingly in the Banks records.

MEMBERS RECURRING DEPOSIT ACCOUNT

How to open a Recurring Deposit Account:

A recurring deposit account may be opened for periods of 12,24,36,48,60 and up to 120 months, in multiples of Rs.100/- 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 same date of the month. Standing instructions from the Depositor for transfer of monthly instalments from his/her member savings account till the deposit matures will be accepted by the PACS and such transfers will be effected by the PACS, free of the charge. In case of delay in payment of any instalment a penalty will be charged; at 1% due month

Pass Book:

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 PACS.

Repayment on maturity:

Recurring deposit is repayable 30 days after the last instalment is due and paid or after the expiry of the period for which the deposit is accepted, whichever is later.

Loan on Recurring Deposits:

The PACS may grant loans on the security of Recurring deposit accounts up to 80% of the amount of deposit including interest occurred on the loan account. Interest will be levied at 2% higher than the rate of interest paid on the deposit.

MEMBERS PIGMY DEPOSIT ACCOUNT

How to open a Members Pigmy Deposit Account:

A Members Pigmy Deposit Account may be opened for periods of above 01 years, in minimum deposits amount is Rs. 50/- per transaction. More than one account can also be opened in the name of the same person.


Who may open a Members Pigmy Deposit Account:

A Members Pigmy Deposit Account may be opened by a person in his or her name (ii) more than one person payable to jointly


Terms of deposits:

The account can be opened on any day, if depositor withdrawing below six month deduct 3% on deposit amount, if withdraw above 6 month to below one year not deduction any charges, and if withdraw above one year add to 3% on deposit amount.


Loan on Members PigmyDeposit Accounts:

The PACS may grant loans on the security of Members PigmyDeposit Accounts up to 80% of the amount of deposit on the loan account. Interest will be levied at 10% rate of interest.

Deposits - Rate Of Interest

Deposits Term Normal Senior Citizen
Member’s saving account 4.00 4.00
Recurring deposit’s 7.00 7.00
Pigmy deposits account 3.00 3.00
Fixed deposit’s
30 Days - 100 Days 4.00 4.25
101 Days - 108 Days 5.00 5.25
181 Days - 280 Days 6.00 6.25
281 Days - 364 Days 6.50 6.75
1 Year - 2 Years 8.00 8.25
2 Years - and Above 6.50 6.75

Loan - Rate Of Interest

Loans Rate of interest %
Surety Loan11.75
Salary Loan11.50
Jewel Loan9.00
Mortgage / Purchase Loan10.75
Housing Loan 10.00
Vehicle Loan 10.00
Overdraft Loan 11.00
KCC Loan 0.00 (As per Govt. Order)
MTL Loan 3.00 % (As per Govt. Order )