DEPOSITS
We have collected savings, fixed, homesafe recurring deposits during the report year 2014/2015.There is an increase of Rs.2198,36, 121.00 in deposits and the outstanding as on year end is Rs.14914, 44, 322.00. |
GROUP DEPOSIT
During the financial year 2014/2015 bank has started12 group deposit schemes with sala of Rs. 1, 00, 000.00, Rs.2, 00, 000.00 and Rs.3, 00, 000.00. As on the year end there 36 running group deposits.Further we are preparing to start new group deposits each month in the Head office and branches. |
RECURRING DEPOSIT
Under a Recurring Deposit account (RD account), a specific amount is invested in bank on monthly basis for a fixed rate of return. The deposit has a fixed tenure, at the end of which the principal sum as well as the interest earned during that period is returned to the investor. Recurring Bank Account provides the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access those savings any time. Since a recurring deposit offers a fixed rate of return, it does not provide protection against inflation.
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SAVINGS ACCOUNT
Any person or persons and associations of individuals like Co-op. Societies, Institutions and Associations approved by the bank. Account may be opened individually by one person or bytwo or more persons in their joint names. Natural guardian i.e. father or mother can open account on behalf of a minor child/ward. Initial Deposit for opening SB A/C with cheque book – Rs.500/- without cheque book – Rs.100/- . This is also the minimum balance requirement for respective accounts. |
FIXED ACCOUNT
Bank Fixed Deposits are also known as Term Deposits. In a Fixed Deposit Account, a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest. The rate of interest for Bank Fixed Deposits depends on the maturity period. It is higher in the case of longer maturity period. |
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. |
