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1. SAVINGS BANK ACCOUNT
The facility of Savings Bank Account is meant for cultivating the habit of saving by the individuals for their future needs. The transactions in the SB Account should be of non-business and non commercial nature.
Product features:
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Eligibility
Individuals (singly or jointly), Professionals in their individual names, Clubs, Associations, Charitable trusts, Religious Institutions, Government bodies (established under specific Acts) can are eligible to open the Savings Bank Account.
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Rate of Interest - 4% p.a.
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Nomination facility - available.
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Cheque Book facility - available
(For minimum balance and service charges for not maintaining minimum balance, refer Service Charges)
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Standing instructions from the customers - executed.
2. CURRENT ACCOUNT
Convenient for business people, traders etc., to have Current Account. Withdrawls and deposits can be made in Current Account any number of times. Current Account is not for saving or earnig interest unlike Savings Bank. Convenience of the customer in parking his liquid funds for any time withdrawal, is the primary objective
Product features:
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Eligibility
An individual who has attained majority (singly or jointly), HUL, all legal business entities and companies, other bodies like Clubs, Trusts, Government Departments etc.Rate of Interest – No interest (as per RBI directives)
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Nomination facility - available.
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Cheque Book facility - available
(For minimum balance and service charges for not maintaining minimum balance, refer Service Charges)
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Standing instructions from the customers - executed.
3. TERM DEPOSITS
Fixed Deposits (or Term Deposits) are accepted for any period between 15 days to 10 years) with attractive interest rates. Any number of Term Deposit Accounts can be opened with a minimum amount of Rs 100/- with auto renewal facility.
Product features:
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Eligibility
An individual who has attained majority (singly or jointly with an adult or minor) or even a minor represented by the Guardian, , HUL, all legal business entities and companies, other bodies like Clubs, Trusts, Government Departments etc.Nomination facility - available.
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Auto renewal facility and premature closure of the Account - available
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Standing instructions from the customers - executed.
Vikas Ubhaya Tharaka – A Tax Saving Fixed Deposit
An amount up to Rs 1 lakh for a fixed period of 5 years invested under this Tax Savig Fixed Deposit, is eligible for deduction from income under Section 80 (C) of Income Tax Act.
4. RECURRING DEPOSIT ACCOUNT
Saving every month a specified amount for a specified period of one year and above is the main feature of Recurring Deposit Account, which otherwise is similar to Fixed Deposit. Best suited for salaried people and regular income groups.
All other features are as applicable to Fixed Deposit Accounts.
5. VANITHA VIKAS - RECURRING DEPOSIT CUM DEMAND LOAN ACCOUNT
An exclusive product for women customers. The women customers who remit RD instalments regularly, can avail Demand Loan up to twice the outstandings in the RD account after 12th RD instalment. The loan would be partially clean and partially secured by the outstanding amount in RD Account. Clean portion of the amount would be repaid in 24 or 48 monthly instalments with EMIs commencing one month after availing the loan till maturity of RD Account. The Demand Loan upto a maximum of Rs 50,000/- can be availed (minimum is Rs 5,000/-)
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