TERM DEPOSITS
Under these deposit schemes depositors can opt for payment of interest either at maturity or at periodical intervals. Fixed Deposits, Social Security Deposits, Senior Citizen Security Deposits are schemes offering periodical interest payments. In respect of Suvidha deposit part withdrawals of principal amount is also allowed without penalty. The interest is compounded quarterly in Vikas Cash Certificate and payable along with principal at maturity. There is also a scheme for systematic investment plans/monthly savings or Cumulative Deposit, wherein fixed monthly instalments can be paid every month for the chosen period and the principal along with the quarterly compounded interest will be paid on maturity.
The daily deposit scheme of the bank called Pigmy Deposit facilitates collection of deposits at doorsteps for 63 months through authorised agents of the Bank. The principal and interest are payable at maturity. Pre-mature withdrawal of term deposits is allowed on notice and on payment of penalty. Loans can be availed on the term deposits up to specific limits.
NOMINATION
Nomination facility is available in respect of all deposits, articles entrusted for Bank's safe custody and safe deposit lockers belonging to individuals /sole proprietors. Nomination can be made only in favour of an individual by the depositor/s and subsequent variation/ cancellation of the nomination is also allowed. It is recommended that the nomination facility may be utilised by the public without fail for all their deposit accounts.
- Instruments/remittances sent towards credit of account/opening new account acknowledged.
- Deposit receipts are kept in safe custody free of cost.
- Carrying out standing instructions.
- In respect of Term Deposits maturing on a holiday, we pay interest at the contracted rate for such holidays.
- We have opened a website with special emphasis on NRI Services which is updated from time to time.