SAVING BANK DEPOSIT :
The bank accepts small savings from account holders under this deposit. The deposits are maintained by banks in order to mobilize the small savings of the people. 4.5% yearly interest is allowed to this deposit. Depositor can withdraw the deposit through cheques or directly by withdrawal slips. Initial amount for opening this account is Rs.250.00 without cheque book, Rs.1000.00 is for with cheque book. This is also the minimum balance for the account. Computerized passbook printing will be supplied to all account holders showing the details of transactions.
RECURRING DEPOSIT: It is a monthly savings deposit. After a particular period the principle amount along with compounded interest will be refunded. Minimum rupees balance is 100 rupees. Loan facility is allowed up to 75% of the balance amount. Pass book will be provided to these deposits.
SWAYAMVARDHINI DEPOSIT: Like a fixed deposit Swayamvardhini deposit is one where customers deposit money in the bank for a fixed period. Monthly interest will not be given for these deposits. Interest will be calculated at simple interest rates. Premature withdrawal is permissible with loss of interest. Minimum deposit amount is Rs.1000.00 and there is no maximum limit .Senior citizen will be given 0.5 % extra interest for this deposit. There is a great flexibility in maturity period and it ranges from 1 to 2 years only.
CURRENT DEPOSIT: A customer is allowed to draw cheques and withdraw money from their deposits at any time. The deposits are withdrawn whenever the customer wants to withdraw. Current account deposits can be withdrawn or payable on demand. Bank generally does not pay interest for their accounts. The accounts are mainly meant to meet the requirements of business people who frequently operate their accounts. There are no restrictions in the number of withdrawals and deposits making it well suited for traders, businessman, etc. who frequently make payments by means of cheques. Computerized passbook printing will be supplied to all account holders showing the details of their transactions.
FIXED DEPOSIT: Under this deposit, a customer agrees to deposit his money with the banker for a fixed period. A fixed deposit is a contractual liability of the bank with the depositor where it agrees to pay at a fixed or determinable future date the amount of money deposited plus interest accrued there on. The depositor can withdraw the money from the bank only after the expiry of the agreed period. The period of deposit is minimum of 31 days to maximum of 5 year. Bank generally pays a high rate of interest for this deposit as the banker uses them within the period fixed. A fixed deposit receipt is a negotiable instrument and therefore cannot be transferred by endorsement or by a deposit in favor of another. Interest will be given monthly, quarterly, or at end of the deposited period. Senior citizen will be given 0.5 % extra interest for this deposit from 6 months. Premature withdrawal is permissible with loss of interest.
MMBS MEMBERS MUTUAL BENEFIT SCHEME: Various types of (MMBS) Chitty are opened to our members and they are running successfully, if you are in need please feel free to contact us.