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Savings Deposits

Savings accounts are mainly targeted at customers for the purpose of disciplining money management and enhancing their saving habits. A Savings deposit offers liquidity for the money at attractive terms even with small amounts with a convenience of withdrawing at your own discretion. This account can be opened by an individual, jointly with another individual, by a guardian on behalf of the minor, any organization owned of controlled by the Government and Societies.

Our prevailing rate of interest per annum compounded half yearly. The rate of interest changes from time to time. On opening a savings account a pass book, containing details of the account, is issued to the account holder.

Salient features of the scheme are:

  • Best suited for all classes of people from all walks of life.
  • Running / ongoing account.
  • Cheques, Drafts, Interest warrants, Divident warrants etc., in Indian rupees in the names of the depositors can be collected and credited to these accounts.
  • Liberal withdrawal facilities.
  • No Income Tax deduction at source on interest. (for Members Only)
  • Standing instructions for remittances of insurance premium, rent, taxes and similar payments can be carried out.
  • Nomination facility is available.
  • Interest is credited to the account every half-yearly, viz. on 30th Sept. and 31st March.
  • The accounts can be operated with the help of withdrawal slips. A maximum of 8 withdrawals per month are permitted.