Deposit

Savings Bank Account

• The present rate of interest on Savings Account is 3.25% per annum.
• Interest on Savings Account is credited at the end of  every half year.
• Operations of Savings Account are very convenient on account of the morning/evening counter timings.
• Minimum balance required to be maintained in Savings Account ranges from Rs. 250/- depending on the cheque book facility.

Current Account

• Minimum balance to be maintained in a Current Account is from Rs.1,000/- onwards.

Savings & Current Account holders can enjoy various facilities such as

• Any Branch Banking.
• ECS Debit/credits.
• Transfer of funds under RTGS/NEFT.
• Collection of outstation cheques.
• Demand drafts payable at more than 300 locations in India.

Fixed Deposit

Ideal to earn higher rate of interest, if the investor can spare money for a specified period of time. The period ranges from 30 days to 60 months and above as decided by the investor. This deposit plan offers convenient solutions to both working class as well as senior citizens. These products facilitate the depositor to enjoy security and competitive rates of interest on their deposits.

• Interest on Fixed Deposits is paid at specified intervals monthly/quarterly/six monthly.
• Through PO/NEFT/RTGS System, interest on such deposits can be credited to any account, maintained at any other bank-branch (in the same city) specified by the depositor.

Recurring Deposits

The Recurring deposit account is an account in the bank where an investor deposits a fixed amount of money every month for a fixed tenure (mostly ranging from one year to five years). This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. Interest at term deposit rates is computable on quarterly compounded basis. The account can be opened by individuals, firms, corporate bodies, clubs, associations etc.

Reinvestment Deposit

This deposit is a term deposit scheme where an invester deposits certain amount of money and interest is added to the principle in every quarter and the customer gets compounded interest together with the principle on the due date. Any Individuals, firms, Corporate bodies, clubs, associations etc. are eligible to deposit in this scheme. A minimum deposit of Rs.100 is required and additions can be in multiples of Rs.100. Deposit period shall be from 1 year to 60 months and above in multiples of 3 months