Interest Rate on Madhu Sanchayani - 3.50%

Rules

  • Account opening form must be fully filled, (a) For Self, (b) Minor / Minor's guardian Signature, (c) Joint account holder can operate either by both signature or by any one signature. Account will not be open for more than two names.
  • Depositors can deposit Rs.1/- or more than Rs.1/- but not above Rs.1000/- Under this scheme.
  • Pass-book will be given to the Depositors. Duplicate pass-book will be issued if original is lost, by charging Rs.20/-
  • Bank's representative will collect the deposit from the depositor.
  • Pass-book given will be updated daily. If any mistakes were happened, notice to the concerned officer.
  • Pass-book will be summoned every month in the bank for checking.
  • For this deposit scheme account will be opened for 6 months to 1 year.
  • Depositor will get the maturity amount as per the table given above. After complition of maturity period, if the full amount was not deposited, interest will not be paid.
  • If depositor want to close the account before maturity, deduction of Rs.20/- if amount is less than Rs.500/- and 4% if the amount is above Rs.500/-.
  • In case of depositors demise the amount will be given to the nominee.
  • In case of emergency, 80% loan will be given on the two months balanced amount and 10% interest will be charged. Amount of loan should not be less than Rs.1000/-
  • To withdraw deposited amount or to get loan amount the person has to be present. Same can be done by Letter of Authority, but bank will not take any gurantee, if there is any misdemeanor happens.
  • If there is any loan amount pending towards the depositor, Bank has full rights to recover the loan amount at the time of maturity.
  • Bank has full rights to change above rules prior any notice.