savings Account

The object of the savings Bank account is to encourage depositors to save small sums from time to time. They are not intended to take the place of current deposits on short term deposit accounts. The society reserves the right to stop the interest on or to close any account which is not in the society’s opinion properly conducted. The account may be opened with a minimum of Rs.250/- and same to be maintained to keep the account running.

Eligibility	Individuals, Joint accounts, Minor accounts, Societies, Associations, Schools, Trusts
Minimum Balance	Rs.250/- without cheque book & Rs.500/- with cheque book facility
Requirements for Opening Account	Application, Specimen Signature, Proof of identity, Address proof, Introduction, Passport size photograph. The prospective account holder should comply with the Know Your Customer (KYC) norms.
Nature of Deposit	Running (Operating) account
Interest Rate	3.50% p.a.
Periodicity of Interest Payment	Interest is payable half-yearly, every March and September on the daily balance maintained in the account.
Nomination Facility	Available
Other Facilities	Pass book, Standing Instructions, Cheque Collection, Amount transfer through Sahakari App.