Policy On Bank Deposits

Acceptance of deposits and maintenance of deposit accounts is the core activity of the Bank. The very basic legal interpretation of the word 'banknig' as defined in the Banking Regulation Act, 1949 means accepting deposits of money for the purpose of lending or investment from the public, repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise.Thus, deposits are the major resource and mainstay of the Bank. The main objective of the Bank is to mobilize adequate deposits. Bank is abide to adhere various instructions, guidelines etc. issued from time to time to Urban Cooperative Banks (UCBs) from Reserve Bank of India in regard to opening and conducting / monitoring of deposit accounts.

Products

  • Current A/c
  • Saving Bank
  • Term Deposits
  • Recurring deposits
  • Daily deposits

Scheme for term deposits

  • Dhan Vradhi Yojana for one year.
  • Anupam Jama Yojana for 63 month (Cash Certificate).
  • Corporate Salary Package.
  • Rajasthan Bank Flexi Deposit scheme.

Minimum Value of Certificate:

Cash Certificate will be issued for Rs. 6000/- and Rs. 3000/- having maturity values of Rs. 10000/- and Rs. 5000/- respectively in a period of 63 months.

Who Can Purchase:

Cash Certificate can be purchased by any individual in her/his own name or jointly with other person, by a parent/ guardian on behalf of a minor, Proprietorship firms, Hindu Undivided Families, Partnership Firms, Limited Companies, Clubs, Associations etc.

KYC norrms:

To be completed as per RBI norms. Proof of identity, proof of address and passport size photograph is to be insisted for new customers.

Period (Tenor) of Cash Certificate:

Deposits are accepted for a minimum period of 5 years 3 months (63 months).

Interest:

Interest is invested in the quarterly rests to yield compound interest of 9.85% p.a. The principal amount and interest earned (maturity value Rs. 5,000/-, Rs. 10,000/- as the case may be) will be paid at the time of maturity of the deposit. The effective yield will be 12.70%. The interest payment is subject to rules on Tax Deducted at Source (TDS).

Due Date:

Due Date is recorded on the deposit receipt to enable the depositor to receive the payment due. If a deposit matures on a holiday, it will become payable on succeeding working day.

Interest on Overdue Deposit:

When deposits are not renewed or payment has not been received on the due date, the proceeds will be transferred to overdue deposit and interest will cease on such deposits. At its discretion, the Bank may allow interest for the overdue period provided that (a) the deposit is renewed with effect from the date on which it matured (b) Rate of interest will be given as per applicable rate on date. The Deposit can be renewed for a period extending atleast beyond 15 days from the date of presentation.

Discharge of Deposit Receipts:

All deposit receipts should be surrendered duly discharged for repayment. For renewals or conversion into FDR, it is to be produced with instructions of renewal duly signed.

Transferability:

Cash Certificate are not transferable.

Loans:

Loans may, at the discretion of the Bank, can be granted subject to a maximum of 90% of the deposit amount at the rate(s) prescribed by the Bank from time to time.

Foreclosure:

The Bank may at its discretion, consider premature payment of deposit subject to penal provisions applicable from time to time.

Generallien:

The Bank reserves its right to appropriate the deposit towards depositors obligations either individually or jointly with any other person.

Nomination:

Nomination facility is available.

Claims

If nomination is not made or any dispute is raised the proceeds will be subject to Banks rules regarding disposal of such claims.

Deposit Insurance:

Deposits upto Rs. 1 lac is covered by the Deposit Insurance and Credit Guarantee Corporation of India.

Payment of Deposits:

Payment of deposit including interest, if exceeds Rs. 20,000/- or the aggregate amount of deposits held by the customer in his sole name or jointly with others will be paid by through credit of Account or by a a/c Payee Bankers cheque.

General:

The Bank reserves the right to alter any of the rules at any time without notice. These rules are also subject to change(s) if any, advised the Reserve Bank of India and the Registrar Cooperative Societies.