Vittal Grameena Sahakari Bank Limited Vittal Grameena Sahakari Bank ವಿಟ್ಲ ಗ್ರಾಮೀಣ ಸಹಕಾರಿ ಬ್ಯಾಂಕ್ ನಿಯಮಿತ

08255-298155

CONDITIONS FOR DEPOSITES:

Rules applied to all deposits:

  • The present rules of the bank must be known to all depositors. These rules may be modified without issuing prior notice to the depositors and this right is enjoyed by the bank.
  • Bank has the first right over the deposits and so any amount outstanding from the depositor may be deducted in this way.
  • Depositor can appoint the nominee for his/her deposits.
  • In case of demise of the depositor, nominee can claim the deposit by applying for it along with the death certificate and signed deposit receipt.
  • In case the nominee is a minor, guardian can transact on his/her behalf.
  • If depositors do not abide by the above rules, Board of directors’ decision will be final.
  • Rate of interest paid on all deposits will be approximated to the nearest rupee.
  • Deposit amount above Rs 20,000.00 will not be paid in cash. Instead it will be transferred to the concerned account and then payment is made.
  • In case the depositor wishes for pre mature closure of deposit, rate of interest will be paid according to the number of days completed deducting 1% from it.
  • Deposits are collected from members only. Pan Card is necessary.

Current Accounts

Current Accounts facility available with us.

Saving deposit accounts

Savings deposits are received from members and non members, individuals, sole proprietorships, partnership firms, clubs, registered and non registered institutions. Among these operating mode will be

1. Self (In case of individual account)

2. Anyone / Either or survivor (In case of joint account)

3. Guardian (In case of minor account).

The application and Left Thumb Impression (LTI) of an illiterate accountee must be witnessed by an introducer by signing beside his LTI. The rate of interest of Savings deposit accounts as decided by Board of directors is calculated on daily basis and credited to the accounts twice in a year i.e, in the month of September and March.

Rules of Saving deposit accounts:

  • Minimum of Rs 100/- to be maintained in Savings deposit account.
  • Depositor can withdraw from his account only 6 times a week and he can increase this limit with the consent of Board of Directors.
  • Amount can be withdrawn from the accounts only through withdrawal cheques or bearer cheques. Depositor who wishes to avail cheque book facility is required to maintain Rs 500/- as minimum balance and if he exceeds this limit an amount of Rs 5/- is deducted from his current balance for every successive withdrawals.
  • Pass book entries has to be updated regularly during his visit to the bank and not to be done by depositor himself.
  • Duplicate Pass book will be issued and charged Rs.10/- in case the depositor loses it.
  • Closure of Savings bank account is not allowed until one year is completed but if he pays the charge as decided by Board of directors and surrender all the cheques to the bank then he can proceed with closure of account.
  • Depositor must get his pass book signed by concerned authority.
  • Opening of Savings bank account requires 2 stamp size photos and residence proof.

Jeevan Jyothi deposit accounts

  • Depositor can transact in this scheme upto 5 years on daily cash collection basis. The rate of interest provided to this scheme is decided by Board of directors. Deposits must not be below Rs 10/-.
  • Deposits will be collected through agents appointed by bank. Cash paid by depositors must be verified by them by receiving the receipts for the same. Any differences in balance must be brought to the notice of the bank within one week.
  • There is a provision for pre-mature closure of deposits according to the period decided by Board of Directors with a condition of applying for the same before 8 days.
  • Depositor can avail loan upto 85% and the rate of interest is based on Board of Directors decision. Loan amount will be recovered during the time of payment of deposits to the customers.

Fixed deposits

  • Fixed deposits are received from members, sole proprietorships, partnership firms, clubs, registered and non registered institutions.
  • The depositor should give an application in the prescribed form. It should be completed in all respects.
  • Fixed deposits must not be below Rs 500/- and for not less than 46 days.
  • Rate of interest and period of fixed deposits will be as per the decision of Board of directors.
  • Operating mode in joint account must be mentioned by the depositors as: (a) Operated by any one or (b) Operated by both or (c) Operated by either or survivor.
  • Matured deposits must be renewed by depositors on time otherwise interest will not be calculated after the maturity date. As maturity date is clearly mentioned in the deposit receipt, no notice will be sent to the depositors informing the maturity.
  • Deposit receipts are non transferable. Depositor must affix revenue stamp in the back right end corner of the receipt along with his signature, only then bank is authorised to make payment against the deposit.
  • Pre-mature closure of deposit is allowed in exceptional cases abiding the rules of Board of Directors. In such case interest will be paid at 1% less than the rate applicable for the period deposit remained with the bank. In the event of the death of the depositor while paying deposit prematurely, deducting 1% of interest will not be applicable.
  • Deposits are accepted for minors but they cannot transact until they attain 18 years of age. Date of birth must be mentioned in application. Guardian can receive the amount of interest and deposit till minor attains 18 years.
  • Depositor can avail loan facility against the deposit upto 85% of the deposit amount and interest on loan will be levied at a rate 1% higher than the rate of interest paid on the deposit. At the maturity, remaining balance will be paid to the concerned appropriating the loan amount and its interest.
  • Duplicate deposit receipts may be issued in case of misplace or loss of receipt by receiving an indemnity bond from the depositor.

Amruthakalasha Cash Certificate:

  • Amruthakalasha deposits are received from individuals, members and non members, sole proprietorships, partnership firms, clubs, registered and non registered institutions.
  • The depositor should give an application in the prescribed form. It should be completed in all respects.
  • Interest is paid at the rates as applicable for the period of deposit. Interest is compounded at quarterly intervals.
  • Deposits must not be below Rs 500/- and rate of interest will be as per the decision of Board of directors.
  • Operating mode in joint account must be mentioned by the depositors as: (a) Operated by any one or (b) Operated by both or (c) Operated by either or survivor.
  • Matured deposits must be renewed by depositors on time otherwise interest will not be calculated after the maturity date. As maturity date is clearly mentioned in the deposit receipt, no notice will be sent to the depositors informing the maturity.
  • Deposit certificates are non transferable. Depositor must affix revenue stamp in the back right end corner of the receipt along with his signature, only then bank is authorised to make payment against the deposit.
  • Pre-mature closure of deposit is allowed in exceptional cases abiding the rules of Board of Directors. In such case interest will be paid at 1% less than the rate applicable for the period deposit remained with the bank. In the event of the death of the depositor while paying deposit prematurely, deducting 1% of interest will not be applicable.
  • Deposits are accepted for minors but they cannot transact until they attain 18 years of age. Date of birth must be mentioned in application. Guardian can receive the amount of interest and deposit till minor attains 18 years.
  • Depositor can avail loan facility against the deposit upto 85% of the deposit amount and interest on loan will be levied at a rate 1% higher than the rate of interest paid on the deposit. At the maturity, remaining balance will be paid to the concerned appropriating the loan amount and its interest.
  • Duplicate deposit certificate may be issued in case of misplace or loss by receiving an indemnity bond from the depositor.

Recurring deposit accounts

  • Deposits must be in multiples of 100/-. Period of deposit may be 12, 24, 36, 48 or 60 months. Rate of interest paid on deposits will be as per the decision of Board of directors and payment of deposit will be after one month of maturity.
  • Operating mode will be 1. Self (In case of individual account) 2. Any one / Either or survivor (In case of joint account) 3. Guardian (In case of minor account)
  • Deposit must be made on or before the concerned date. If he fails, penalty of 1 paisa for every 1 rupee is levied for that amount in that particular month or the rate decided by Board of directors.
  • If the depositor does not pay the amount till 4 months, then his account will be closed with a interest provision as per the interest decided by Board of directors.
  • Depositor can avail loan facility against the deposit with least amount of Rs 500/-and at the maturity, remaining balance will be paid to the concerned appropriating the loan amount and its interest.
  • Depositor can extend the period of his deposit. However there is no provision to shorten.

Anantha deposit accounts

  • Deposits must be in multiples of 100/-. Period of deposit may be 48, 72 or 120 months which is decided by Board of directors.
  • Operating mode will be 1. Self (In case of individual account) 2. Any one / Either or survivor (In case of joint account) 3. Guardian (In case of minor account)
  • Monthly instalment made need not be on or before the due date, instead it can be made before the end of the month.
  • Depositor can extend the period of his deposit. However there is no provision to shorten.
  • If the depositor fails to pay the instalment in the concerned month, penal interest is levied on him as per the rate decided by Board of directors.
  • Pre mature closure of deposit is allowed abiding the rules of Board of directors.
  • Depositor can avail loan facility against the deposit and at the maturity, remaining balance will be paid to the concerned appropriating the loan amount and its interest.

Special Recurring deposit accounts

  • This deposit is collected by pigmy agents directly from the depositors in the multiples of Rs 100/-.
  • Rate of interest on these deposits is per the decision of Board of directors.
  • Commission is paid to the pigmy agents and all the rules of Recurring deposits is applicable to Special Recurring deposit accounts as well.

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