DEPOSITS

Savings Bank Account, Current Account , Fixed Deposit , Reccuring Account , Balamithra, Balanidhi,Balasabha, Edu plus SAVINGS BANK ACCOUNT

Any person wishing to open an account should apply in the prescribed form with the particulars required therein in compliance of KYC Guidelines, duly filled up with the required introduction and credentials wherever required. No person can have more than one account and the first payment to open the account shall be in cash. A minimum balance of Rs.300.00 should always be maintained in the account. Cheque book will be issued only when the balance exceeds Rs.1000(Rupees one thousand only).  Interest at the rate as may be fixed by Reserve Bank of India from time to time will be allowed on monthly minimum balance of Rs.300.00 and exact multiples of Rs.100.00 thereafter outstanding during the period from the 10th to last day of the month and the same will be added to the principal amount at the close of every half year ending with 31st August and last working day of February. No interest on the account is payable to business houses and on that opened or closed used for trading purposes. The rate of interest and the calculation of interest on deposit are subject to change as per RBI instructions.  Institutions, such as schools, clubs, dispensaries, orphanages, asylums, libraries, temples, mosques, churches etc., and Co-operative societies can open accounts to be operated upon by their authorised officials (Secretaries, treasurers, Managers or other duly constituted officers). Rules and regulations, byelaws etc., governing each institution and society as well as other necessary credentials shall be furnished to the Bank when opening the account and also modifications thereof if any, communicated to the bank from time to time duly authenticated. Withdrawals from the account shall be made by means of cheques issued to that account or by withdrawal slips.  A depositor may be permitted to transfer at any time to fixed deposit account with this bank.  Either or survivor accounts may be opened in the joint names of two persons, either or both being permitted to operate upon the account. Joint accounts in the name of two individuals may also be opened to be operated upon jointly by both. Pass Books, and pay-in-slips are issued free of cost. The constituents must use only the cheque forms supplied by the bank for operating upon their Savings accounts. No other forms will be recognised. Applications for cheque books must ordinarily be made by the constituents in the prescribed forms supplied with each book. Constituents are requested to keep cheque books under lock and key. All entries in the pass book will be made by the bank officials and attested by Manager or Accountant. A duplicate of pass book or statement of accounts will be supplied on request. Savings bank Accounts are of 2 types Account with the cheque facility Accounts without cheque facility       Distinction between the two types of accounts: WITH CHEQUE FACILITY WITHOUT CHEQUE FACILITY Smallest sum for opening account Rs.1000.00 Smallest sum for opening account Rs.300.00 Minimum balance Rs. 1000.00 Minimum balance Rs. 300.00 Illiterate persons cannot open the account Illiterate persons can open the account Pass book need not accompany withdrawal by cheques. Pass book must accompany every withdrawal. Interest calculated on lowest balance between 10th and last working day of each month on every complete sum of Rs.100.00 (minimum Rs.300.00) Interest credited to account every half year. Interest calculated on lowest balance between 10th and last working day of each month on every complete sum of Rs.100.00 (minimum Rs.300.00) Interest credited to account every half year. Minor cannot open account Minor can open account provided he can read and write English or Hindi or Regional language – he can adhere to uniform signature- he is over 10 years of age. Balance not to exceed Rs.2,500.00 only cash transactions permitted. Cheques collected for small amounts but not third party cheques. Minor to declare date of birth in A/C opening form.   Collection of cheques facility extended but not third party cheques. Collection of cheques facility extended but not third party cheques. Opening of savings bank Accounts Savings Bank Accounts are ordinarily opened only in the names of individuals singly or jointly with other individuals. Requests for opening accounts other than in the names of individuals should be referred to the Branch Manager .Preliminaries Persons desiring to open Savings Bank accounts are required to fill in and sign the prescribed Account opening form duly introduced by a person acceptable to the Bank. Following credentials are required to append with the application:- Two passport size photographs Identification certificates. PAN/GIR details Initial deposit. (This will ordinarily be in cash)  Initial Deposit and Minimum Balance: Current Account Initial deposit for opening a Current Account is Rs.1000.00. The said amount should be retained as minimum balance in the account. Savings Bank Account Initial deposit for opening a SB Account is Rs.300.00 and there should be a minimum balance of Rs.1000.00 where cheque book facility is made available. Initial deposit should always be in cash. FIXED DEPOSIT Term deposits are accepted for periods not exceeding 10 years except under orders of court or in the case of minor till the date of majority. Interest rounded off to the nearest multiples of one rupee is paid monthly/quarterly as desired by the depositor. Deposit receipts are not transferable. Therefore, if payment is to be made to a third party, the depositor should not endorse the deposit receipt but should discharge the receipts and authorize payment to the third party by a letter addressed to the bank. A minor can open a term deposit account in his own name provided he is over 10 years of age, he can read and write and he can adhere to a uniform signature. The amount of deposit should not exceed Rs.10, 000.00. The minor should declare his date of birth. No advance is to be granted to the minor on the security of the deposit receipt. Term deposit can be accepted from a guardian on behalf of the minor. Maximum amount on this account should not exceed Rs.50, 000.00. The ceiling can be exceeded if the guardian gives an undertaking that the deposit would not be withdrawn. Deposits are also accepted jointly with the minor. If the due date falls on a Sunday or holiday, the receipt is payable on the following business day. Amount of Deposit: Fixed Deposit can be opened with a minimum of Rs.100.00 and above. Period of Deposit: The minimum period for which a deposit can be accepted is 15 days and  the  maximum term  shall not exceed 120 months. Deposits can also be accepted for any period longer than 120 months in special cases Who can Deposit: All the person(s)/Associations etc. eligible to open a bank account are eligible to open FD account. The interest rate on Term deposits accepted/renewed  by the Bank stands revised with effect from 15.06.2012 as noted below. Sl. No: Period Individuals/ Institutions Senior Citizen Primary Co-op Societies 1. 15 days - 45 days 7.25 7.75 7.50 2. 46 days - 90 days 7.75 8.25 8.00 3. 91 days - 179 days 8.50 9.00 8.75 4. 180 days - 364 days 9.00 9.50 9.25 5. 1 Year & Above 9.75 10.25 10.00 6. 3 Years & Above Deposit of Rs.5 Lakhs Up to Rs.10 Lakhs.  Deposit above Rs.10 Lakhs 10.00 10.25 10.50 10.75 10.25 10.50 Special Deposit Scheme – (01/12/2012 to 31/12/2012) Sl. No: Period Individuals/ Institutions Senior Citizen Primary Co-op Societies 1. 150 days 8.75 9.25 9.00 2. 333 days 9.75 10.25 10.00 3. 15 Months 10.00 10.50 10.50 We allow  ½% additional interest on Fixed Deposits accepted by societies from Senior Citizen and in turn invested with our Bank after obtaining a certificate to that effect from them CURRENT ACCOUNT Current accounts are opened with sums of Rs.250.00 and upwards. A credit balance of at least Rs.250.00 should always be maintained in an account. Cooperative societies are permitted to run Current Accounts with a minimum balance of Rs.1,000.00 Accounts may be opened in the name of two persons with the right to operate upon by either or survivor or both. No account will be opened in the name of more than two persons unless they form a corporation. When accounts are opened in the name of firms, institutions, associations, societies and companies, the rules or regulations governing them should be furnished when opening the account and also the modifications or alterations thereof, if any, communicated to the bank from time to time. Pass Books, and pay-in-slips are issued free of cost. The constituents must use only the cheque forms supplied by the bank for operating upon their current accounts. No other forms will be recognized. Applications for cheque books must ordinarily be made by the constituents in the prescribed forms supplied with each book. Notice of stop-cheques will be recorded, but the bank does not accept any responsibility in case such instructions are overlooked. Constituents are requested to keep cheque books under lock and key. The bank does not hold itself responsible in any way for any unauthorized payment resulting from negligence on the part of the customers in the safe keeping of the cheque book. RECURRING ACCOUNT Features: Monthly saving plan An element of compulsion in savings. Savings grow steadily. Effective rate of interest works out to be higher. Under this scheme, deposits are accepted in monthly installments for a stipulated period and on expiry of this period, the total amount of installments deposited is repaid with interest compounded on monthly/quarterly basis. Amount of deposit: Recurring Deposits are accepted in monthly installments of Rs.10.00 and its exact multiples thereof and there is no ceiling as to the maximum amount of monthly installment. The maturity value for each period vary in accordance   with the change in  the  interest rate for deposits; but the period agreed upon   when the account  is opened cannot be altered subsequently.  Period of Deposit: The period of deposit is to be fixed at the time of opening the account and no deviations are allowed during the tenor of the deposit. Accounts  can  be  opened  for  a  period  of  12  months or more in completed quarters and up to a  maximum period of 120 months. The maturity value for each period varies in accordance with the change in the term of deposit. Who can deposit/Opening of Recurring Deposit: Any person/s approved by the Bank may open a Recurring Deposit Account on his/her/their signing the prescribed application form and agreeing to abide by the rules governing the account.  All person(s)/Associations etc. eligible to open FD accounts are also eligible to open this account   Mode of payment of installments: Monthly installments may be remitted by the depositor in cash or through schedules (either transfer or clearing). In the case of remittance by cheque, the installments should be credited to the account only after realization of the cheque. Standing instructions to debit any of his operative account (SB/Current Account/Over Draft) may be obtained from the depositor to credit the monthly installments to his Recurring Deposit Account regularly. In case of standing instructions the depositor should take care to keep sufficient balance in his account to enable the bank to recover monthly installments.  The depositor may also remit monthly installments by Mail transfer (MT) at par through any branch of the bank. Remittance of monthly Installments: Installments ordinarily fall due in each successive month on the date on which the account was opened, in which case the deposit would mature for payment on the same date after the expiry of the stipulated number of installments fixed. Monthly installments can also be paid on any day during the month to which the installment relates without levying penalty if the depositor so desires provided, in all such cases maturity date of such RD shall stand postponed to the last date of the month in which the Recurring Deposit Account is to mature. The recurring Deposit Account holders are free to choose any of the above alternative provisions which can be exercised by them even in respect of their RD A/c opened already.    Issuing of Pass Book: On payment of first installment, the depositor will be supplied, free of charge, with a pass book, entries wherein will be duly initialed by an officer of the bank. Premature withdrawal of deposit: A depositor may, if he so wishes, close the account and withdraw the deposit before expiry on giving 10 days notice of intention to close the account.  No interest is payable in case of premature closure of Recurring Deposit Account with in 3 months of its opening. In other cases simple interest should be paid at 1% less than the rate of interest applicable to the deposit for the period for which the deposit remained with the bank. Penal interest, if any, charged earlier should be refunded to the depositor in all such cases.  No account will be allowed to be closed within 6 months from the date of its opening.  Loan Facility The Bank may at its discretion grant a loan on the security of Recurring Deposit up to a maximum of 90% of the balance to the credit of the depositor. Only one loan shall be outstanding at a time.  The bank reserves the right to appropriate the balance accumulated in the account against which the loan is availed and to adjust the same towards the dues of the depositor at the time of payment or on or before maturity of the deposit.  The balance, if any, left after such recovery will however be paid to the depositor.  Interest on loans will be 2% extra to the rate for term deposits in force, compounded to monthly/quarterly rests.  BALAMITHRA Minor/minor with guardian is entitled to open account under the above scheme. Initial Deposit of Rs.50 is insisted for opening Savings account. Maximum allowed number of cash withdrawals is 1 per day.  Managers use their discretion to allow more than 1 cash withdrawal.  No charges being levied in such cases. Customers not allowed to withdraw cash if minimum balance comes below the stipulated amount due to cash withdrawal. Managers use their discretion to withdraw below minimum balance. No charges being levied for non-maintenance of minimum balance. Customers allowed to deposit the funds in the Savings account by cash, clearing cheques of other banks, inter account transfers from other accounts, and collection cheques of other outstation centers Customers can withdraw the funds by withdrawal slips.  Pass books made compulsory during withdrawal time while withdrawing through withdrawal slips. Withdrawal slips with serial numbers are provided to customers for withdrawal over the counter. Separate type of pass book is issued to the customers. When the outstanding reaches 10000, it is converted as fixed deposit under the head FD-Balamithra with the permission of the customer. No operation should be allowed once customer attained major status. When the minor becomes major the existing account is closed and the major person advised to open account under SB Individual scheme. BALANIDHI Institutions such as schools (Govt., Aided or Un-aided) are entitled to open account under the above scheme. Account is operated jointly by Head Master/Mistress with one member among the teaching staff who is authorized by the staff council. Deposits are collected from the students and deposited at the bank once in a week. School authorities keep their own registers and pass book for each student which is supplied by bank. Initial Deposit of Rs.100 is insisted for opening Savings account. Withdrawal is made only through cheque books. No charges for issuing cheque books. Maximum allowed number of cash withdrawals is 1 per day.  Managers use their discretion to allow more than 1 cash withdrawal.  No charges being levied in such cases. Customers not allowed to withdraw cash if minimum balance comes below the stipulated amount due to cash withdrawal. Managers use their discretion to withdraw below minimum balance. However in case of clearing cheque debits/transfer transactions bank permits the transaction even though account balance comes less than the prescribed minimum balance. No charges being levied for non-maintenance of minimum balance. Customers allowed to deposit the funds in the Savings account by cash. With regard to cash deposit in Savings account even a minimum amount of Re.1 is allowed to be deposited for transaction purpose. Savings Bank cheque books are of 10, 25, 50 and 100 leaves type Normal interest rate for Savings Bank deposits is also applicable to this deposit In addition to interest 1% of incentive is giving for the amount deposited during the period. The tenure of paying incentive is once in six months.  The amount received from 1st March to 31st August will be taken for calculating the incentive and will be paid before 10th of September.  Similarly the succeeding half year period will be reckoned for computation of incentive and paid before 10th of March. The incentive amount will be paid by DD favoring the employee taking initiative to collect the amount (This will be communicated to the bank by the school authorities) instructions by debiting the account “Commission paid on Balanidhi”. BALASABHA A Special scheme to children of SHG or Group members. Account is opened in the name of Balasabha. Group identified by the Letter of instruction given by all the group members duly signed by them authorizing 2 persons jointly to operate the account.(Secretary & President) Minimum group members is 15   Initial deposit amount to open the account Rs.100 Minimum balance of Rs.500/- against withdrawal  Minimum balance for account maintenance Rs.100 Account operation through cheque book. EDUPLUS Individuals are allowed to open account under this head. This deposit is meant for meeting the educational expenses of children which arises in future. Rs: 1000 and its multiples can make as deposit under this scheme. Minimum Deposit amount   :        1000. Maximum deposit amount   :        No limit Period of deposit                 :        Minimum 7 years   Max   10 years Steps                                     :        in steps of 12 months After maturity the principal with interest is to be refunded in lump sum or 5 equal yearly installments. The option for repayment of deposit should be exercised by the depositor at the time of opening the deposit itself. Customer is given the option to claim the maturity amount in full along with the interest on the maturity date. Customer is also given the option to get the maturity proceeds in 5 equal installments commencing from the maturity date.  The bank has defined the installment amount by pre-defining the structured payment schedule. The customer will exercise the option of repayment at the time of opening the deposit itself. Bank issues deposit receipt after getting the deposit amount Pre-printed stationery in the name “INDIVIDUAL FIXED DEPOSIT RECEIPT” being issued. Maturity value of the deposit should come on the face of Fixed Deposit receipt. Interest will be paid only after due date of deposit. Interest is calculated on quarterly compounding basis. Interest is calculated using the formula PNR/1200. No booking concept for interest calculation.  Directly Interest Paid account is debited and credited to the customers’ account on the due date. For pre-mature closing of deposit interest is calculated in the following manner: Rate applicable for the period to which the deposit stands with the bank less 1% is collected as penalty for pre-mature closing. Preferential rate of 1% is allowed to staff members and also to ex-staff members. ½ % of preferential rate is being given to senior citizens. If the ex-staff is a senior citizen, then 1.5 % of preferential rate is applicable. Loan facility is available under following terms and conditions. 1)    85% of deposit amount shall be given. 2) Interest rate for FD loan is 2% above the contract rate.In this case interest for loan is to be calculated on quarterly compounding basis. Lien facility is not available. Fixed deposit receipt is not transferable. When the deposit becomes matured, it is not transferred to Matured Fixed Deposit Scheme. It retains with the same GL Head. Nomination is made compulsory.  Nomination is applicable for the respective individual deposits. Rate of interest is same as applicable to Fixed Deposit Individuals. Any person/s approved by the Bank may open a Recurring Deposit Account on his/her/their signing the prescribed application form and agreeing to abide by the rules governing the account.  All person(s)/Associations etc. eligible to open FD accounts are also eligible to open this account   Mode of payment of installments: Monthly installments may be remitted by the depositor in cash or through schedules (either transfer or clearing). In the case of remittance by cheque, the installments should be credited to the account only after realization of the cheque. Standing instructions to debit any of his operative account (SB/Current Account/Over Draft) may be obtained from the depositor to credit the monthly installments to his Recurring Deposit Account regularly. In case of standing instructions the depositor should take care to keep sufficient balance in his account to enable the bank to recover monthly installments.  The depositor may also remit monthly installments by Mail transfer (MT) at par through any branch of the bank. Remittance of monthly Installments: Installments ordinarily fall due in each successive month on the date on which the account was opened, in which case the deposit would mature for payment on the same date after the expiry of the stipulated number of installments fixed. Monthly installments can also be paid on any day during the month to which the installment relates without levying penalty if the depositor so desires provided, in all such cases maturity date of such RD shall stand postponed to the last date of the month in which the Recurring Deposit Account is to mature. The recurring Deposit Account holders are free to choose any of the above alternative provisions which can be exercised by them even in respect of their RD A/c opened already.    Issuing of Pass Book: On payment of first installment, the depositor will be supplied, free of charge, with a pass book, entries wherein will be duly initialed by an officer of the bank. Premature withdrawal of deposit: A depositor may, if he so wishes, close the account and withdraw the deposit before expiry on giving 10 days notice of intention to close the account. No interest is payable in case of premature closure of Recurring Deposit Account with in 3 months of its opening. In other cases simple interest should be paid at 1% less than the rate of interest applicable to the deposit for the period for which the deposit remained with the bank. Penal interest, if any, charged earlier should be refunded to the depositor in all such cases.  No account will be allowed to be closed within 6 months from the date of its opening.  Loan Facility The Bank may at its discretion grant a loan on the security of Recurring Deposit up to a maximum of 90% of the balance to the credit of the depositor. Only one loan shall be outstanding at a time.  The bank reserves the right to appropriate the balance accumulated in the account against which the loan is availed and to adjust the same towards the dues of the depositor at the time of payment or on or before maturity of the deposit.  The balance, if any, left after such recovery will however be paid to the depositor.  Interest on loans will be 2% extra to the rate for term deposits in force, compounded to monthly/quarterly rests.  Interest on loans will be 2% extra to the rate for term deposits in force, compounded to monthly/quarterly rests.  Edu plus Individuals are allowed to open account under this head. This deposit is meant for meeting the educational expenses of children which arises in future. Rs: 1000 and its multiples can make as deposit under this scheme. Minimum Deposit amount   :        1000. Maximum deposit amount   :        No limit Period of deposit                 :        Minimum 7 years   Max   10 years Steps                                     :        in steps of 12 months After maturity the principal with interest is to be refunded in lump sum or 5 equal yearly installments. The option for repayment of deposit should be exercised by the depositor at the time of opening the deposit itself. Customer is given the option to claim the maturity amount in full along with the interest on the maturity date. Customer is also given the option to get the maturity proceeds in 5 equal installments commencing from the maturity date.  The bank has defined the installment amount by pre-defining the structured payment schedule. The customer will exercise the option of repayment at the time of opening the deposit itself. Bank issues deposit receipt after getting the deposit amount Pre-printed stationery in the name “INDIVIDUAL FIXED DEPOSIT RECEIPT” being issued. Maturity value of the deposit should come on the face of Fixed Deposit receipt. Interest will be paid only after due date of deposit. Interest is calculated on quarterly compounding basis. Interest is calculated using the formula PNR/1200. No booking concept for interest calculation.  Directly Interest Paid account is debited and credited to the customers’ account on the due date. For pre-mature closing of deposit interest is calculated in the following manner: Rate applicable for the period to which the deposit stands with the bank less 1% is collected as penalty for pre-mature closing. Preferential rate of 1% is allowed to staff members and also to ex-staff members. ½ % of preferential rate is being given to senior citizens. If the ex-staff is a senior citizen, then 1.5 % of preferential rate is applicable. Loan facility is available under following terms and conditions. 1)    85% of deposit amount shall be given. 2) Interest rate for FD loan is 2% above the contract rate.In this case interest for loan is to be calculated on quarterly compounding basis. Lien facility is not available. Fixed deposit receipt is not transferable. When the deposit becomes matured, it is not transferred to Matured Fixed Deposit Scheme. It retains with the same GL Head. Nomination is made compulsory.  Nomination is applicable for the respective individual deposits. Rate of interest is same as applicable to Fixed Deposit Individuals. Any person/s approved by the Bank may open a Recurring Deposit Account on his/her/their signing the prescribed application form and agreeing to abide by the rules governing the account.  All person(s)/Associations etc. eligible to open FD accounts are also eligible to open this account   Mode of payment of installments: Monthly installments may be remitted by the depositor in cash or through schedules (either transfer or clearing). In the case of remittance by cheque, the installments should be credited to the account only after realization of the cheque. Standing instructions to debit any of his operative account (SB/Current Account/Over Draft) may be obtained from the depositor to credit the monthly installments to his Recurring Deposit Account regularly. In case of standing instructions the depositor should take care to keep sufficient balance in his account to enable the bank to recover monthly installments.  The depositor may also remit monthly installments by Mail transfer (MT) at par through any branch of the bank. Remittance of monthly Installments: Installments ordinarily fall due in each successive month on the date on which the account was opened, in which case the deposit would mature for payment on the same date after the expiry of the stipulated number of installments fixed. Monthly installments can also be paid on any day during the month to which the installment relates without levying penalty if the depositor so desires provided, in all such cases maturity date of such RD shall stand postponed to the last date of the month in which the Recurring Deposit Account is to mature. The recurring Deposit Account holders are free to choose any of the above alternative provisions which can be exercised by them even in respect of their RD A/c opened already.    Issuing of Pass Book: On payment of first installment, the depositor will be supplied, free of charge, with a pass book, entries wherein will be duly initialed by an officer of the bank. Premature withdrawal of deposit: A depositor may, if he so wishes, close the account and withdraw the deposit before expiry on giving 10 days notice of intention to close the account. No interest is payable in case of premature closure of Recurring Deposit Account with in 3 months of its opening. In other cases simple interest should be paid at 1% less than the rate of interest applicable to the deposit for the period for which the deposit remained with the bank. Penal interest, if any, charged earlier should be refunded to the depositor in all such cases.  No account will be allowed to be closed within 6 months from the date of its opening.  Loan Facility The Bank may at its discretion grant a loan on the security of Recurring Deposit up to a maximum of 90% of the balance to the credit of the depositor. Only one loan shall be outstanding at a time.  The bank reserves the right to appropriate the balance accumulated in the account against which the loan is availed and to adjust the same towards the dues of the depositor at the time of payment or on or before maturity of the deposit.  The balance, if any, left after such recovery will however be paid to the depositor.  Interest on loans will be 2% extra to the rate for term deposits in force, compounded to monthly/quarterly rests.  Interest on loans will be 2% extra to the rate for term deposits in force, compounded to monthly/quarterly rests.

LOANS AND ADVANCES - INDIVIDUAL

HOUSING LOAN

Type of loan                      :          Long term loan – Non-agriculture.  Method of Repayment      :          Non- EMI  Purpose                             :       Construction/ repair / outright purchase of houses  Eligibility Criteria               :          Individuals.  Scale of finance                :          Not applicable.  Limit of loan                      :          Rs:20 lakh or 80% of estimated cost whichever is less.  Margin                               :          20%  Mode of sanction              :          1)   3 installments for new house (20%, 50% and 30% of sanctioned amount.)                                                       2)   2 installments for repair (50% each)                                                       3)   Single installment for outright purchase.  Holiday period                   :          1)   12 months for construction of new house                                                       2)   6 months for repair of existing house                                                       3)   No holiday period for outright purchase.  Repayment period            :          180 Months.  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest    on contract rate is charged.  Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of total Loan amount sanctioned. Above 50000         it is   @ 0.5%.this is credited under the head HO miscellaneous  income.                                                                            2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs:375. Risk fund collected is kept under Suspense Liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :          Mortgage security.  Insurance policy for estimate amount for 15 years should be submitted. LOANS TO PENSIONERS Type of loan                      :          Medium term loan – Non-agriculture.  Method of Repayment        :          Non- EMI  Purpose                             :         Marriage / Domestic / Treatment purpose  Eligibility Criteria               :          Pensioners below the age of 75      Scale of finance                :          Not applicable.  Limit of loan                      :          Up to Rs: 100000.  Margin                               :          Not applicable.  Holiday period                   :          Not applicable.  Repayment period            :          60 months or the period at which the loanee attains the of 75 years whichever is less  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is charged.  Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of total Loan amount sanctioned. Above        50000 it is @0.5%.this is credited under the head HO Miscellaneous income.                                                       2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs: 375. Risk fund collected is kept under Suspense liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :       Personal surety.  This loan is linked with the pension amount, ie, monthly amount should be deducted from the concerned SB account. LOANS TO RETIRED EMPLOYEES Type of loan                      :          Medium term loan – Non-agriculture.  Method of Repayment      :          EMI  Purpose                             :      For remitting the amount in pension fund Eligibility Criteria               :          Ex-Staff       Scale of finance                :          Not applicable.  Limit of loan                      :          Up to Rs:500000.  Margin                               :          Not applicable.  Holiday period                   :          Not applicable.  Repayment period            :           1)   120 months for the loanees whose age is below 65 years.                                                     2)   For loanees above 65 years 100 months or the period which the loanee attains the age  of 80 years  whichever is earlier.  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is charged. Charges                            :          Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs:375. Risk fund collected is kept under Suspense liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :          Personal / Collateral security. LOANS TO SMALL SCALE  BUSINESSMEN AND TRADERS Type of loan                      :          Short term loan – Non-agriculture.  Method of Repayment      :          Non-EMI  Purpose                             :          Trading Purpose.  Eligibility Criteria               :          Traders / Small businessmen.  Scale of finance                :          Not applicable.  Limit of loan                      :          Up to Rs: 100000  Margin                               :          Not applicable.  Holiday period                   :          Not applicable.  Repayment period            :          36 Months.  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is  charged.                                                                                      Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of   total   Loan amount sanctioned                                                       2)   Above 50000 it is @ 0.5%.this Is credited under the head HO Miscellaneous income.                                                       3)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs: 375.                                                            Risk fund collected is kept under suspense liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :          Personal / Collateral security.       These types of loans are not issued now.  Insurance of stock in the joint name of bank and the loanee should be submitted. LOAN AGAINST SECURITY OF TERM DEPOSITS Type of loan                      :          Short term loan – Non-agriculture.  Method of Repayment        :          Non-EMI  Purpose                            :          Various purposes.  Eligibility Criteria                :          To individuals and institutions.  Scale of finance                 :          90% of term deposit amount. (In case of                                                      Eduplus deposit it is 85%)  Margin                              :          10% (In case of Eduplus deposit it is 15%)                                       Holiday period                    :          Not applicable.  Repayment period              :          Maturity date of term deposit or three years                                                          Whichever comes first.  Rate of interest                   :          2% above the contract rate of term deposit.  Penal Interest                     :          Not applicable.  Charges                             :          Not applicable.  Subsidy/Re-finance             :          Nil  Security                             :          Term deposit receipt.  If the term deposit is closed within 15 days(ie,minimum period of FD), then the rate of interest of deposit loan will be the prevailing lending rate applicable to Consumption loans.   On maturity date of the deposit the loan should be closed and the balance proceeds should be transferred to suspense account or customer’s operative account according to option given by the customer.  VYAPARAMITHRA LOAN Type of loan                      :          Medium term loan – Non-agriculture.  Method of Repayment        :          Non-EMI / EMI  Purpose                            :          Trading Purpose.  Eligibility Criteria                :          Traders / Small businessmen.  Scale of finance                  :          Not applicable.  Limit of loan                        :          Up to Rs: 200000.  Margin                                :          Not applicable.                                              Holiday period                      :          Not applicable.  Repayment period                :          36 Months.    Rate of interest                    :          As per interest structure.  Penal Interest                     :          2% for overdue installments. When the loan is fully overdue 2% of additional interest on contract rate is   charged.  Charges                       :          1)   Up to 50000 service charge is collected @ 0.25% of the total Loan amount sanctioned.                                                      Above 50000 it is @ 0.5% and this is credited under the head HO Miscellaneous income.                                                 2)   Risk fund @ 0.25% of loan amount is collected from the Loanee with a minimum of Rs: 50 and a maximum   of Rs: 375.                                                      Risk fund collected is kept under Suspense Liability and once in a month transferred to HO.  Subsidy/Re-finance                :          Nil  Security                                :          Personal / Collateral security.    Insurance of stock in the joint name of bank and the loanee should be submitted. LOANS TO EMPLOYEES OF AFFILIATED TO SOCIETIES Type of loan                      :          Medium term loan – Non-agriculture.  Method of Repayment        :          Non-EMI  Purpose                            :          Housing / Vehicle Loan Purpose.  Eligibility Criteria                :          Employees of affiliated Societies  Scale of finance                 :          Not applicable.  Limit of loan                       :          Up to Rs: 500000.  Margin                               :          Not applicable.  Holiday period                    :          Not applicable.  Repayment period              :          60 Months.  Rate of interest                            As per interest structure.  Penal Interest                     :          2% for overdue installments. When the loan is fully overdue 2% of additional interest on contract rate is   charged.  Charges                             :          1)   Up to 50000 service charge is collected @ 0.25%                                                                     of the total Loan amount sanctioned. Above 50000 it is @                                                           0.5% and this is credited under the head HO Miscellaneous                                                          income.                                                                                                          2)   Risk fund @ 0.25% of loan amount is collected from the Loanee with a minimum of Rs: 50 and a maximum   of Rs:375. Risk fund collected is kept under Suspense Liability and once in a month transferred to HO.  Subsidy/Re-finance               :          Nil  Security                               :           Personal / Collateral security.   Insurance of stock in the joint name of bank and the loanee should be submitted. LOANS TO SMALL SCALE  BUSINESSMEN AND TRADERS Type of loan                      :          Short term loan – Non-agriculture.  Method of Repayment      :          Non-EMI  Purpose                             :          Trading Purpose.  Eligibility Criteria               :          Traders / Small businessmen.  Scale of finance                :          Not applicable.  Limit of loan                      :          Up to Rs: 100000  Margin                               :          Not applicable.  Holiday period                   :          Not applicable.  Repayment period            :          36 Months.  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is  charged.                                                                                        Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of   total   Loan amount sanctioned                                                       2)   Above 50000 it is @ 0.5%.this Is credited under the head HO Miscellaneous income.                                                       3)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs: 375.                                                            Risk fund collected is kept under suspense liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :          Personal / Collateral security.       These types of loans are not issued now.  Insurance of stock in the joint name of bank and the loanee should be submitted. LOANS TO INDIVIDUALS FOR ACQUIRING  CONSUMER ARTICLES Type of loan                      :          Medium term loan – Non-agriculture.  Method of Repayment      :          Non-EMI  Purpose                             :          Purchase of consumer articles.  Eligibility Criteria               :          Individuals.  Scale of finance                :          Not applicable.  Limit of loan                      :          Upto Rs:100000.  Margin                               :          20% of the value of product.  Holiday period                   :          Not applicable. Repayment period            :          60 Months.  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is charged.  Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of total Loan amount sanctioned. Above 50000         it is   @ 0.5%.this is credited under the head HO miscellaneous income.                                                       2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs: 375. Risk fund collected is kept under Suspense Liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :          Personal / Collateral security.  These types of loans are not issued now.  Insurance of stock in the joint name of bank and the loanee should be submitted. Hypothecation of stock Subsidy/Re-finance          :          Nil  Security                             :          Personal / Collateral security.      These types of loans are not issued now.  Insurance of stock in the joint name of bank and the loanee should be submitted. VEHICLE LOANS TO INDIVIDUALS Type of loan                      :          Medium term loan – Non-agriculture.  Method of Repayment      :          Non-EMI  Purpose                             :          Purchase of Vehicles  Eligibility Criteria               :          Individuals.  Scale of finance                :          Not applicable.  Limit of loan                      :          80% of cost of vehicle or up to Rs:1000000 whichever is less.  Margin                               :          20% of cost of vehicle.  Holiday period                   :          Not applicable.  Repayment period            :          60 Months.  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on  contract rate is charged.  Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of total Loan amount sanctioned. Above 50000 it is    @ 0.5%.this Is credited under the head HO miscellaneous income.                                                       2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs: 375. Risk fund collected is kept under Suspense Liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :          Personal / Collateral security.  Insurance of stock in the joint name of bank and the loanee should be submitted.  Hypothecation of stock LOAN TO INDIVIDUALS FOR COMPUTER & PERIPHERALS Type of loan                      :        Medium term loan – Non-agriculture.  Method of Repayment      :          Non-EMI  Purpose                             :       Purchase of Computers & Peripherals. Eligibility Criteria               :        Individuals Scale of finance                :        Not applicable. Limit of loan                      :        90% of the quotation up to a maximum of Rs:50000.  Margin                               :        10% Holiday period                   :          Not applicable.  Repayment period            :          72 Months.  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is charged.  Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of total Loan amount sanctioned. Above 50000 it is    @ 0.5%.this is credited under the head HO Miscellaneous income.                                                       2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs:375. Risk fund collected is kept under Suspense liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :       Personal / collateral security.  Insurance of stock in the joint name of bank and the loanee should be submitted.  Hypothecation of stock CONSUMPTION LOAN TO HEAD LOAD WORKERS Type of loan                      :          Medium term loan – Non-agriculture.  Method of Repayment       :          Non-EMI  Purpose                            :          Marriage / Domestic / Treatment purpose .  Eligibility Criteria               :          Individuals (Head load workers).  Scale of finance                :          Not applicable.  Limit of loan                      :          10 times of average salary subject to a maximum of   Rs: 75000  Margin                               :          Not applicable.  Holiday period                   :          Not applicable.  Repayment period            :          60 Months.  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is charged.  Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of total   Loan amount sanctioned. Above 50000 it is  @ 0.5%.this is credited under the head HO miscellaneous income.                                                       2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs:375. Risk fund collected is kept under Suspense Liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :       Personal Surety.  Installment amount should be automatically debited from the concerned savings account.  This loan should be categorized under loan to weaker sections. LOANS TO PENSIONERS Type of loan                      :          Medium term loan – Non-agriculture.  Method of Repayment        :          Non- EMI  Purpose                             :         Marriage / Domestic / Treatment purpose  Eligibility Criteria               :          Pensioners below the age of 75      Scale of finance                :          Not applicable.  Limit of loan                      :          Up to Rs: 100000.  Margin                               :          Not applicable.  Holiday period                   :          Not applicable.  Repayment period            :          60 months or the period at which the loanee attains the of 75 years whichever is less  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is charged.  Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of total Loan amount sanctioned. Above        50000 it is @0.5%.this is credited under the head HO Miscellaneous income.                                                       2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs: 375. Risk fund collected is kept under Suspense liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :       Personal surety.  This loan is linked with the pension amount, ie, monthly amount should be deducted from the concerned SB account. CONSUMPTION LOAN TO INDIVIDUALS Type of loan                      :          Medium term loan – Non-agriculture.  Method of Repayment      :          Non-EMI  Purpose                             :          Marriage / Domestic / Treatment Purpose.  Eligibility Criteria               :          Individuals.  Scale of finance                :          Not applicable.  Limit of loan                      :          Rs: 20 lakh  Margin                               :          Not applicable.  Holiday period                   :          Not applicable.  Repayment period            :          100 Months.  Rate of interest                 :          As per interest structure.  Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is charged.  Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of total Loan amount sanctioned. Above 50000         it is   @ 0.5%.this Is credited under the head HO miscellaneous income.                                                       2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs:375. Risk fund collected is kept under Suspense liability and once in a month transferred to HO.  Subsidy/Re-finance          :          Nil  Security                             :       Personal Surety and Mortgage security.  Note:  Personal surety: Maximum loan amount- Rs: 2 lakh.  Staff members can also avail this loan. In that case maximum amount is one lakh and the rate of interest is 2% below the prevailing rate. Maximum period is 60 months and security is personal surety of another staff. LOAN FOR INDUSTRIAL PURPOSE Type of loan                       :          Long term loan – Non-agriculture. Method of Repayment         :          Non-EMI Purpose                             :          Industrial Purpose (self employment). Eligibility Criteria               :          Individuals  &  Institutions. Scale of finance                :          Not applicable. Limit of loan                      :          According to the project. Margin                               :          Project based Holiday period                   :          6 / 12 months (Interest is to be remitted in holiday period) Repayment period            :          As per project Rate of interest                 :          As per interest structure. Penal Interest                    :          2% for overdue installments. When the loan becomes fully overdue 2% of additional interest on contract rate is charged. Charges                            :          1)   Up to 50000 service charge is collected @ 0.25% of total Loan amount sanctioned. Above 50000 it is    @ 0.5%.this is credited under the head HO miscellaneous income. 2)   Risk fund @ 0.25% of loan amount is collected from the loanee with a minimum of Rs: 50 and a maximum of Rs:375. Risk fund collected is kept under Suspense liability and once in a month transferred to HO. Subsidy/Re-finance          :          Yes. Security                             :          Personal Surety and Mortgage security. Personal surety - Upto one lakh only. Insurance policy in the joint name of bank should be submitted to bank. LOAN FOR CONSTRUCTION OF  SHOPPING COMPLEX Type of loan                      :          Long term loan – Non-agriculture. Method of Repayment      :          Non-EMI Purpose                             :       Construction of shopping / housing complex Eligibility Criteria               :          Individuals, Institutions and companies. Scale of finance                :          Not applicable. Limit of loan                      :          Rs:500 lakh or 2/3rd of estimated cost whichever is less. Margin                               :          1/3rd of estimated cost. Holiday period                   :          Depends on project Repayment period            :          Depends on project Rate of interest                 :          As per interest structure. Penal Interest                    :          2% for overdue installments. When the loan becomes Fully overdue 2% of additional interest on contract rate is Charged. Charges                            :          1)   Upto 50000 service charge is collected @ 0.25% of total   Loan amount sanctioned. Above 50000 it is  @ 0.5%.this Is credited under the head HO Miscellaneous Income. 2)   Risk fund @ 0.25% of loan amount is collected from the Loanee with a minimum of Rs: 50 and a maximum of Rs:375. Risk fund collected is kept under Suspense Liability and once in a month transferred to HO. Subsidy/Re-finance          :          Yes. Security                             :          Mortgage security. Insurance policy for the estimate amount should be submitted. Presently the limit is fixed as Rs. 40 lakh as per CMA norms. With the prior approval of NABARD it can be enhanced. Disbursement according to the Debt Equity Ratio. Drawal is permitted on production of utilization certificate from a civil engineer. JOINT LIABILITY GROUPS(JLGS) We provide loans for Joint Liability Groups. Contact your nearest KDCB branch or our credit counselling centre for more details. KUDUMBASREE Kudumbasree Cash Credit to Societies Only Primary Agricultural Co-Operative Credit societies within the district are eligible for this type of loan facility. Limit is sanctioned on the basis of outstanding amount of SHG loans issued to their members. Limit sanctioned for a period of one year. Interest is calculated on daily products basis. Penal interest @ 2% will be charged when the account becomes overdrawn(for the overdrawn amount only) After the expiry of CC limit period 2% additional interest will be charged over the contract rate. Interest debited on last day of every quqrter, i.e. March, June, September and December. Withdrawals are allowed only through cheque book. Purpose: These types of loans are issued for the purpose of issuing SHG loans to their members. The Society has to submit balance sheet, profit and loss account Security: Secured. Coverage statement will be submitted before 5th of every succeeding month. Drawing Power Limit (DPL) is restricted as 90% of coverage. The Society is directed to make all the transactions relating to crop loan through this account only. SELF HELP GROUPS(SHGS) We provide loans for Self  Help Groups directly and also through PACS for own lending to their members and also for various need based projects. Contact your nearest KDCB branch or our credit counselling centre for more details.