RURAL DEVELOPMENT BANK INVESTMENT SAVINGS ACCOUNT
1) Account may be opened individually or in the joint names of two or more persons who are over 16 years of age and above in the case of joint account it may be operated by any one or jointly. The operative instruction of this account has to be finalised at the time of opening of the account and no changes will be permitted after that. The contract period of this account shall be 3 years. The account holder should make the contracted amount on a monthly or quarterly basis, as agreed upon.
2) If the depositor fails to make the monthly contracted amount continuously for 5 months and in the case of quarterly contracted amount. Continuously for 2 quarters, the depositor will loose all the benefits under this savings scheme and the account shall be treated as normal savings account.
3) The minimum monthly contracted amount should be. Rs. 100/= or in multiples of
Rs. 100/= and in the case of quarterly deposits. The minimum contracted amount should be Rs. 300/= or in multiples of Rs. 300/= The depositor is expected to finalise the contracted amount at the time of opening this account and he/she has to abide by the rules and regulations of this scheme until the contracted period is over.
4) The rate of interest on this savings account will be paid at the agreed rate and the method of computation will be on the quarterly minimum balance available in the account. The depositor will not be permitted to withdraw any amount from this account until the contract period is over—i.e., 36 months.
5) The depositor is, however, eligible to apply for a loan not exceeding 85% of the balance available in the account without any additional security or 1.5 times the balance available in the account and this loan will be considered provided the depositor gives a surety or guarantor acceptable to the bank.
6) The depositor will be issued with a savings pass book and all the entires will be made there on and the depositor should examine the entries before he/she leaves the bank office in the event of a pass book being lost. The depositor should inform the bank office immediately, and arrangements will be made to issue a fresh pass book on reserving satisfactory explanation.
7) Cash deposits will be accepted at any branch and will be transferred free of charge to any branch of the where the account is maintained.
8) Special prizes will be awarded to the depositors who maintain the maximum balances in savings accounts and the annual Festival of the “Bank” and special prizes also well be awarded to the winners at a lottery held annually.
(Correction by Tamilpriya)
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