Special Schemes

1. Introduction:
The scheme is primarily meant for businessmen/professionals, Business Establishments, Shopping Plazas etc. who would like to save a part of their sale proceeds/expenditure on daily/weekly basis.

2. Eligibility:
All Individuals, Joint account holders, Proprietors, Individual partners shall be eligible to open the accounts under this scheme.

3. Features of Scheme:
I. Amount of daily Installment : Rs. 100/- and above in multiples of Rs. 50
II. Tenure -- 1-5 years.
III. Interest rate -- Fixed.
IV. Interest calculation -- As applicable to Savings Deposit.
V. Premature withdrawal -- Allowed

4. Documentation:
I. Application Form
II. Photograph of depositor/s (2 copies)
III. Documents as per KYC Norms
IV. PAN Card or Form 60 or 61
v. Any other related documents as applicable.

5. Procedure:
I. The applicant shall open a saving Bank account with the Branch concerned as per rules applicable and furnishing of documents mentioned above.
II. The employee of the Branch shall be designated for the purpose and shall make collection by personally going to the business premises/house hold units of the depositor during the working hours and make an entry in the passbook of the depositor on spot after receipt of cash. The collections made from the account holders shall be deposited on the same day, where the account of the depositor is maintained.
III. The applicant can also open Recurring account out of the proceeds deposited on daily basis for tenure ranging from 1 to 5 years. The installment of recurring deposit shall be transferred from the saving bank account of the depositor on monthly basis. On maturity date the proceeds of recurring deposit shall be deposited in saving bank account of the concerned depositor.
IV. The staff designated for the purpose shall make collection after 02:00 P.M and will deposit the collection in the Branch on same day in the evening. The proceeds so collected shall be deposited in the account of respective parties on next working day.
V. Branch will activate the SMS facility in all such accounts at the time of opening account.

6. Loan Facility:
The depositor of daily deposit scheme is also eligible for loan facility as per below:
I. The depositor who has opened a saving bank account under Daily Deposit Scheme and opted to open Recurring Deposit Scheme of Rs.800/- P.M for 5 Year tenure and after three months he/she will be eligible to avail Cash Credit Limit/ Term Loan facility of Rs.50000/- (Rupees Fifty thousand only).
II. The recurring deposit shall remain under lien to the Bank till the currency of loan facility.
III. The depositor shall service the interest charged in cash credit limit a/c on monthly basis or deposit instalment (out of daily collected proceeds).
IV. As soon as the depositor availed the loan facility, the daily collection shall be deposited in cash credit limit a/c till the currency of loan out of which Rs.800/- per month shall be credited to Recurring a/c on monthly basis and in case of Term loan the deposit shall be made in Saving Bank a/c and at the end of the month besides transfer of instalment to Recurring deposit a/c the instalment of loan shall also be transferred to Term loan a/c.
V. On maturity of recurring deposit, the proceeds will be transferred in Cash credit a/c for adjustment. Thereafter the party can again apply for the same facility after fulfilling the requirements.
VI. The other terms & conditions are as under:
(a) Linkage Shares : 2.5% of Loan Amount.
(b) Guarantee : One third party guarantee of member (Regular/Nominal)
(c) Security : Recurring Deposit and Hypothecation of Stocks.
(d) Insurance: Comprehensive/Accidental insurance of Borrower.
(e) Rate of Interest : 12% p.a.
(f) Margin : 15%
(g) Processing Charges : Nil

7. Documentation:
Besides KYC and photographs obtained at the time of opening saving Bank a/c the following documentation shall be made:
I Membership Form
II Copy of Permanent Resident Certificate (State Subject).
III Loan Application Form.
IV Personal Statement of Borrower and Guarantor.
V D.P Note
VI Letter of Waiver.
VII Hypothecation Agreement.
VIII Letter of Guarantee.
Loan Officer will process the case along with Appraisal Form.

8. Delegation of Powers:
The Loan proposal shall be prepared by the official assigned the job of collection of money on daily basis and further scrutinization of loan proposal and verification of antecedents of borrower & guarantor by Loan officer before recommendation to the Branch Manager/Incharge for sanction. Branch Manager/ Incharge is delegated the powers to sanction the loan. The loan duly sanctioned shall be submitted to Head office within weeks time for confirmation of action.

9. Review:
The Cash credit limit a/c shall be reviewed after every one year to ensure conduct of account.

In case a person opt to deposit Rs.100/- per day and desired to avail Loan Facility of Rs.50000/-

1. No. of working days : 20 days
2. Total Collection: Rs.2000/- for one month.
3. Recurring Deposit: Rs.800/- P.M.
4. Tenure of Recurring : 60 Months
5. Rate of Interest on Recurring Deposit: 6.25%
6. Maturity Value of Recurring : Rs.56417.60
7. Monthly Interest on Cash Credit Limit of Rs.50000/- : Rs 510/-
8. Utilization of Total Collection:
    Total Collection :-- Rs.2000/-
    Monthly Recurring Installment :-- Rs 800/-
    Monthly Interest :-- Rs.510/-
9. In case of Term Loan:
    Total Collection: Rs.2000/-
    Monthly Instalment : Rs.1170/-
    Monthly Recurring Installment: Rs 800/-