Deposit Schemes
Money placed into a banking institution for safekeeping. Bank deposits are made to deposit accounts at a banking institution, such as Fixed deposits, Savings accounts and Current accounts etc. The account holder has the right to withdraw any deposited funds, as set forth in the terms and conditions of the account.
- Savings Bank Deposits
- Current Deposits
- Fixed Deposits
- Daily Deposits
- Recurring Deposits
- Group Deposit
Savings Bank Deposits
A Savings Bank account is meant to promote savings habit among people. MCRB Savings Bank accounts facilitate people to access accounts at the time of financial needs. It is not only safety to these deposits as well as return in the form interest at a fixed rate, currently it is 4.0% PA.MCRB is a CORE Banking enabled bank & customers can get the benefit of 'Any Branch Banking' and ATM.
Who can all starts
- An Individual in his/her name
- More than one person jointly
- An illiterate person
- A blind / visually Impaired / Incapacitated Persons
- Students & Minor
- Clubs, Association, ( only if registered)
- Local bodies, Co-operative Housing Societies.
Features
Interest
It will be calculated @ 5.5% p.a. on the basis of Daily Product and will be credited to the account at financial year ending.
Pass Book
Pass book will be supplied to every savings Bank depositor showing account number, Name, address, transactions with date, amount and particulars.
Document Required For Opening a Savings Account
- Two copies of latest photographs
- Proof of residence to the satisfaction of the Bank (passport, Driving License, Ration Card, Voters Card, Electricity Bill, etc.)
- Photo Identity Proof , Pan Card, AADHAR Card.
- Introduction by Members or Account Holders
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Current Deposits
Current deposit, by nature is for those customers who prefer to transact with the banks more frequently. Those who not insist for Interest can prefer this account.
Who can all starts
Current Account can be opened by:- Proprietary Concerns
- Partnership Firms.
- Public Ltd. Co. & Private Ltd. Co.
Features
Pass book will be supplied to every current Account Holder showing his account number, Name, address, transactions with date, amount and particulars.
Document Required For Opening a Current Account
- For Individuals, Same documents required for opening an SB a/c.
- Account opening form, duly signed by the Proprietor / Partners / Directors.
- Photograph of the Proprietor / Partners / Directors.
- Copy of Partnership Deed / Memorandum / Articles of Association (Public / Pvt. Ltd. Co.)
- Copy of Resolution to open an account along with the list of Authorizing Signatories to operate account (in case of Public / Pvt. Ltd. Co.)
- Introduction from existing Current Account holder of the Bank.
- Copy of PAN Card / I.T. Return.
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Fixed Deposits
Bank Fixed Deposits are also known as Term Deposits. In a Fixed Deposit Account, a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest. The rate of interest for Bank Fixed Deposits depends on the maturity period. It is higher in case of longer maturity period.
There is great flexibility in maturity period and it ranges from 15days to 5 years. The interest can be be compounded annually and with the date of maturity. Minimum deposit amount is Rs 1000/- and there is no upper limit. Loan / overdraft facility is available against bank fixed deposits. Premature withdrawal is permissible but it involves loss of interest.
Who can all starts
Term Deposit Account can be opened by:- Minors with Guardian
- An Individual in his/her name
- Local Bodies
- Co.op Societies
Features
Nomination Facilities available
Loan on deposits allowed up to limits prescribed on the basis of residual maturity period, with interest @2% above deposit rate .
Document Required For Opening a Fixed Deposit
- Account opening form, duly signed by the account holders
- Introduction from existing account holder
- Photograph of account holders
- Photo identity such as photocopy of PAN Card, Driving License
- Proof of residence in the form of photocopy of Ration Card, Electricity / Telephone bill, etc.
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Fixed Deposit Interest Rate :
|
Maturity Period |
Existing Rate |
|
|---|---|---|
|
Int. Rate |
Sr .Citizens |
|
|
FD 15-45 DAYS |
6.00 |
6.50 |
|
FD 46-90 DAYS |
6.50 |
7.00 |
|
FD 91-179 DAYS |
7.00 |
7.50 |
|
FD 180-364 DAYS |
7.25 |
7.75 |
|
FD 365-729 DAYS |
8.25 |
8.75 |
|
FD 730-1000 DAYS |
8.00 |
8.50 |
Daily Deposits
Our pigmy collection agents will collect the amount from depositors using their palmtech machines. The Banks Authorized agent will collect your savings at your doorsteps at daily or less frequent intervals in tune with your convenience.
Who can all starts
- An Individual in his/her name
- A blind / visually Impaired / Incapacitated Persons
- A guardian on behalf of minor in the minor's name
- Clubs, Association, ( only if registered)
Features
Loan /Overdraft: Loan/OD available up to 75 % of the outstanding balance.
Document Required For Opening a Daily Deposit
- Account opening form, duly signed by the account holders
- Introduction from existing account holder
- Photograph of account holders
- Photo identity such as photocopy of PAN Card, Driving License
- Proof of residence in the form of photocopy of Ration Card, Electricity / Telephone bill, etc.
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Recurring Deposits
Under a Recurring Deposit account (RD account), a specific amount is invested in bank on monthly basis for a fixed rate of return. The deposit has a fixed tenure, at the end of which the principal sum as well as the interest earned during that period is returned to the investor. Recurring Bank Account provides the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access those savings any time..
The advantage in opening a Recurring Deposit Account that the Depositor would be able to save certain sums in fixed monthly Installments so that he / she would be able to meet an anticipated liability / obligation after the end of a specified period.
Who can all starts
- Any person or persons approved by the Bank.
- By two or more persons in their joint names.
- A guardian on behalf of minor in the minor's name
Features
- Once the deposit matures you will be returned the interest earned during that period is returned to the investor.
- Recurring Bank Account provides the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access those savings any time.
- Installments to be paid in monthly installments
Document Required For Opening a Recurring Deposit
- Account opening form, duly signed by the account holders
- Introduction from existing account holder
- Photograph of account holders
- Photo identity such as photocopy of PAN Card, Driving License
- Proof of residence in the form of photocopy of Ration Card, Electricity / Telephone bill, etc.
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Group Deposit
This is a new and attractive scheme which is beneficial to all sorts of customers. Any member of the Bank, either A class or B class can join the scheme, as per terms and conditions in the approved subsidiary regulations. Members shall be categorized into different Groups of members with 40 Members in every Group and the scheme will be projected for the stipulated term of months. On its maturity, the amount will be refunded to the depositor with Interest. Loan will be issued to members under this scheme upto maximum of 80% of the Group Scheme. Interest will be charged and security should be offered..
For the purpose of availing financial assistance under the scheme, a meeting of all the members will be convened at the premises of the branches at a fixed time on a fixed day every month. The amount collected as deposit in each group may be advanced to any member who has offered the maximum bonus commission which should not exceed 25%. In case more than one person applies for the assistance, the beneficiary will be chosen through negotiation or taking lot. 5% of the deposit will be charged as guarantee commission, the bonus commission in each group will be distributed equally among all the depositors. The depositors need pay only the remainder portion of amount as premium for the next months.
Who can all starts
- The depositor who wants should be member of the bank.
Features
Facility for availing loan on the security of deposit available.
Document Required For Opening a Group Deposit
- Account opening form, duly signed by the account holders
- Photograph of account holders
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