217      
3220 Crores

Requirements

In order to adhere to Society’s Bye Laws, you have to submit two passport size photographs of all the depositors/account holders who are authorized to operate the Account besides producing any of the following documents listed along with 1 Introductory/guarantor [Any Regd. Member of the Society]

 

 

 

  • Photo Identity Proof:

         - Pass port

         - PAN card

         - Voters Identity Card

         - Driving License

You are also required to submit any one of the following documents for verifying the correct permanent address.

  • Address Proof:

         - Telephone Bill

         - Electricity Bill (Bearing Name of the account holder)

         - Ration Card

         - Property Tax Book / Receipt

         - Registered Lease Deed


ACCOUNT OPENING AND OPERATION OF DEPOSIT ACCOUNTS

The Society, before opening any deposit account, will carry out due diligence as per the byelaws and Multi State Societies norms or such other norms or procedures adopted by the Society. If the decision to open an account of a prospective depositor requires clearance at a higher level, reasons for any delay in opening of the account will be informed to him and the final decision of the Society will be conveyed at the earliest to him.

The account opening forms and other material will be provided to the prospective depositor by the Society. The same will contain details of information to be furnished and documents to be produced for verification and / or for record. The Society’s official, involved in opening the account, will explain the procedural formalities and provide necessary clarifications sought by the prospective depositor when he/she approaches for opening a deposit account.

For deposit services like Savings Bank Account, the Society will normally stipulate certain minimum balances to be maintained as part of terms and conditions governing the operation of such accounts. For Saving Bank Account, the Society may also place restrictions on cash withdrawals, etc., for a given period. Similarly, the Society may specify charges for issue of additional statement of accounts, duplicate pass book, folio charges, etc. All such details, regarding terms and conditions for operation of the accounts and schedule of charges for various services provided will be communicated to the prospective depositor while opening the account.

Savings Bank Accounts/Deposits can be opened/accepted for eligible person / persons and certain organizations / agencies (as advised by Multi-State Co-op. Societies from time to time).

The due diligence process, while opening a deposit account, will involve satisfaction about the identity of the person, verification of address, and satisfactory evidence of his occupation and source of income. Obtaining introduction of the prospective depositor from a person acceptable to the Society and obtaining recent photograph of the person(s) opening / operating the account are part of the due diligence process.

In addition to the due diligence requirements, the Society may ask for Permanent Account Number (PAN) or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax  Act / Rules.

Deposit accounts can be opened by an individual in his own name (termed as account in single name) or by more than one individual in their own names (termed as Joint Account). Savings Bank Account can also be opened by a minor jointly with natural guardian (termed as Minor’s Account).

 

Operation of Joint Account – The Joint Account opened by more than one individual can be operated by single individual or by more than one individual jointly. The mandate for operating the account can be modified with the consent of all account holders. The Savings Bank Account opened by minor jointly with natural guardian can be operated by natural guardian only.

The joint account holders can give any of the following mandates for the disposal of balance in the above accounts:

 

Either or Survivor : If the account is held by two individuals say, A & B, the final balance along with interest, if applicable, will be paid to survivor on death of anyone of the account holders.
     
Anyone or Survivor/s : If the account is held by more than two individuals say, A, B and C, the final balance along with interest, if applicable, will be paid to the survivor on death of any two account holders. The above mandates will be applicable to or become operational only on or after the date of maturity of term deposits. This mandate can be modified by the consent of all the account holders.

At the request of the depositor, the Society will register mandate/power of attorney given by him authorizing another person to operate the account on his behalf.

 

Nomination Facility

Nomination facility is available on all deposit accounts opened by the individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favor of one individual only. Nomination so made can be cancelled or changed by the account holder/s any time. While making nomination, cancellation or change thereof, is required to be witnessed by a third party. Nomination can be modified by the consent of account holder(s). Nomination can be made in favor of a minor also. We recommend that all depositors avail nomination facility. The nominee, in the event of death of the depositor(s), would receive the balance outstanding in the account as a trustee of legal heirs. The depositor will be informed of the advantages of the nomination facility while opening a deposit account.

Interest Payments

Interest shall be paid on Savings and other deposit account at the rate specified by Management directive from time to time.

Interest shall be calculated at quarterly intervals on term deposits and paid at the rate decided by the Society depending upon the period of deposits. In case of monthly deposit scheme, the interest shall be calculated monthly at discounted value. The interest on term deposits is calculated by the Society in accordance with the formula and conventions advised and followed by Society. Saving Deposit interest is calculated on half yearly basis and Yearly interest provision is made on Recurring/Pigmy.

The rate of interest on deposits is displayed in the branch premises. Changes, if any, with regard to the deposit schemes and other related services shall be communicated upfront and be prominently displayed.

 

Maintaining confidentiality of customer information

The customer information collected from the customers shall not be used for cross selling of services or products by third parties.

 

Secrecy of customer’s accounts

The Society shall not disclose details / particulars of the customer’s account to a third person or party without the expressed or implied consent from the customer. However, there are some exceptions, viz. disclosure of information under compulsion of law or regulations, where there is a duty to public to disclose and where interest of the Society requires disclosure.

 

Premature withdrawal of term deposit

The Society, on request from the depositor, at its discretion may allow withdrawal of term deposit before completion of the period of the deposit agreed upon at the time of placing the deposit. The Society shall declare their penal interest rates policy for premature withdrawal of term deposit. The Society shall make depositors aware of the applicable rate along with the deposit rate.

 

Premature renewal of term deposit

In case the depositor desires to renew the deposit by seeking premature closure of an existing term deposit account, the Society will permit the renewal at the applicable rate on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the original deposit. While prematurely closing a deposit for the purpose of renewal, interest on the deposit for the period it has remained with the Society will be paid at the rate applicable to the period for which the deposit remained with the Society and not at the contracted rate.

 

Renewal of overdue term deposits

The deposit will not be renewed till the notice received from the depositor. However, the interest will be paid from the date of maturity, if the deposit is renewed for further period.

 

Advances against deposits

The Society may consider request of the depositor/s for loan / overdraft facility against term deposits duly discharged by the depositor/s on execution of necessary security documents. The Society may also consider loan against deposit standing in the name of minor, however, a suitable declaration stating that loan is for the benefit of the minor, is to be furnished by the depositor - applicant.

 

Settlement of dues in deceased deposit account

If the depositor has registered nomination with the Society – the balance outstanding in the account of the deceased depositor will be transferred to the account of / paid to the nominee after the Society satisfies about the identity of the nominee, etc.

The above procedure will be followed even with respect to a joint account where nomination is registered with the Society.

In a joint deposit account, when one of the joint account holders dies, the Society is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as “either or survivor, former / latter or survivor, anyone of survivors or survivor,” etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.

In the absence of nomination and when there are no disputes among the claimants, the Society will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the Society’s board. This is to ensure that the common depositors are not put to any hardship on account of delays in completing legal formalities.

 

Interest payable on term deposit in deceased account

In the event of death of the depositor, the Society will pay interest to the legal heirs at the contracted rate till the date of maturity. From the date of maturity to the date of payment, the Society will pay simple interest at the applicable rate operative on the date of maturity, for the period for which the deposit remained with the bank beyond the date of maturity + further 46 days (min.).

No interest will be paid, in case of premature withdrawal of domestic term deposits, which had remained with the bank for less than 46 days of the contracted period.

 

Stop Payment Facility

The Society will accept stop payment instruction from the depositors with respect to cheques issued by them. Charges, as specified, will be recovered.

 

Dormant Accounts

Accounts which are not operated for a considerable period of time will be transferred to a separate dormant / inoperative account status in the interest of the depositor as well as the Society. The depositor will be informed of charges, if any, which the Society will levy on dormant / inoperative accounts. The depositor can request the Society to activate the account for operating it.

 

Safe Deposit Lockers

This facility is only offered in selected Society branches and, wherever the facility is offered, allotment of safe deposit vault will be subject to availability and compliance with other terms and conditions attached to the service. Safe deposit lockers may be hired by an individual (being not a minor) singly or jointly with the Society.

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