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The determination of establishing the Financial independence has led to the foundation and framework of Nagrik Sahakari Bank.
Fixed Deposit (fixed / dual) terms and conditions

By any person or persons recognized by the Bank

One Fixed Deposit or deposits van be opened under directives of RBI and the decisions of the Board of Directors, according to any one of the following:

  • (1) By the name of man or a woman
  • (2) By the guardian on behalf of a minor by submitting his or her certified birth date.
  • (3) In the name of two or more persons jointly or to one or more or all of them alive or living to pay.
  • (4) An illiterate person can open a fixed deposit account but he must present a person who is in recognition to the bank to verify his thumb sign at the time of opening the account.
  • (5) Authorized officers of registered company, corporation, trust, association, etc., can open the fixed deposit under the instructions of the Reserve Bank. Rules that regulate these institutions, laws must submit to the bank when opening the account.
  • (6) If the amount to be paid under fixed deposits of Rs. 20,000 / - or more shall not then be paid in cash. The amount can be availed only through account payee check or account payee bank draft or will be paid by the account transfer in the account within the bank.
  • (7) The amount under Dual deposit account in which the interest amount to be paid is , including if is Rs. 20,000 / - or more shall not be paid in cash. The amount can be availed only through account payee check or account payee bank draft or will be paid by the account transfer in the account within the bank.
  • (8) Depositor members and persons as required, by signing without putting date on fixed / dual fixed deposit certificates can submit it in the form of mortgage, can obtain loan in following ways:
  • (a) Maximum 90% of the deposited amount can be given as a loan.
  • (b) The rate of interest on the loan amount will be more by 1 percent than the amount of interest rate payable on deposits.
  • (c) The payment of the loan can be done in lump sum or in instalments.
  • (d) A current/ overdraft account can be opened on the mortgage of term deposit receipt, in which the maximum limit of overdraft will be 90% of the deposited amount.

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