Saving Bank Account
Only our Society members can open 'saving bank account' . SB accounts are opened to encourage our society members to save money and collect their savings.This Account generally opened in our society by our members who have a fixed regular income. SB Account facility is also given to transfer the loan & divident amount of members .
At present, the rate of interest is 4.5% .
Features of SB Account
- The main objective of saving account is to promote savings.
- There is no restriction on the number and amount of deposits.
- Withdrawals are allowed subject to certain restrictions.
- The money can be withdrawn by using withdrawal slip of the society.
- The rate of interest payable is very nominal on saving accounts. At present it is between 4.5%.
- Saving account is of continuing nature. There is no maximum period of holding.
- A minimum amount has to be kept on saving account to keep it functioning.
- No loan facility is provided against saving account.
- Generally, monthly installments for mortgage loan, housing loan, long term loan, vehicle loan, etc., are paid (routed) through saving bank account.