Group Deposit

Beneficial to all sorts of customers, Group Deposits are an attractive scheme similar to Chit fund schemes proposed by the Bank. Any member of the Bank can join the scheme, as per terms and conditions in the approved subsidiary regulations. Members shall be categorized into different Groups of members 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 up to maximum of 70% of the Group Scheme (Maximum 50 Lakhs). Interest will be charged and security should be offered.

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 for the purpose of availing financial assistance under the scheme. The amount collected as deposit in each group may be advanced to any member in the group who has offered the maximum bonus commission. In case more than one person applies for the assistance, the beneficiary will be chosen through negotiation or taking lots. 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.

Sala	Time Period (Months)	Instalment	Amount on 30% discount	Daily earned amount
10 Lakhs	50	20, 000	15, 000	600 - 800
5 Lakhs	50	10, 000	7, 500	300 - 400
3 Lakhs	30	10, 000	7, 500	300 - 400
2 Lakhs	20	10, 000	7, 500	300 - 400
1 Lakhs	20	5, 000	3, 750	150 - 200