UGB Savings Plus
Savings Bank convenience with benefits of Fixed Deposits.
Purpose : To provide an automatic facility to high net worth individuals to invest the excess funds available in SB accounts in Term Deposits on an ongoing basis i.e. Savings Bank convenience with benefits of Fixed Deposits.
Eligibility : Individuals including minors.
Term & Condition :
UTSAV JAMA YOJANA (Recurring Deposits Account)
A new Recurring Deposit Scheme Utsav Jama designed to build up thrift habits and provide credit facilities to Recurring Deposit account holders for meeting expenses related to various festivals has been introduced with effect from 15th August 2008. The salient features of the scheme are as under :
i) Period of Deposit : Fixed period of 60 months (5 years)
ii) Deposit Amount : Minimum Rs. 50/- & Maximum Rs. 500/- per month
iii) Amount of loan : After completion of 12 months (1 year) regular monthly Deposits in RD account, loan can be sanctioned upto 150% of the principal amount of deposit (without taking into Consideration accrued interest thereon).
iv) Repayment period : Maximum 12 Equated Monthly Installments or before the maturity of the pledged RD Account, which ever is earlier
The facility of nomination is available for all deposit accounts in favor of individuals. Unless other-wise specifically given in writing by depositors, nomination in deposit account is compulsory.
A depositor (s), however, has / have the right to specify different nominations for different accounts by completing the appropriate forms.
Further, the applicant (s) is / are at liberty to change the nominee during currency of the deposit accounts with the Bank through declaration to that effect in the appropriate form.
Basic Savings Bank Deposit Account :
01. The “Basic Savings Bank Deposit Account – A normal Banking service available to all :
This account shall not have the requirement of any minimum balance.
The services available in the account will include deposit and withdrawal of cash at bank branch; receipt / credit of money through electronic payment channels or by means of deposit / collection of cheques drawn by Central / State Govt. agencies and departments.
While there will be no limit on the number of deposits that can be made in a month, account holders will be allowed a maximum of Four withdrawals in a month
02. Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening any other savings bank deposit account in that bank. If a customer has any other existing savings bank deposit account in that bank, he / she will be required to close it within 30 days from the date of opening a ‘Basic Savings Bank Deposit Account’.
03. The existing basic banking ‘No frills’ accounts should be converted to ‘Basic Savings Bank Deposit Account’ .