SUCO Sanchaya
This account is particularly meant for developing a ‘saving habit’ among people.
SUCO Sanchaya
Every drop counts when you need to save a lump-sum. You can pay as little as Rs.100 everyday and keep it for at least 181 days. Your money starts to grow after 181 days, as per the prevailing interest rates. The best part is, you need not visit the bank every time you need to pay. Our agent will come to your doorstep and collect it! What’s more, you will immediately get a message from the bank that your money has been deposited. Yes, you also need a mobile phone to open this type of account.
Salient features as below
Eligibility
Any person eligible under contract act and possessing the mobile phone can open this account.
Loans & advances against SUCO SANCHAYA deposit:
- Loan up to 75% of book value of deposit can be sanctioned.
- Interest rate shall be 1.5% higher than applicable deposit rate.
- In case of premature closure of deposit, no change in loan interest rate.
Premature withdrawal
- Upto 180 Days: No Interest – Agent Commission @ 3% to be recovered.
- 181 Days to 1 Year: 1.5% interest – No deduction of commission.
- 1 Year to 2 Years: 2.5% interest – No deduction of commission.
Deposits
Minimum deposit is Rs.100/-
Maximum deposit Rs. 10000/-
Minimum Period 1 Year
Maximum Period 2 Years
RATE OF INTEREST
- 1 Year – 3.50% Interest
- 2 Years – 4.50% Interest
Nomination facility
Available
TDS interest
No TDS on interest earned on this deposit.
- Rate of interest: refer to table below.
| Sl.No | Period of Deposit | Rate of Interest (per annum) |
| 1 | 1 Year | 3.50% |
| 2 | 2 Years | 4.50% |
- Premature withdrawal: refer to the table below.
| Sl.No | Number of Days | Interest Rate on Premature Withdrawal | Agent Commission Recovery |
| 1 | Upto 180 days | No Interest | Commission @ 3% to be recovered |
| 2 | 181 Days to 1 Year | 1.5% | No deduction |
| 3 | 1 Year to 2 Years | 2.5% | No deduction |