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:

75% of the book value of the deposit allowed at 1.5% more than the deposit rate. At the event of premature closure of deposit no reduction in the rate of interest on the loan.

Premature withdrawal

  • 0 to 180 days -No interest, Agent commission @ 4 % is to be
    recovered.
  • 181 to 270 days 2%,- No deduction of commission.
  • 271 to 365 days 2.5% interest.- No deduction of commission.
  • 366 to 400 days 4 % interest- No deduction of commission.

Deposits

Minimum deposit is Rs.100/-
Maximum deposit Rs 10000/-.

RATE OF INTEREST

  • Up to 180 days no interest
  • 181 to 270 days 3 %
  • 271 to 365 days 3.5 %
  • 366 to 400 days 4 %

Nomination facility

Available

TDS interest

No TDS on interest earned on this deposit.

  • Rate of interest: refer to table below.
Sl.No Number of Days Percentage of Interest
1 Upto 180 days No interest
2 181 – 270 days 3%
3 271 – 365 days 3.5%
4 366 – 400 days 4%
  • Premature withdrawal: refer to the table below.

 

Sl.No Number of Days Rate of Interest and Deductions
1 Upto 180 days No interest, Agent commission @4% is to be recovered.
2 181 – 270 days Interest is 2%, and no deduction of commission.
3 271 – 365 days Interest is 2.5%, and no deduction of commission.
4 366 – 400 days Interest is 4% and no deduction of commission.