Deposit Schemes
Saving Deposits
Saving account at Akola Urban Bank comes with bouquet of facilities at no extra cost to the customers. Individuals and eligible organizations/ agencies can open this account with the Bank after completion of KYC formalities. Saving bank ordinary account can be opened with an amount of Rs.500# & account with cheque book can be opened with an amount of Rs.1000/ #-. The amount can be withdrawn from saving account by way of cheque or withdrawal slip. The interest is paid @ 2.50% p.a. on half yearly basis.. Nomination facility is available on accounts of individuals. A passbook is issued to the account holder without any cost.
# To be maintained as minimum balance.
Current Deposit
Current account can be opened by any person like an individual, businessmen, proprietorship firms, partnership firms, association of persons, public or private limited companies, trusts, and societies etc. which are required to do multiple or numerous transactions. Customers can deposit or withdraw any amount as many times as per their requirements. The account can be opened after completion of KYC formalities with an amount of Rs.2,000 which is to be maintained as minimum balance. No interest is paid on current accounts. The statement of account is issued to customers monthly without any cost.
Fixed Deposit
The deposit is accepted for a fixed period chosen by the customer. The minimum period of deposit is 30 days and maximum is 120 months. The periodical interest will be paid quarterly/ half yearly/ yearly as per the choice of customer.
At the request of customer the interest will be paid on monthly basis at discounted rate. TDS will be deducted if the amount of interest in a financial year exceeds for senior citizen Rs.50,000 and for others Rs.40,000. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.
Dhanvardhini Deposit
The deposit is accepted for a fixed period chosen by the customer. The minimum period of deposit is 6 months & maximum is 120 months. Under the scheme the periodical interest is compounded quarterly and a lump sum amount is paid to the customer on maturity.
TDS will be deducted if the amount of interest in a financial year exceeds for senior citizen Rs.50,000 and for others Rs.40,000. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.
Tax Benefit Term Deposit scheme
If you want to avail tax benefit under section 80C of Income Tax Act we have the scheme where you can deposit a sum not exceeding Rs.1,50,000 in a financial year with the bank for a period of 5 years. The deposits under the scheme are accepted only from individuals and HUF. A copy of PAN card of the depositor is required while opening the account under the scheme.
No premature payment & loan against this deposit will be allowed by the bank. The deposit under the scheme can be accepted either under fixed deposit scheme or Dhanvardhini deposit scheme TDS will be deducted if the amount of interest in a financial year exceeds for senior citizen Rs.50,000 and for others Rs.40,000. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.
Jankalyan Bal Vikas Patra
It is a scheme for persons who want to save for the future needs of their children like education, marriage etc. Under the scheme the customer is required to deposit a lump sum in his name along with minor son/daughter for a minimum period of 24 months and maximum of 120 months which is repaid along with interest on maturity.
TDS will be deducted if the amount of interest in a financial year exceeds for senior citizen Rs.25,000 and for others Rs.40,000. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.
Jankalyan Bachat Yojna
It is a recurring deposit scheme in which a customer is required to deposit a pre determined amount monthly on a regular basis for a fixed period opted by him while opening the account. A sizable lump sum amount is paid to the customer along with interest on maturity. A minimum amount of Rs.50/- per month is required to be paid for the period of deposit opted while opening the account. The deposits under the scheme are accepted for a minimum period of 12 months and maximum of 120 months.
Banking Facility
Disclaimer
The payment to the claimant will be made by the branch where the account exist; after thorough checking of the records by the branch official. If the payment has already been made, the claim by the customer may be rejected.