SNP deposit scheme is formulated to develop the saving habit among common people and to ensure reach of banking service door to door. The scheme generates a lump sum of money at the time of maturity.
- Eligibility
- Resident Individuals
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Trust Accounts
- Association / Clubs / Societies
- How to open
Should submit the dully filled & signed Account opening form along with;
- Specimen Signature.
- ID proof of operator as per KYC norms.( (a) Passport (b) Ration card containing Photograph (c) Driving License (d) PAN card (e) Voters Identity card (f) Unique Identity card issued by the Government of India.)
- Address proof.
- Business proof from panchayath/ partnership deed / trust deed/ Articles of association / Registration Certificate / byelaws / minutes copy / authorisation letter
- Proper introduction
- PAN card copy for deposits more than ` 50000/-
- Initial deposit
- Period of Deposit
The Deposits are accepted for a minimum period of 90 days. The deposit can be continued for further periods of 90 days with the request of the customer.
- Facilities
- Nomination facility is available on SNP A/cs
- In the SNP scheme, the authorised daily deposit collection agent of the Bank reaches at the door steps of the depositor with his identity card to collect the deposit.
- Daily Instalments
The deposit amount shall be in multiples of Rs. 5 /-. The remittances to the deposit must be made regularly on a daily basis without break. Whereas, in the weakly holiday ie. one day in a weak break is allowed and the delayed amount must be remitted along with the daily instalment of the next day.
- Premature Closing
The bank may, at its discretion, consider payment of the deposit before the due date subject to the penal provisions applicable from time to time.