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Last Updated : 31.12.2019

Deposit Schemes

Deposits of the public are broadly classified into demand deposits - which can be withdrawn on demand during the banking hours through withdrawal slip or cheque and time deposits - which are kept for specific periods and repayable on maturity. The time deposits also called term deposits, which can be paid pre-maturely, also with prescribed notice and penalty for pre-payment. For opening accounts with the Bank the public shall comply with the prevalent Know Your Customer (KYC) norms such as providing identity proof/residential proof and introduction etc. 

Current Accounts and Savings Accounts are categorised as demand deposits and prescribed minimum balance is required to be maintained in these accounts to enable servicing of such accounts. Non-maintenance of minimum balance will attract charges as prescribed by the bank from time to time. The prescribed minimum balance requirement is provided hereunder. 

CATEGORY  Rural Semi Urban Urban/Metropolitan
Current Account Rs.1,000/- Rs.2000/- Rs.5,000/-
Individuals Rs.2,000/- Rs.2,000/- Rs.5,000/-
Saving account with check book Rs.5,00/- Rs.1,000/- Rs.1,000/-
Without check book Rs.1,00/- Rs.100/- Rs.5,00/-

The Minimum Average balance for SB/CA Accounts are as under. 

Type of Account Rural Semi/Urban Urban/Metro politan centers
SB of person who draw their salary through such account Rs.5,00/- Rs.5,00/- Rs.5,00/-
Pigmy agents Rs.5,00/- Rs.5,00/- Rs.5,00/-

Revised Minimum Average balance for SB/CA Accounts are as under.

       1) Without cheque Book Facility:

Saving Bank:
Metro/Urban Semi-Urban/Rural
MAB stipulated : Rs. 500/- MAB stipulated: Rs.100/-
If the Average Monthly Balance is in the range of Rs.499-350/- Rs. 20/-+ GST If the Average Monthly Balance is in the range of Rs.99-50/- Rs. 10/-+GST
Rs.349-200/- Rs. 30/-+ GST Rs.49-20/- Rs. 20/-+GST
Rs. 199/- and bellow Rs. 40/-+GST Rs.19/- and bellow Rs. 25/-+GST

Note: At CBS branches the minimum monthly average balance is prescribed in place of minimum balance.
● No minimum balance for staff /pensioners/Senior Citizens Security Deposit (SCSD) A/c holders/Defence personnel.

Under these deposit schemes depositors can opt for payment of interest either at maturity or at periodical intervals. Fixed Deposits, Social Security Deposits, Senior Citizen Security Deposits are schemes offering periodical interest payments. In respect of Suvidha deposit part withdrawals of principal amount is also allowed without penalty. The interest is compounded quarterly in Vikas Cash Certificate and payable along with principal at maturity.  
There is also a scheme for systematic investment plans/monthly savings or Cumulative Deposit, RD Plus deposit wherein fixed monthly instalments can be paid every month for the chosen period and the principal along with the quarterly compounded interest will be paid on maturity. Bank is also having scheme for Tax Shield and Capital Gain.  
The daily deposit scheme of the bank called Pigmy 1928 and Pigmy Plus 2007 scheme facilitates collection of deposits at doorsteps for 63 to 72 months through Hand Held Machines by the authorised agents of the Bank called Pigmy Agent. The principal and interest are payable at maturity. 
Pre-mature withdrawal of term deposits is allowed on notice and on payment of penalty. Loans can be availed on the term deposits up to specific limits. 

Nomination facility is available in respect of all deposits, articles entrusted for Bank's safe custody and safe deposit lockers belonging to individuals /sole proprietors. Nomination can be made only in favour of an individual by the depositor/s and subsequent variation/ cancellation of the nomination is also allowed. It is recommended that the nomination facility may be utilised by the public without fail for all their deposit accounts. 

For details of various schemes click Our Deposits Schemes"
Your Deposits are Insured with DICGC" Please click here to know more about  Deposit Insurance 
General practices followed for Non Resident Indian (NRI) Accounts by our Bank 

  • Instruments/remittances sent towards credit of account/opening new account acknowledged.
  • Deposit receipts are kept in safe custody free of cost.
  • Carrying out standing instructions.
  • In respect of Term Deposits maturing on a holiday, we pay interest at the contracted rate for such holidays.
  • We have opened a website with special emphasis on NRI Services which is updated from time to time.

Disclaimer: The contents of this website are purely for information dissemination. It does not constitute any solicitation of business.