Savings Deposits

As per Nidhi regulations, the maximum balance in a savings deposit account at any given time qualifying for interest shall not exceed one lakh rupees at any point of time and the rate of interest shall not exceed two per cent above the rate of interest payable on savings bank account by Nationalised banks.

  • Interests posting will be done 4 times in a year, i.e. 30th June, 30th Sep & 31st Dec & 31st March.
  • As per Nidhi regulations, any amount in of excess  one lakh will not be eligible to get savings deposit interest rates.
  • A Saving deposit is safe way to save money for unexpected expenses, as you can always add money to the deposit and it can be easily withdrawn( with per day limit Rs. 19,000/-). A saving deposit keep your funds easy to access, they are a good option for parking cash you will want in the short-term or to cover an emergency.

Key Features of Savings Deposits

Cash Deposit
      • Cash deposit can be taken by cash mode as well as through bank transfers, where PAN is compulsory registered in the account.
      • At any branch: Any amount free of charge. 
      • Fake note, Suspicious Note is impounded and receipt is given to the customer. Torne/Mutilated/Taped notes are not accepted by these machines.
Cash Withdrawal:
      • At Base/Inter branches– No Charge.
      • Maximum Rs 20,000/- per day withdrawal allowed to A/c holder only at branches.
      • Third party cash payment at outstation branches is totally restricted.
Interest calculation and frequency
      • Interests posting will be done 4 times in a year, i.e. 3oth June, 30th Sep & 31st Dec & 31st March.
      • As per Nidhi regulations, any amount in of excess  one lakh will not be eligible to get savings deposit interest rates.
Withdrawal(s) & use of Withdrawal Form (Slip)
      • Withdrawals will be allowed by withdrawal forms. Payment against withdrawal form along with passbook is allowed for self only with per day limit of Rs. 20,000/-
Passbook and statement of account
      • Free Pass Book
      • 50/– per duplicate Pass Book / Statement with latest balance only.
Registration and execution of standing instructions
      • A) Rs.10/- per standing instruction.
Closure of account and charges
      • All the authorized signatories of the account will give in writing his/her/their intention to close the account. The relative passbook should be surrendered along with the letter requesting closure.
Dormant/ Inoperative Account
      • Account becomes inoperative/dormant if there are no customer induced transactions in Savings account for over a period of six months Interest is continued to be applied in all such Savings Bank accounts. No charges are levied for in-operation of accounts.
      • Activation/Closure of Dormant/Inoperative accounts after 2 years will be done after submission of necessary KYC documents, photo, fresh specimen signature, subject to terms and conditions.
      • All Accounts which have remained inoperative/dormant for a period of 10 years and above will be treated as unclaimed deposits and will be dealt as per Investor Educational Protection Fund for a period of 7 years  and with that period  upon receipt of the request from the customer such deposits will be returned subject to conditions.
Disclosure of information
      • The Nidhi may disclose information about member’s account, if required and permitted by law, rule or regulations, or at the request of any public or regulatory authority or if such disclosure is required for the purpose of preventing frauds, or in public interest, without specific consent of the account holder(s).
SMS Alerts and Charges
      • Free
      • All relevant policies including code of commitments to members and grievance redressal policy are available at the branches.
Rules for Transfer /clearing transactions and charges
      • Transfer Transaction at base branch: Allowed freely without any limit
      • Transfer Transaction at local branch (local as well as inter branch)
        Normally allowed only at a branch where either drawer or payee maintains account. However, for genuine transactions, Branch Head is authorized to allow transactions at inter branch account transfer.
      • Clearing Transactions: There is no restriction for clearing transactions.
      • Minimum Quarterly average balance requirement: 100/-
      • Nomination: facility available.
      • PAN is mandatory. TDS deduction is applicable as per the instructions given by GOI

*All charges and rate of interests are subject to changes from time to time.

Savings Deposits Eligibility

  • Must be a share holder, holding 10 shares of Rs. 10/- each.
  • All transaction are only with members of KMBSNL.

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