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Saving Plus Account

It is a saving account for credit scheme that targets individuals particularly employees where they save a certain amount of money to get loan for purchase of a vehicle and/or a house i.e. it is a saving account that attaches loan privilege.

Underlying Features of the Product

  • It is credit facility extended for customers who had been saving with the Bank in pursuit of raising their working capital, business start or expansion;
  • The deposit shall be maintained at least for a minimum period specified by the Bank i.e. no withdrawals are allowed until the end of the period;
  • Based on the longevity of the relationship and business nature, the credit could be provided at the lower lending rate or with the modest collateral requirement;
  • It is credit facility extended for customers who had been saving with the Bank in pursuit of raising their working capital, business start or expansion;
  • The deposit shall be maintained at least for a minimum period specified by the Bank i.e. no withdrawals are allowed until the end of the period;
  • Based on the longevity of the relationship and business nature, the credit could be provided at the lower lending rate or with the modest collateral requirement;
  • The account attaches consumer loan which is in excess of deposit amount by 40% against collateral of the deposit held at our Bank, undertaking by his/her employer and also personal guarantor;
  • The loan shall be granted as and when the minimum savings amount reaches the minimum requirement set by the Bank or more and the credit policy and procedure of the Bank for consumer loan is fulfilled;
  • After completing their deposit term specified in the contractual agreement, even before, the depositors will receive principal plus interest income and marginal loan with modest collateral or at the lower lending rate;
  • Upon reaching the period end and fulfilling the terms of the program, the client may withdraw his or her savings, including the interest received, renew it, or roll it over into a fixed time deposit;
  • The account shall be transacted using passbook.