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.

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 twice in a year, i.e. March 31st& September 30th

As per Nidhi regulations, our SD accounts will post interest rate @ 5.75 % for general citizens, and 6 % for senior citizens ROI, for up to One Lakh rupees only. Any amount excess to 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

100/-- per duplicate Pass Book / Statement with latest balance only.

Registration and execution of standing instructions

No charge within the same branch.

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.

Subsequent charges may be applicable for account 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. 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′Ss 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).

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.

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