Akshya Vethana Yojana
Who can open the account:
Any individual in his
Two or more individuals in their names with suitable repayment clause.
A guardian in the name of a minor.
Mode of opening an account:
The account can be opened for a period of 87,138,175,204 and 227 months in multiples of 25 per month. More than one account can also be opened in the name of the same person.
Deposits installments can be made on any
day of the month including the last working day of the month.
The period of deposit will
commence from the first of the next month in which the deposits was first
made and will mature on the last day of the month immediately following the
month in which the final installment falls due. Monthly income (like
pension) period will start after the expiry of one more month from the date
of maturity of the deposit period as explained above.
For the payment of monthly
installments standing instruction from the depositor to debit of
his/her/their current or savings bank account will be accepted by the bank
and such transfers will be made free of charge. Amount due for each
installment can also be tendered at any office of the Bank for transfer to
the credit of the account at the office at which the account is maintained
free of charges. If the amount is remitted by cheques,
a outstation collection charges are to be added
to the amount of installment remitted.
Attractive rate of interest at
compounded quarterly rests will be credited to the account once in a year
during March as prescribed by the Bank.
Payment during the Income Period:
All monthly income payments will be made to
the credit of Savings Bank Account of the Depositor/beneficiary and cash
payments will not be made.
Premature payment-closure of an account:
under this scheme are normally opened for securing a good income for
future contingencies and hence the account will not be allowed to close
before 61 months. However, if the depositor wishes to withdraw the deposit
before 61 months, he will be allowed interest at 1% p.a
below the rate of interest applicable for such period. But is obligatory to
give atleast one month notice. In case of death
of a depositor before expiry of deposit period, the surviving depositor of
legal heir may continue the account, if he/she/they so desire. If it is
desired to close the account, the deposit amount will be repaid as indicated
Loans of a Depositor:
Loans will be granted under this account. Loans can availed as per the
existing rules of the bank.
Transfer of Accounts:
The accounts can be transferred
on request of the depositor from one branch to another branch of our bank
only on maturity.
The depositor/s can avail the nomination facility as per the rules
existing in the Bank.