Mangala Cash Certificate
- Who can purchase the cash certificates:
Any individual in his name.
Two or more individual in their joint names with suitable repayment clause.
The guardian in the name of minor.
- A guardian jointly with a minor.
Proprietorship Concerns, Partnership Firms, Limited Companies, Trusts and Co-operative Societies.
- Mode of opening an account:
An account can be opened with a minimum of Rs.100/- and further in multiples of Rs.100/-. However, renewals can be done in fractional amounts also.
Interest is paid on the rates as applicable for the period of deposits as prescribed by the R.B.I / Bank. Interest is compounded at quarterly intervals.
- Premature Repayment:
If depositor/s so desires can encash the certificates at any time before its maturity at 1% less than the simple interest applicable to the period for which the deposit has remained with the bank.
- Loan against the deposit:
The bank may grant loans on the security of these certificates as per the existing policy, but interest on the loans will have to be paid quarterly on compound basis.
- Nomination Facility:
The depositor/s can avail the nomination facility by submitting necessary application form and this can be recorded in the books of the Bank.