Mangala Cash Certificate

1. 1. 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.
2. 2. Mode of opening an account:
   An account can be opened with a minimum of Rs.1000/- and further in multiples of Rs.100/-. However, renewals can be done in fractional amounts also.
3. 3. Interests:
   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.
4. 4. 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.
5. 5. 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.
6. 6. 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.

 

 

Terms and conditions apply