HO:
DEV: CIRCULAR No. 37/2006
28.08.2006
TO ALL OFFICES
PGB SWECHHA JAMA YOJNA (SJY)/ FLEXI RD SCHEME
Our Bank has several Domestic Deposit Schemes
designed to cater to needs of various segments of customers depending upon their
specific requirement. From time to time modification/ changes are introduced in
these schemes on the basis of feedback from customers/ staff so as to make the
schemes more customers friendly and popular. However, at times a few schemes do
not gain widespread acceptance despite appropriate publicity and staff
awareness.
In view of the above we are
introducing PGB Swechha Jama Yojna (SJY)/ Flexi RD Scheme, main features of
which are as under:
Purpose: PGB Swechha Jama Yojna has been designed to cater to the needs of persons with fluctuating income e.g. self employed persons, professionals, business community, farmers or persons engaged in seasonal occupation specially in rural and semi-urban areas. Persons having fixed income but variable surplus can also take advantage of it.
Eligibility:
Account can be opened by an individual- singly or jointly, by a minor through
his guardian or by a minor of the age of 10 years and above in his own name. A
depositor can open more than one account.
Deposit:
A depositor has to choose a core monthly installment with a minimum of Rs.100/-
or above in its multiples. The monthly installments during the tenure of the
deposit account shall not exceed in any month, ten times of such core amount,
the excess amount deposited would not be eligible for computation of interest
payable.
Period of Deposit: For any period from 6 months to 102 months.
Payment of Interest: The interest shall be at the rate applicable to domestic term deposits up to the permissible extent of ten times of core amount. Interest shall be applied at uniform rate applicable to the period for which the account is opened based on monthly products reckoned on minimum balance lying in the account between 10th and last day of the month (as in case of SF accounts). Interest shall be credited to the account on half yearly basis up to March/ September.
Premature Withdrawal: In case of payment before maturity, interest payable in respect of such deposit shall be at the rate applicable, on half yearly compounded basis, for which the deposit remained with the bank or at contracted rate, which ever is lower. Excess interest, if any, already credited in the account shall be recovered.
Loan/ Advances: The rate of interest to be charged and margin to be kept on the amount of overdraft allowed against the deposit is similar to Multi Benefit Deposit Scheme and shall be governed by the circulars issued by Development Section on the subject from time to time.
Branches are advised to give wide publicity to the scheme through display boards, banners, and pamphlets etc. to secure maximum deposit.
GENERAL MANAGER