Deposit Schemes Deposit Schemes

Saving Bank

Saving account at Akola Urban Bank comes with bouquet of facilities at no extra cost to the customers. Individuals and eligible organizations/agencies can open this account with the Bank after completion of KYC formalities. Saving bank ordinary account can be opened with an amount of Rs.500/- # & account with cheque book can be opened with an amount of Rs.1000/ #-. The amount can be withdrawn from saving account by way of cheque or withdrawal slip. The interest is paid @ 4.00% p.a. on half yearly basis.. Nomination facility is available on accounts of individuals. A passbook is issued to the account holder without any cost.

  • # To be maintained as minimum balance.

Saving Bank Plus

  1. Under this scheme saving accounts of individuals (singly or jointly) will be opened with or without cheque book facility.

  2. Under this scheme the customer is required to maintain average balance of Rs.5000/- on quarterly basis.

  3. Following facilities will be made available to account holders;

    • Free personal accident insurance cover of Rs.100000/- to the first account holder.

    • No charges for cheque book.

    • No charges for excess debit entries.

  4. These facilities can also be made available to existing saving bank account holders if they apply for same.

Saving Bank Gold

Under this scheme saving accounts of individuals (singly or jointly) will be opened with or without cheque book facility.

  1. Under this scheme the customer is required to maintain average balance of above Rs.100000/- on quarterly basis.

  2. Following facilities will be made available to account holders;

    • Free personal accident insurance cover of Rs.400000/- to the first account holder.

    • No charges for cheque book.

    • No charges for excess debit entries.

    • Free RTGS/NEFT and our own drafts & pay orders.

    • Rate of interest @ 5% p.a.will be given.

  3. These facilities can also be made available to existing saving bank account holders if they apply for same.

Saving Bank

Current account can be opened by any person like an individual, businessmen, proprietorship firms, partnership firms, association of persons, public or private limited companies, trusts, and societies etc. which are required to do multiple or numerous transactions. Customers can deposit or withdraw any amount as many times as per their requirements. The account can be opened after completion of KYC formalities with an amount of Rs.2000/- which is to be maintained as minimum balance. No interest is paid on current accounts. The statement of account is issued to customers monthly without any cost.

Fixed Deposit

Current account

The deposit is accepted for a fixed period chosen by the customer. The minimum period of deposit is 30 days and maximum is 120 months. The periodical interest will be paid quarterly/half yearly/yearly as per the choice of customer.

At the request of customer the interest will be paid on monthly basis at discounted rate. TDS will be deducted if the amount of interest in a financial year exceeds Rs.10000/-. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.

Dhanvardhini Deposit

Dhanvardhini Deposit

The deposit is accepted for a fixed period chosen by the customer. The minimum period of deposit is 6 months & maximum is 120 months. Under the scheme the periodical interest is compounded quarterly and a lump sum amount is paid to the customer on maturity.

TDS will be deducted if the amount of interest in a financial year exceeds Rs.10000/-. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.

Dam Duppat Yojana

Dam DuppatYojana

Under the scheme the periodical interest is compounded quarterly and an amount equivalent to double the amount initially deposited by the customer is paid after completion of 96 months.

TDS will be deducted if the amount of interest in a financial year exceeds Rs.10000/-. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.

Tax Benefit Term Deposit scheme

Tax Benefit Term Deposit scheme

If you want to avail tax benefit under section 80C of Income Tax Act we have the scheme where you can deposit a sum not exceeding Rs.150000/- in a financial year with the bank for a period of 5 years. The deposits under the scheme are accepted only from individuals and HUF. A copy of PAN card of the depositor is required while opening the account under the scheme.

No premature payment & loan against this deposit will be allowed by the bank. The deposit under the scheme can be accepted either under fixed deposit scheme or Dhanvardhini deposit scheme TDS will be deducted if the amount of interest in a financial year exceeds Rs.10000/-. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.

Jankalyan Bal Vikas Patra

Jankalyan Bal Vikas Patra

It is a scheme for persons who want to save for the future needs of their children like education, marriage etc. Under the scheme the customer is required to deposit a lump sum in his name along with minor son/daughter for a minimum period of 24 months and maximum of 120 months which is repaid along with interest on maturity.

TDS will be deducted if the amount of interest in a financial year exceeds Rs.10000 If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.

Jankalyan Bachat Yojna

Jankalyan Bachat Yojna

It is a recurring deposit scheme in which a customer is required to deposit a pre determined amount monthly on a regular basis for a fixed period opted by him while opening the account. A sizable lump sum amount is paid to the customer along with interest on maturity. A minimum amount of Rs.50/- per month is required to be paid for the period of deposit opted while opening the account. The deposits under the scheme are accepted for a minimum period of 12 months and maximum of 120 months.

If an amount of Rs.515/- is paid monthly for a period of 120 months the customer will get an amount of Rs.100000/-on maturity. Similarly if an amount of Rs. 1335/- is paid monthly for a period of 60 months the customer will get an amount of Rs. 100000/- on maturity. TDS will be deducted if the amount of interest in a financial year exceeds Rs.10000/-. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.

Banking Facility