Greater Bank Madhukosh Deposit Scheme : greaterbank.com

Organisation : Greater Bank, The Greater Bombay Co-operative Bank Ltd
Facility : Madhukosh Deposit Scheme
Web Site : https://www.greaterbank.com/…

Madhukosh Deposit Scheme :

Daily deposit collection scheme. The idea of devising this scheme is to nurture the habit of savings among the small businessmen, traders & professional, etc. The accounts can be opened in individual’s name or jointly with other individual.

Related : Greater Bank Sampoorna Saving Deposit Scheme : www.statusin.in/22879.html

Type of Account :
The deposit is in the nature of Daily Recurring Deposit.

Minimum Amount of Daily Deposit :
Rs.50 and in multiples of Rs.50 on daily basis (In deserving cases Br. Manager may allow minimum deposit of Rs.10/- also for small depositors.)

Duration of the scheme :
During of the deposit will be for a period of 12 months, which can be rolled over by a converting deposits received in first 12 months in Term Deposits of the Bank.

Interest payable :
Interest will be paid @ 3.5 per annum with monthly compounding based on the balance as on the last day of the month.

Loan / overdraft eligibility :
After 3 months from the date of opening the account, provided the depositor has regularly paid the deposit for 3 consecutive months and for business purposes.

He / she should also have a valid license issued by the BMC and all other requisites for carrying on the business.

Limit for loan / overdraft :
Loan / Overdraft will be available 4 times the accumulated balance in 3 months. If the accumulated balance is Rs.4,500/- the eligible loan would be Rs.4,500 X 4 = Rs.18,000/-.

The asset purchased out of this loan should be hypothecated to the bank or 75% of the deposit collected, subject to minimum amount of loan exceeding Rs.10,000/- and above.

Rate of Interest :
Applicable rate of interest on Loan / Overdraft will be 9% p.a. with monthly rest.

Repayment terms :
Option 1 : the loan can be liquidated at the expiry of deposit account from accumulated balance with the interest.

Option 2 : the borrower can repay this loan separately as per his convenience during the period of deposit scheme, subject to the banks lien and set off on the deposits.

Conditions for pre-mature withdrawal :
Only after 3 months without interest subject to :
(a) Recovery of commission payable to the agent.
(b) Recovery of loan availed, if any with interest.

Documents for loan :
** Loan Application
** D. P. Note and OID Agreement
** Letter of Lien & set-off

** Letter of continuing security
** Letter of balance confirmation;
** One guarantor acceptable to the bank

Other conditions :
Balance confirmation letter will be sent to the depositor once in three months.

Basic Features :
** Nomination Facility
** Personalized Cheque-book facility
** Standing Instruction Facility

Other Services :
** Free ATM cum Debit usage
** 8 a.m. to 8 p.m. personalised banking
** Fund remittance facility such as issue of Demand Draft, Pay Orders, RTGS, NEFT, N-ECS

** E-TDS payments
** Any Branch Banking through Core Banking Solution
** Lockers at Competitive Price
** Demat facility
** Bancassurance (Life Insurance / General Insurance)
** Mutual Funds
** PAN Card issue
** Bill centre