To reduce its financial dependance on NABARD, the Bank has introduced Deposit Mobilisation Scheme (initially at head Office) in accordance with the revised guidelines issued by RBI/NABARD and with the approval of Registrar, Cooperative Societies, Punjab. Initially the Bank has started collecting deposits from the individuals only in the Form of Fixed Deposits over one year and Recurring Deposits. The Bank would introduce other deposit schemes in due course after it gains experience in this field.
SADB has two Deposit Mobilisation Schemes:-
- Term Deposits
- Recurring Deposits
PADB acts only as an agent for the Deposit Mobilisation schemes offered at SADB. Acceptance of cash is done at PADB and SADB. PADB further forwards the deposits details to the Head Office.
Term Deposit is a Deposit to be received by the Bank for a fixed period which can be withdrawn any time. A minimum amount of Rs. 5000 is required to book a Fixed Deposit. The minimum period for which a fixed deposit can be booked is one year and maximum upto 5 years.
Bank accepts cash Rs. 50000/- a day in term deposit. The rate of Interest for senior citizens is increased by 0.5% on single Fixed Deposit Receipt of Rs. 5000/-and above for one year and above. The rate of interest is increased by 1% for the employees of the Bank. The interest is compounded quarterly.
Customers can apply for loans against their Fixed Deposits. An additional 2% Rate of Interest will be charged on the Respective Fixed Deposit interest Rate. The maximum amount of loan that can be applied against a Fixed Deposit should be less than or equal to to 75% of Deposit Amount.
A fixed sum of Rs. 100 or multiples thereof has to be deposited every month for a predetermined period.Deposits are accepted by way of cash or by a locally payable cheque. The Number of installments for which a depositor can opt is : 12,18,24,30,36,60 months.The Rate of Interest for the Recurring Deposit is same as for Fixed Deposit.The interest is compounded quarterly.
The Rate of Interest slabs both for Fixed as well as Recurring Deposits as fixed by SADB w.e.f. from 01/02/2017 are as under:-
Rate of Interest (%)
|1||One year upto 2 years||7.50%|
|2||Above 2 Years upto 3 years||7.00%|
|3||Above 3 years||6.75%|
The rate of Interest for senior citizens is increased by 0.5%.
Premature payment of Deposits may be made if the depositor desires and the interest will be paid @1% less than the interest rate payable on the Fixed Deposits/Recurring Deposits for more than one year . However, the rate of interest on premature withdrawals which are less than one year will be applicable as under:-
Rate of Interest (%)
|1||7 Days to 14 Days||4.00%|
|2||15 Days to 45 Days||5.00%|
|3||46 Days to 90 Days||5.75%|
|4||91 Days to 179 Days||6.50%|
|5||180 Days to less than 1 Year||6.50%|