BHAGYAJYOTI DEPOSITS

1. Who can open an account:
• Individual in his own name.
• Two or more individuals in their joint names with suitable repayment instructions.
• A guardian on behalf of a minor.
• In the name of clubs, societies, associations, educational institutions, trusts, firms, partnership concerns, joint stock companies, executors and administrators.
2. Mode of opening an account:
   An account can be opened with a minimum amount of just Rs.100/-.
   The depositor should give an application in the prescribed form.
3. Period of Deposit:
   Under the scheme, customer can open minimum 12 month period of deposit and multiple month.
4. Interest:
   The interest on Bhagyajyoti Deposit will be paid at rates fixed by the Bank. Interest is Calculating on quarterly basis. Interest may be paid at the time of maturity.
5. Repayment on Maturity:
   The deposit is repayable on the maturity date as indicated on the deposit receipt.
6. Premature Closure:
   The depositor can close the account prematurely. In such case interest will be paid at 1% less than the rate applicable for the period deposit remained with the bank.
7. Renewal of matured Deposits:
   The total amount of overdue deposits or part thereof can be renewed from the date of its maturity till some future date provided the renewal must be for a minimum of 15 days, beyond the date on which it is renewed and the renewal is made within 30 days from the date of maturity. The interest is payable at the appropriate operative rate on the date of maturity of original deposit and is payable only on the amount of the deposit so renewed. Automatic Renewal Facility is also available. A request letter is to be obtained from the depositor at the time of making fresh/renewal of deposit for the first time. Each renewal is to be treated as a fresh contract and the rate of interest prevailing as on the date of renewal / due date shall be the new rate applicable for the renewed deposits.
8. Loan against deposits:
   Depositor can avail a loan upto 75% on Bhagyajyoti Deposit Scheme Interest on loan will be levied at a rate 2% higher than the rate of interest paid on the deposit.
9. Nomination facility:
   Nomination Facility is available. Necessary application is to be obtained from the depositor and entries are to be made accordingly in the Banks records.