Deposits


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All deposits with Pathiyoor Farmers Bank are guaranteed by Government of Kerala as per Kerala Co-operative Deposit Guarantee Scheme.

SAVINGS BANK ACCOUNT

Savings Bank Account is one of the simplest and most popular types of bank account to deposit cash and earn interest.. The account holder can deposit and withdraw funds for their frequent requirements. These accounts provide cheque facility. Interest will be charged half yearly @ 4 to 5 % p.a. Zero balance facility is available (No frill account).

As per RBI guidelines, with effect from April 1, 2012, the validity period of Cheques, Demand Drafts, Pay Orders and Banker's Cheques will be reduced from 6 months to 3 months, from the date of issue of the instrument.

 

CURRENT ACCOUNT

Current Accounts are basically meant for businessmen and are never used for the purpose of investment or savings.  These deposits are the most liquid deposits and there are no limits for number of transactions or the amount of transactions in a day.  Most of the current accounts are opened in the names of firm / company accounts.   Cheque book facility is provided and the account holder can deposit all types of the cheques and drafts in their name or endorsed in their favour by third parties.  No interest is paid by banks on these accounts.  On the other hand, the bank charges certain service charges, on such accounts.

   

FIXED DEPOSIT

Fixed deposit provides higher rate of interest than the Savings Bank Account and the period of fixed deposit will be insisted for a particular period. However, the Depositor/s can withdraw the deposit before due date @ 1% less than the rate of interest for the completed period. Interest will be paid / transferred quarterly. Discounted rate will be applicable for monthly payment / transfer of interest. Changing of any conditions or instructions can be done only upon the joint request from all the concerned account holders. In case of Cash Certificates no renewal facility is available, no interim interest will be paid and interest will cease on due date.

 

If the nominee is a minor on deposit date, another person should be entitled to act on behalf of the minor to receive the amount of deposit and the interest accrued on behalf of the nominee in the event of death of the depositor.       

 

RECURRING DEPOSIT

Recurring Deposit is a special kind of Term Deposit which is suitable for people who are interested to save small amount every month. Recurring Deposit account earn interest at the rate applicable to Fixed Deposits. Rd is best if you wish to create a fund for your child's education or, marriage of your daughter or, to buy a car without loans or to have some savings for the future. This account can be opened in single or joint names. Nomination facility is available. Premature withdrawal of accumulated amount is permitted. However penalty will be levied as in the case of fixed deposits.

 

About Fixed / Term Deposts / RD's in 'Either or Survivor' Status

If Fixed/Term deposit accounts are opened with operating instructions ‘Either or Survivor’, the signatures of both the depositors need not be obtained for payment of the amount of the deposits on maturity. However, the signatures of both the depositors have to be obtained, in case the deposit is to be paid before maturity.

If the operating instruction is ‘Either or Survivor’ and one of the depositors expires before the maturity, no pre-payment of the Fixed/Term deposit may be allowed without the concurrence of the legal heirs of the deceased joint holder. This, however, would not stand in the way of making payment to the survivor on maturity.

The joint deposit holders may be permitted to give the joint mandate (document giving an official instruction or command) allowing premature withdrawals of Fixed/Term deposits also in accordance with the mandate of ‘Either or Survivor’ or ‘Former or Survivor’ either at the time of placing fixed deposit or anytime subsequently during the term/tenure of the deposit.

If such a mandate is obtained, the Bank allows premature withdrawal of Fixed/Term deposits by the surviving depositor without seeking the concurrence of the legal heirs of the deceased joint deposit holder. It is also reiterated that such premature withdrawal would not attract any penal charge.

The signatures of joint depositors have to be obtained to sanction Loans out of Fixed Deposits in ‘Joint’ or ‘Either or Survivor’ status.

 

HOME SAFE DEPOSIT

Home Safe Deposits are designed for children to encourage them the saving habit.

Interest applicable as in the case of Savings Bank Accounts.

 

NOMINATION

All depositors should avail nomination facility. Nomination facility is available for all deposit accounts opened by individuals. Nomination can be made in favor of only one individual and can be made in favour of a minor also. Nomination so made can be cancelled or modified by the account holder/s at any time. While making the nomination or any modification thereof, it is required to be witnessed by a third party. In the event of death of the depositor/s, the nominee will receive the balance outstanding in the account as a trustee of legal heirs.

 

FIXED DEPOSIT INTEREST RATE

w.e.f  10.02.2022

Duration                                    Interest Rate

15 to 45 Days                                        6.00

46 to 90 Days                                        6.50

91 to 179 Days                                      7.00

180 to 364 Days                                    7.25

1 year to less than 2 years                    8.25

2 years and above                                 8.00

Senior citizens are eligible for additional  0.5%.
 

Documents Required For Opening a Term Deposit

>> Account opening form duly signed by the account holder/s.

>> Photocopy of PAN Card.

>> KYC form duly filled and signed..

>> Introduction from existing account holder.

>> Two Recent Photographs.

>> Photocopy of Electoral id card / PAN Card / Driving License (For Identity proof).

>> Photocopy of Ration Card / Electricity / Telephone bill, etc. (For Address Proof).