Saving Account - SB
Designed to help members save money while earning interest on their deposits. It offers flexibility with easy access to funds.
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Daily Deposit Scheme - DDS
DDS is a small savings scheme where members deposit small amounts daily, ideal for small traders and individuals with daily income.
Terms and Conditions:
- Interest Rate: The interest rate offered on DDS accounts is competitive and is determined by the society.
- Minimum Deposit Amount: The minimum daily deposit amount is Rs. 50.
- Daily Collection: An agent will collect the deposits daily from the member's specified location.
- Premature Withdrawal: Premature withdrawal of the deposit is subject to a penalty and a lower interest rate, as determined by the society's policy.
- Nomination Facility: A nomination facility is available to ensure the smooth transfer of the account balance in the event of the account holder's death.
- Tax Implications: Interest earned on the DDS account may be subject to tax as per the applicable laws. Members are advised to consult with a tax advisor for details.
- Changes in Terms: The terms and conditions are subject to change at the discretion of the society. Members will be notified of any changes in writing.
- Contact Information: For any queries related to the Daily Deposit Scheme, members may contact our customer service department at [contact information].
- Governing Law: The terms and conditions of the Daily Deposit Scheme are governed by the laws of India. Any disputes arising from these terms will be subject to the jurisdiction of the courts in Visakhapatnam.
