Saving Deposit Schemes is most suitable for the customers who desire to invest their monthly surplus funds of a fixed amount for a fixed period and reinvest the accrued / earned interest thereon at an attractive rate of interest. The depositors can set the target for saving Deposit Schemes maturity amount, time period & enjoy the benefit of quarterly compounding of interest.
A savings account is an interest-bearing deposit account held at a bank, Post office or another financial institution like Nidhi Company that provides a modest interest rate. These accounts let customers set aside a portion of their liquid assets while earning a monetary return. The bottom line is that any solid financial plan rests on a foundation of liquid assets, such as cash and the money in your checking account. Your checking account may handle your everyday expenses, but there are good reasons to have extra money in a savings account. Savings account is an interest-bearing account with certain limitations.
1- Before opening of HNLD Saving Account any Individual have to apply for Membership.
2- Minimum Balance INR 100/-
3- 6% p.a. interest payable on Individual / Joint Account
4- Account can be opened by cash only
5- Minimum balance to be maintained in a non-Cheque facility account is INR 100/-
6- Internal Member bearer Cheque facility available if an account is opened with INR 500/- and for this purpose minimum balance of INR 500/-in an account is to be maintained
7- Cheque facility can be taken in an existing account also
8- Interest earned is Tax Free up to INR 10,000/- per year
9- Nomination facility is available at the time of opening and also after opening of account
10- Account can be transferred from HNLD Branch to Other local HNLD Branch
11- One saving account can be opened in one member only
12- Account can be opened in the name of minor and a minor of 15 years and above age can open and operate the account.
13- Joint account can be opened by two adults only
14- At least one transaction of deposit or withdrawal in 3 months (90 days) is necessary to keep the account active, no penalty on non transaction
15- Single account can be converted into Joint account.
16- ATM/NEFT/RTGS/IMPS facility is not available
17- Deposits and withdrawals can be done through any electronic mode in CBS Post offices
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