Festival Deposit


FESTIVAL DEPOSIT ACCOUNT  scheme is suitably tailored to offer customers and constituents with an opportunity to accumulate a sizeable amount by saving through monthly deposit of a fixed amount for a period of 12 (twelve) months to enable him/her to meet expenditures on account of any festival or occasion. Any individuals can open a Festival a/c in his/her own name or jointly with other persons. Festival Deposits A/c can also be opened in the name of a minor by his/her natural or legal guardian.

However, illiterate persons, firms, company , clubs, associations or cooperative societies are not allowed to open Festival Deposit A/c. Monthly instalment under the scheme shall be at a minimum of Rs.10/-  or multiples of Rs.10/- thereof. Accumulated deposits together with admissible interest on maturity of a festival deposit a/c will become payable after 30 days of deposit of the last instalment. Monthly instalments shall be deposited regularly on or before the last working day of the month. Any default in depositing monthly instalment will attract penalty charges at prescribed rate. Premature closure of Festival Deposit A/c will be allowed at 10 (ten) days’ notice. Nomination facility also available. Accounts are transferable from one branch to another branch of the Bank
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