Deposits
Our bank offers various types of deposits to meet the needs of customers and to provide an opportunity to save money and to earn interest at most competitive rate. DICGC cover up to one lac rupees is available on all deposits of customers in the same capacity. Detailed terms and conditions for each type of deposit can be obtained from the Bank at the time of Deposit / Opening account.
Current Account
Current Accounts can be opened by business concerns, firms, company, associations; trusts etc. to carry out their day to day transactions. No restriction on transactions either in number or in amount of deposit.
Minimum Balance:
One thousand only.
Documents:
Click KYC to view documents required.
KYC (Know Your Customers)
As per the guidelines issued by the Reserve Bank of India on 'Know Your Customer' (KYC) Policy Bank is required to obtain identification documents from customers as detailed below:
a) Proof of identity: (any one of the following)
Aadhar CardDefence ID Card PassportPAN CardVoter's Identity CardDriving LicenseIdentity card issued by the Employer with attested photo (subject to satisfaction of Bank)
Letter from a recognized Public Authority / Municipal Authority verifying the identity and residence of the customer to the satisfaction of bank.
Letter from a Gazetted officer verifying the identity and attesting photograph and address (subject to satisfaction of Bank).
b) Proof of current address: (any one of the following)
VAT Registration CertificateMonthly VAT ReturnsLatest Income Tax ReturnsRecent LIC ReceiptsTelephone BillElectricity BillLetter from employer (subject to Bank's satisfaction).
Letter from any recognized public authority (subject to Bank's satisfaction)
c) Recent photograph (Passport size)
d) Other documents
In respect of accounts other than those of individuals, respective constitutional documents viz, certified copies of Memorandum and Articles of Association, Certificate of commencement of business, Bye Laws, Registration copy,Trust Deed, Resolution etc, as the case may be, are required to be submitted.
The above identification procedure is applicable to all existing and new customers. Therefore, all our customers are requested to submit above documents along with the copies to the branch where the accounts are maintained, if the same had not been submitted at the time of opening their accounts or later. Original documents will be returned after verification, retaining the copies.
Savings Bank Account
Savings Bank Accounts can be opened by any person competent to contract. It can be opened by individuals in their name individually or jointly. It can also be opened in the name of clubs, society, trust, HUF etc., subject to conditions stipulated by RBI and Bank from time to time.
Minimum Balance:
Five hundred rupees Only.
Documents:
Click KYC to view documents required.
Interest Rate:
Fixed Deposit Account(FD) :
It can be opened by any person competent to contract. Fixed Deposits can be made with minimum amount of Rs 100 and in multiples thereof. Interest payout is as per the direction of depositors. Interest payout will be Monthly, Quarterly, Half yearly and Yearly. In case of payment before the date of maturity 1% is deducted from the applicable rate of Interest for the actual period for which deposit is kept with the Bank.
Documents:
Click KYC to view documents required.
Interest Rate:
Mangala Gowri Deposit (MGR):
It can be opened by any person competent to contract. Mangala Gowri Deposit can be made with minimum amount of Rs 100 and in multiples thereof. Interest payout is yearly Once. Interest is compounded Quarterly. Interest will be paid to the nominee on the occasion of Gowri Ganesh Festival as per the direction of depositor. In case of payment before the date of maturity 1% is deducted from the applicable rate of Interest for the actual period for which deposit is kept with the Bank.
Documents:
Click KYC to view documents required.
Interest Rate:
Kalpavruksha Nidhi Deposit (KNR) :
It can be opened by any person competent to contract. KNR Deposits can be made with minimum amount of Rs 100 and in multiples thereof. Duration of KNR Deposit is for minimum period of one Year and above for quarterly period. Interest will be compounded quarterly. In case of payment before the date of maturity 1% is deducted from the applicable rate of Interest for the actual period for which deposit is kept with the Bank.
Documents:
Click KYC to view documents required.
Interest Rate:
Re-curring Deposit (RDR) :
It can be opened by any person competent to contract. Under this scheme depositor deposits fixed monthly installment in the account for the fixed period. Minimum period of deposit is one year and above. On completion of the fixed period, depositor will be paid the deposited amount along with the interest. Interest is compounded on quarterly basis.
Documents:
Click KYC to view documents required.
Interest Rate:
DICGC Cover:
All the deposits of The Town Co-operative Bank Ltd. are insured under Deposit Insurance and Credit Guarantee Corporation (DICGC). Under the norms of DICGC all deposits of the customers in the same capacity and same right up to Rs.1,00,000 have been insured under DICGC cover.
TDS on interest:
Depositor who gets interest of more than Rs. 10000/- per year is requested to submit Form 15H/15G, if applicable, for non deduction of TDS. Depositor is advised to submit copy of PAN Card.
For Details Call Us 08135 - 275140 / Mail : tcblsira@gmail.com
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