Accounts & Deposits

Vadnagar Nagarik Sahakari Bank Ltd > Accounts & Deposits

Basic Of Saving Account:

  • We offer 2.80% Interest on Savings Bank Deposit as per RBI’s Directive.
  • We also open zero balance saving account with certain conditions/ limited transaction.
  • We offer nomination facility for all deposit accounts.
  • Customer can open single/joint account and that account can jointly,operate as per instruction like Any one, Jointly, Any two Jointly either or survivor etc.
  • Customer can open Savings A/c for his/her minor children.
  • We offer Computerised passbook to our Account holders.

Rules & Regulation:

(1) Any person may open an account in his own name, but Can't open more than one account in his name. And every person has to provide Election Card, Ration Card, Aadhaar Card, Pan Card. Three Passport size photos.
(2) Rate of interest  will be 2.80%.
(3)  An account of less than 1000/- will not be opened.
(4) A passbook shall be issued to every account opener.  In which the account number of the account opener, his name, business, employment and location  Telephone - Mobile will be written. The Bank is not responsible for the amount wriiten in passbook and not signed by the bank officials.  The depositor should check the passbook Before leaving the bank to ensure that the amount deposited is correct. The Depositor should keep the passbook carefully in his possession, if any person possession of his passbook and fraudulently withdraws any amount belonging to he depositor, the bank will not responsible for the same.
(5) If a Holder loses his passbook, another (Duplicate) passbook will be issued for him and the holder will pay RS. 59/- fees has to be paid.
(6) No private writing or mark should be made in the passbook of the holders. If bank notices that the passsbook is damaged, then the passbook will be canceled immediately and another passbook will bewritten in its place for which Rs 59/- fees will be charged.But if the depositor does not know how to write, he should appear immediately. In check book account Rs. 1476/- balance has to be maintained. And a checkbook charge will be levied as per the bank's rules.
(7) Inform the Bank promptly when the residence has been changed.
(8) If no transaction has taken place in the account of any holder throughout the year and at the end of the year if in his account Rs. If the amount is less than 500/-, the account holder will be charged an incidental charge of Rs. 10/- in check facility account Rs. If the amount is less than 1000/-, the owner will be charged Rs. 10/- have to pay incident charge.
(9) If the account is closed within twelve months after its opening, not only the accrued interest shall not be paid but on such closed account Rs. 250-00 Incidental charges and stationery charges Rs. 100/- will be taken. Once the account is closed, the account in the same name will not be opened for six months.
(10) The Bank shall be subject to the right to change the rate of interest at any time without prior notice as per the orders of the Reserve Bank and in the above rules.
(11) It is the duty of the customer to check the entry in the passbook after the account transaction. Then there will be no conflict.

Requirements To Open Current Bank Account

  1. Valid Photo I.D. & Address Proof
  2. Other proof acceptable by Bank.
  3. Passport Size Photograph – 2 Copies
  4. Pan Card
  5. Birth Certificate for minor account
    Introduction From Existing account Holder
  • Customer can open Current Account with minimum balance or Rs.2000/-.
  • We offer 30 pages cheque book.
  • We offer nomination facility for all individual accounts and proprietory concern accounts.
  • Customer can open joint account and that account can jointly,operate as per instruction like Any one, Jointly, Any two Jointly either or survivor etc.
  • We offer Monthly, Half yearly, Yearly and periodical Statement to our Customers for their reconciliation purpose or any other purpose.

Rules & Regulation For Current Bank Account

  • Every Depositor must have to fulfill KYC norms as per RBI directive.
  • The Bank’s management is having right to close the account after notice if account holder do not keep sufficient balance to clear inward cheque or ECS.
  • Guardian can open Minor’s Savings Account. Birth Proof of Children is required.
  • The customer must have to preserve his/her cheque book & passbook in his custody. The Bank is not responsible for any misuse of cheque book & pass book.
  • Interest on Savings deposit is calculated on daily balances as per RBI’s directives.
  • The customer without cheque book facility will be given withdrawal form at the time of payment. The withdrawal form will be given to the account holder only and only at the time of payment.
  • The Passbook should be accompanied with the withdrawal form.
  • Stop payment of particular cheque/s facility is available but the customer has to keep sufficient balance to match the cheque amount then only the cheque will be returned with the reason of stop payment and stop payment charges will be levied from the account.
  • The Bank is having all rights of appropriation, set off, lien and change the rules and regulation.

Requirements To Open Current Bank Account

  1. Valid Photo I.D. & Address Proof
  2. Other proof acceptable by Bank.
  3. Passport Size Photograph – 2 Copies
  4. Pan Card
  5. Birth Certificate for minor account
  6. Introduction From Existing account Holder

Basic Of Fixed Deposit:

  • FIX DEPOSIT PER INT RATE : 6.75 1 YERAS AND SENIOR CITIZEN 0.5% UP
  • Term deposit scheme is an attractive scheme to deposit your savings for fix period for 15 days to 130 Months as per your future requirements.
    We provide attractive Interest Rates to our Customers from time to time.
  • Guardian can open Minor’s Term deposit A/c. When minor turns major then at maturity he/she can withdraw the amount with his/her signature, after providing valid age proof.
  • We offer nomination facility for all deposit accounts.
  • We provide Monthly & quarterly Interest payment to our customers on their existing Fix Deposits as per their instruction & RBI guidelines.
  • Loan and Overdraft facility is available against Term deposit receipt.
  • The maturity date of Loan and Overdraft Account against Fix Deposit is maturity date of Fix Deposit Receipt.
  • TDS on Interest income will be deducted as per Income Tax Act.
  • We are member of Deposit Insurance and Credit Guarantee Scheme [DICGC] in which customers deposit are insured up to Rs. 1 Lac.

Rules & Regulation For Recurring Deposit

  • Depositor has to fulfill KYC norms as per RBI directive.
  • Customer can Open Fix Deposit A/c with minimum of Rs.500/-
  • Guardian can open Minor’s Fix Deposit A/c. When minor turn major then after providing valid age proof he/she can withdraw the amount with his/her signature.
  • No penalty charges in premature withdrawal of deposit.
  • All rights reserved to the Bank’s management to Change the Interest Rate of the Fix Deposit Scheme without prior notice. Change of Interest rate will be applicable to new deposits only.
  • The Bank having rights of appropriation, set off, lien and change the rules and regulation for the scheme.

Requirements To Open Recurring Deposit

  1.  Valid Photo I.D. & Address Proof
  2. Other proof acceptable by Bank.
  3. Passport Size Photograph – 2 Copies
  4. Pan Card
  5. Birth Certificate for minor account
  6. Introduction From Existing account Holder

Basic Of Recurring Deposit

  • RECURNIG DEPOSIT INT RATE : 6.75% 1 YEARS
  • Term deposit scheme is an attractive scheme to deposit your savings for fix period for 15 days to 130 Months as per your future requirements.
  • We provide attractive Interest Rates to our Customers from time to time.
  • Guardian can open Minor’s Term deposit A/c. When minor turns major then at maturity he/she can withdraw the amount with his/her signature, after providing valid age proof.
  • We offer nomination facility for all deposit accounts.
  • We provide Monthly & quarterly Interest payment to our customers on their existing Fix Deposits as per their instruction & RBI guidelines.
  • Loan and Overdraft facility is available against Term deposit receipt.
  • The maturity date of Loan and Overdraft Account against Fix Deposit is maturity date of Fix Deposit Receipt.
  • TDS on Interest income will be deducted as per Income Tax Act.
  • We are member of Deposit Insurance and Credit Guarantee Scheme [DICGC] in which customers deposit are insured up to Rs. 1 Lac.

Rules & Regulation For Recurring Deposit

  • Depositor has to fulfill KYC norms as per RBI directive.
  • Guardian can open Minor’s Recurring A/c. When minor turn major there after providing valid age proof he/she can withdraw the amount with his/her signature.
  • Every Depositor must have to deposit their instalments till date of opening a/c or last installment date of every month.
  • If Depositors failed to deposit Installment on regular basis, penalty will be levied.
  • The maturity amount is payable after 30 days of last instalments deposited.
  • If customer want to close the 12 months period deposit account before its mature period then the interest will be applicable as per Savings Interest Rate.
  • If Customer Deposit more instalments than required for prescribe period then Interest will not be applicable on extra installment he/she deposited.
  • If customer having Savings or Current a/c in the Bank then by the written application Bank will transfer Recurring Deposit instalments from that account as standing instruction.
  • The Bank is having rights of appropriation, set off, lien and change the rules and regulation for the scheme.
  • 1% penalty will be levid on present interest rates.

Requirements To Open Recurring Deposit

  1. Valid Photo I.D. & Address Proof

  2. Other proof acceptable by Bank.

  3. Passport Size Photograph – 2 Copies

  4. Pan Card

  5. Birth Certificate for minor account

  6. Introduction From Existing account Holder

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