Terms Deposit Products

Fixed Deposits

Fixed deposit product offers high Interest rates along with liquidity.
(a) Fixed Deposit accounts may be opened with a minimum sum of Rs.100/- and above. The minimum period for which the deposit is accepted is 15 days and the maximum term shall not be more than 120 months.
(b) One or more than one fixed Deposit accounts may be opened by
(i) An Individual in his/ her name.
(ii) More than one individual in their joint names payable to all of them jointly or any one or more of them or survivors
(iii) A Guardian on behalf of a minor on furnishing a declaration as to the date of birth of the minor.
(iv) A partnership firm, a company, an association etc.
(c) Rate of interest payable on fixed deposit is subject to the directives of the RBI issued from time to time.

Social Security Deposit

(a) This is a convenient deposit scheme, where under the term deposit accepted would fetch interest at discounted value every month automatically commencing from date of completion of one month from the date of acceptance of such deposits.
(b) Social security deposit account may be opened with a minimum sum of Rs. 1000/- and above.
(c) The minimum period for which the deposit is accepted is 12 months. The deposits are accepted only in completed quarters and for a maximum term of 10 years.
(d) Deposit can be made in name of individual or in joint names or in the name of minor represented by the guardian.
(e) The depositor is free to opt for anyone of the facilities offered here under in regard to interest earned on his/ her Social security deposit.
(i) Interest at the end of every calendar month will be paid to the depositor by discounting the monthly value of interest.
Or
(ii) Where a depositor opts to receive payment at quarterly rests instead of at monthly rests on the basis of discounted value of interest amount as stated against (i) above, such requests are acceded to.

Cumulative Deposit

Gramalakshmi Cash Certificate

(a) The amount deposited under this scheme for a particular period grows constantly earning compound interest calculated on quarterly basis and on maturity a handsome amount including the principal and the total interest earned thereon will be repaid to the depositor.
(b) The amount will be accepted for a minimum period of 12 months and in multiples of 3 months beyond one year, subject to a maximum period of 120 months.

Gramajyothi Deposit Scheme

(a) This is perennial income plan. If a depositor wants regular monthly income to supplement regular income after a period (say after retirement) this scheme is ideal one.
(b) The money the depositor had deposited in instalments for selected months along with the accrued interest remain intact in the name of the depositor.

1. Demand Deposits

(a)Saving Bank Deposits.

i)Ordinary SB account
ii)NMGB Janapriya SB account (No frill/Zero balance SB account.)
iii)NMGB Suraksha account (Insurance linked SB account)

(b)Current Deposits.

2. Term deposits