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Balanidhi

Institutions such as schools (Govt., Aided or Un-aided) are entitled to open account under the above scheme. Account is operated jointly by Head Master/Mistress with one member among the teaching staff who is authorized by the staff council. Deposits are collected from the students and deposited at the bank once in a week. School authorities keep their own registers and pass book for each student which is supplied by bank.

Initial Deposit of Rs.100 is insisted for opening Savings account.

Withdrawal is made only through cheque books.

No charges for issuing cheque books.

Maximum allowed number of cash withdrawals is 1 per day.  Managers use their discretion to allow more than 1 cash withdrawal.  No charges being levied in such cases.

Customers not allowed to withdraw cash if minimum balance comes below the stipulated amount due to cash withdrawal. Managers use their discretion to withdraw below minimum balance.

However in case of clearing cheque debits/transfer transactions bank permits the transaction even though account balance comes less than the prescribed minimum balance.

No charges being levied for non-maintenance of minimum balance.

Customers allowed to deposit the funds in the Savings account by cash.

With regard to cash deposit in Savings account even a minimum amount of Re.1 is allowed to be deposited for transaction purpose.

Savings Bank cheque books are of 10, 25, 50 and 100 leaves type

Normal interest rate for Savings Bank deposits is also applicable to this deposit

In addition to interest 1% of incentive is giving for the amount deposited during the period. The tenure of paying incentive is once in six months.  The amount received from 1st March to 31st August will be taken for calculating the incentive and will be paid before 10th of September.  Similarly the succeeding half year period will be reckoned for computation of incentive and paid before 10th of March.

The incentive amount will be paid by DD favoring the employee taking initiative to collect the amount (This will be communicated to the bank by the school authorities) instructions by debiting the account “Commission paid on Balanidhi”.

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