Vijayanangara Cash Certificates

1. Opening of Account
One or more than one account can be opened by a person/s with proper introduction subject  to ‘policy on bank deposits’ as notified  by the Bank in the bank’s web-site The following can open accounts:
a.An individual in his/her name
b.More than one person in their joint names payable to all of them jointly or anyone or more of them or Survivor/s.
c.A HUF, a Partnership Firm, Proprietor concern, a charitable institution/Trust, a Company or Association etc.

2. Rate of Interest
a.The deposit will earn interest at the rate fixed by the bank from time to time depending upon the period of the deposit.
b.The accrued interest is reinvested every quarter and ploughed back into the deposit by compounding the interest at quarterly intervals.

3. Deposit receipt
Deposit receipt will be issued incorporating all the necessary information i.e., due date, interest rate, period of deposit, repayment condition etc. In case the deposit receipt is lost, a duplicate receipt will be issued against a letter of request and on furnishing an agreement of indemnity agreeing to indemnify the Bank incase of claims from any other person.

4. Amount of Deposit:The deposit is accepted with a minimum of Rs.500/- or in multiples there of without any maximum limit.

5. Period of Deposit
The depositor shall at the time of opening the account, stipulate the period for which the deposit is to be made. The period of deposit shall not be less than 12 months but it shall be in steps of three months. 

6. Renewal
The interest is payable at the appropriate operative rate on the date of maturity of original deposit and is payable only on the amount of the deposit so renewed. Automatic Renewal Facility is also available. A request letter is to be obtained from the depositor at the time of making fresh/renewal of deposit for the first time. Each renewal is to be treated as a fresh contract and the rate of interest prevailing as on the date of renewal / due date shall be the new rate applicable for the renewed deposits.
The total amount of overdue deposits or part thereof can be renewed from the date of its maturity till some future date provided the renewal must be for a minimum of 14 days. The banks may pay interest for the overdue period as per the policy adopted by the Bank.
The deposit may be renewed on or after maturity for a further period of 12 months or more but in steps of three months.  

7. Encashment
The deposit can be encashed after properly discharging the deposit receipt. Due date will be recorded on the deposit receipt to enable the depositor either to receive payment of the amount due or to arrange for the renewal of the deposit.  No further intimation of the due date of deposit can be claimed as a matter of right by the depositor.

8. Premature Closure:
The depositor can close the account prematurely. In such case interest will be paid at 1% less than the rate applicable for the period deposit remained with the bank.

9. Loan against deposits:
Depositor can avail a loan upto 75%of the deposit amount. Interest on loan will be levied at a rate 2% higher than the rate of interest paid on the deposit.
The bank may grant loans on the security of these certificates as per the existing policy, but interest on the loans will have to be paid quarterly on compound basis.

10. Transfer of Deposit Account:
The Deposit account can be transferred from one branch of bank to the other at the request of the depositor after maturity only.

11.  Nomination facility: 
Nomination Facility is available. Necessary application is to be obtained from the depositor and entries are to be made accordingly in the Banks records.

12. The Bank reserves to itself the right to alter/add/delete to these rules at any time. For this purpose, the Bank shall not be required to give a separate notice to each account holder. All announcements of any change in the rules, displayed on the Bank’s notice board or published in the Press/ bank’s web-site  shall be deemed to be sufficient notice to all account holders