Akshya Vethana Yojana

Who can open the account:

Any individual in his name.
Two or more individuals in their names with suitable repayment clause.
A guardian in the name of a minor.
A guardian jointly .

Mode of opening an account:
The account can be opened for a period of 87,138,175,204 and 227 months in multiples of 25 per month. More than one account can also be opened in the name of the same person.

Payment of Installments:
Deposits installments can be made on any day of the month including the last working day of the month.

The period of deposit will commence from the first of the next month in which the deposits was first made and will mature on the last day of the month immediately following the month in which the final installment falls due. Monthly income (like pension) period will start after the expiry of one more month from the date of maturity of the deposit period as explained above.

For the payment of monthly installments standing instruction from the depositor to debit of his/her/their current or savings bank account will be accepted by the bank and such transfers will be made free of charge. Amount due for each installment can also be tendered at any office of the Bank for transfer to the credit of the account at the office at which the account is maintained free of charges. If the amount is remitted by cheques, a outstation collection charges are to be added to the amount of installment remitted.

Interest:
Attractive rate of interest at compounded quarterly rests will be credited to the account once in a year during March as prescribed by the Bank.

Payment during the Income Period:
All monthly income payments will be made to the credit of Savings Bank Account of the Depositor/beneficiary and cash payments will not be made.

Premature payment-closure of an account:
The account under this scheme are normally opened for securing a good income for future contingencies and hence the account will not be allowed to close before 61 months. However, if the depositor wishes to withdraw the deposit before 61 months, he will be allowed interest at 1% p.a below the rate of interest applicable for such period. But is obligatory to give atleast one month notice. In case of death of a depositor before expiry of deposit period, the surviving depositor of legal heir may continue the account, if he/she/they so desire. If it is desired to close the account, the deposit amount will be repaid as indicated above.

Loans of a Depositor:
Loans will be granted under this account. Loans can availed as per the existing rules of the bank.

Transfer of Accounts:
The accounts can be transferred on request of the depositor from one branch to another branch of our bank only on maturity. 

Nomination Facility:
The depositor/s can avail the nomination facility as per the rules existing in the Bank.

Terms and conditions apply