This is a special type recurring deposit which will be implemented for a group of members willing to join a particular group.
Members willing to be included in a particular group will have to submit application for the same.
Deposit will be collected from them in fixed installments for specified period for 1 or 2 years, either weekly or monthly.
Collections will be made through collectors who will issue receipts to the members and make necessary entries in the passbook provided to each depositor.
At the end of each week or month as the case may be lots will drawn from among the members of the group and those who get the lot will be paid the amount of the deposit that would be accruing at the end of the period.
The security for such advance payment shall be the deposit account and the personal sureties of the depositor and another depositor in the group.
Subsequent lots will be drawn excluding the member in whose favour lots have already been taken.
Lots will be taken in the presence of the available depositors of the group.
The amount of the collections under the first installment will be taken by the Society towards service charges. Hence each depositor will have to pay one installment more.
All other formalities and precautions in respect of ordinary recurring deposits will be followed here also.