This type of deposit is repayable on basis of notice received from the depositing member.
Usually the notice period to be not less than 30 days.
The period of notice to be received for the repayment shall be noted in the deposit/receipt issued to the member.
Repayment of the deposit amount will be effected immediately on the expiry of the notice period receiving back the deposit receipt with the acknowledgement of the member for having received the payment.
No advance will be provided on the security of notice deposits.
Other out standings and due liabilities of the member can however be adjusted against the deposit account with advance intimation to the member.
Any amount can be received as notice deposit. However the minimum amount is to be Rs 1000/- with the multiples of Rs 100/-