These types of deposits are intended to help the members for mobilizing their small savings over a period with the object/aim to utilize the accumulated amount of a specific object/ scheme/purpose such as education of a son/daughter, marriage of the daughter, Hajj or other pilgrimages, purchase of house plots, construction of house etc.
The minimum period for which these types of deposits are to made shall be 5 years and may be for up to any number of years based on the nature of the scheme or object of the member, his capacity and convenience which he himself is to decide.
The period for the deposit account is started shall be specified by the member in the deposit application to be submitted.
The member will be free to remit any amount at any time to the credit of the account during the period according to his convenience.
Members enrolled under the special scheme deposits will be provided pass books with noting regarding object/purpose of the deposit with the name of the beneficiary if he/she is other than the depositor.
In the case where the beneficiary is other than the depositor, the relationship of the former with the latter with the authorization to pay the balance in the deposit account to the beneficiary in the event of death of the latter before the maturity of the deposit, shall be received from the depositors.
After the completion of half the period of the deposit, advance not exceeding the balance in credit of the account can be made to the depositor if requested. The period of advance shall not however exceed the maturity period of the deposit.
Remittances are to be made by the depositors directly at concerned branch presenting the passbooks. Necessary entries will be made in the passbook under the initials of the branch manager. The depositors shall keep in safe custody with them the receipts issued for the remittances.
On the maturity of the deposit, the balance in the account will be paid to the depositor after necessary verification with the passbook to be surrendered by the depositor and other relevant records.