Members who are enrolled for `Home Safe deposits` based on applications obtained will be provided with a small locked cash chest/boxes with provision to insert cash and a passbook. The name of Sanghamam will be written on the chests/boxes.
The key of the chest/box will be retained by the branch.
Members will take the chest/boxes to their family/ houses and put any amount by the member as well as the members of the family according to their conveniences.
At periodical intervals Sanghamam authorities (mostly collectors) will visit the houses with keys of the boxes and open the same. The amount in each box will be counted and taken after giving receipt to the member simultaneously making entries in the passbook with the member.
The deposit account of the member will be credited accordingly for the amount so received.
The deposit of each member will have a maturity period which will be noted in the concerned ledger folios as well as in the passbook issued to the member.
On maturity the member will surrender the passbook to get payment of the deposit amount.
Normally the period of this type of deposits may be up to 2 years.
On the completion of half the period of the deposit, advances up to double the amount in the balances in the account can be provided as advance to the member. The period of the advances shall not exceed the maturity period of the deposit. The security for the advances will be the amount in the deposit and the personal surety of the member. On maturing the deposit, the outstanding amount of advances will be adjusted against the balance in the deposit account and only the remaining amount will be paid to the member.
Care shall be taken to ensure the amounts deposited in the chests/boxes by the members who have availed advances on the security of the deposits are sufficient to cover the advance amount before the period of maturity. Specific condition to that effect shall be provided in the bond/agreement for the advance.