Scheme features & terms
Members enrolled for Home Safe Deposits are provided with a small locked cash chest/box with a slot to insert cash, and a passbook. The name of Sanghamam is written on the box.
The key of the box is retained by the branch.
Members take the box home, and the member and family put in any amount at their convenience.
At periodic intervals, Sanghamam staff (mostly collectors) visit with the keys, open the box, count the amount and issue a receipt, making entries in the member's passbook.
The member's deposit account is credited accordingly.
Each deposit has a maturity period, noted in the ledger folio and the passbook.
On maturity the member surrenders the passbook to get payment of the deposit amount.
Normally the period of this type of deposit may be up to 2 years.
On completion of half the period, advances of up to double the balance can be provided. The advance period shall not exceed the maturity period; security is the deposit and the personal surety of the member. On maturity, outstanding advances are adjusted and only the remaining amount is paid.
Care is taken to ensure deposits by members who availed advances are sufficient to cover the advance before maturity; a specific condition to that effect is included in the advance agreement.