Scheme features & terms
These deposits help members mobilize small savings over a period for a specific purpose such as education of a son/daughter, marriage of a daughter, Hajj or other pilgrimages, purchase of house plots or construction of a house.
The minimum period is 5 years and may extend to any number of years depending on the scheme, the member's capacity and convenience, which the member decides.
The period is specified by the member in the deposit application.
The member is free to remit any amount at any time during the period.
Members are provided passbooks noting the purpose of the deposit and the name of the beneficiary if other than the depositor.
Where the beneficiary is other than the depositor, the relationship and an authorization to pay the balance to the beneficiary in the event of the depositor's death before maturity are obtained.
After half the period, an advance not exceeding the balance may be made on request; the advance period shall not exceed the maturity period.
Remittances are made directly at the branch presenting the passbook; entries are made under the initials of the branch manager. Depositors keep the remittance receipts in safe custody.
On maturity, the balance is paid after verification with the surrendered passbook and other records.