• Group based product
• Automatic account opening in name of group : No
• Optional deposit : Yes
• Account Holder : Member
• Deposit Type : Saving
• Loan not issued against it
• Interest rate : 7% per annum
• Interest posting freq: Quaterly
• Interest expense : Daily
• Interest calculated on : Daily balance
Amount withdrawal Policy
• Minimum balance should be maintained @ Rs.100.
Source of fund:
• Each member should be deposit savings in each group meeting.
Taxation on interest:
• Income below 10,000.00 may not be entitled to tax. Tax rate is 5 %
• Tax shall be deducted during interest post frequency
• User is allowed to close account if group is dismissed.
• Closing charge Rs. 50.00