General Information
• Group based product • Automatic account opening in name of group : YES • Optional deposit : No • Account Holder : Member • Deposit Type : Saving • Loan not issued against it
Interest Information
• Interest rate : 6% per annum • Interest posting freq: Quaterly • Interest expense : Daily • Interest calculated on : Daily balance
Amount withdrawal Policy
• Minimum balance should be maintained @ Rs.1500 or 10% of Outstanding loan.
Source of fund:
• Each member should be deposited fixed minimum Rs. 5 to 30 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
Account closure:
• User is allowed to close account if group is dismissed. • Closing charge Rs.50.00
