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ARUNACHAL PRADESH STATE CO-OPERATIVE APEX BANK LTD

(Sponsored by Government of Arunachal Pradesh)

Head Office :: D-Sector, Naharlagun, District : Papum Pare, Arunachal Pradesh - 791 110

NSTFDC     CMFMP     Micro Finance SHG

APEX DAILY DEPOSIT SCHEME (ADDS)

Opening of Account
An application to open an account should be made in the prescribed form supplied by the Bank and subject to submission of KYC documents and dully introduced by an Account holder’s of the Bank.

The following types of ADDS Accounts can be opened

  1. Individuals Account on his/her behalf.
  2. Joint Account by two or more persons to be operated by any one or more or survivor/survivors.
  3. Minor Accounts below the age of 14 yrs to be operated by parents/Guardian, with a provision to operate the account by the minor after attaining 14 yrs of Age. by declaring the date of birth of the minor.
  4. Registered Clubs, Associations, Charitable and Religious Institutions – subject to submission of rules, bye-laws and other KYC documents of the authorized.
  5. Co-operative Societies, NGO’s, SHG’s and Farmer Club’s etc-subject to submission of rules,bye-laws and other KYC documents of the authorized.
  6. A HUF, a partnership firm, proprietary concern, charitable institution/ Trust, a company or Association etc.

Amount of daily Deposit
A minimum deposit of Rs.50.00 is to be paid to open the account and the depositor shall deposit equivalent amount on a daily basis uninterrupted for entire period for which the account is opened. No limit of maximum amount fixed.

Pass-Book

  1. In case of loss of  pass book, the Bank should be informed immediately. Duplicate  pass book will be issued subject to payment of charges.
  2. Depositors shall always keep their Pass-book in safe place.  The Bank will not be held responsible for any loss or wrongful payment on account of non-compliance of this rule by the depositor.
  3. The Pass-book should be up-dated at regular intervals from the bank.
  4. On receipt of a Pass-book, all entries in the Pass-book should be carefully examined and discrepancies, if any, such as errors/omissions/unauthorised debits and credits should be brought to the notice of the Bank, failing which the entries made in the Pass-book will be deemed to be correct and shall be binding on the depositor for all intents and purposes.
  5. The account holder should not on their own make any entries in the Pass-book.
  6. The Bank reserves the right to correct the entries wrongly made or found to be fictitious.
  7. Withdrawal of amount on maturity will be made through the Savings bank account of the account holderswith the branch.
  8. Drawer’s signature onwithdrawals forms in any language or script other than  Hindi or English should be made in the presence of an authorized official or the Bank.
  9. The depositor, if, unable to write shall call on the Bank and affix his thumb impression on the withdrawal form in the presence of a witness who knows the depositor and is also known to the Bank.

Rate of Interest

APEX DAILY DEPOSIT SCHEME (ADDS accounts)

Rate of interest

Up to 1 year

4.00

Up to 1 year to 3 year

5.00

The interest at the rate prescribed by the bank shall be paid on the daily minimum closing balance in the account. No interest will be allowed unless the account earns a minimum interest of Rs.10.00  per half year. Interest earned would be rounded off to the nearest rupee. Such interest will be calculated and credited to the account before 31st March and 30th September each year.

Withdrawals
Withdrawals are permitted only by a  request application provided by the Bank on maturity of the account. Withdrawal form is issued to the account holder only when he appears in person at the Bank and on production of the Pass-book.

Lien
The Bank has a paramount lien/right of set-off on the deposit account and it reserves to itself its right to appropriate the deposit amount towards any financial obligation of the depositor, in any capacity to the Bank.

Premature Closure of Account
Incase of pre-mature encashment of deposit, the interest applicable will be the rate of interest of the corresponding period for which the amount is actually parked with the Bank less (1) one percent penal interest as per Bank norms.

The bank reserves to itself the right to close any account, which in its opinion is not properly conducted or is otherwise undesirable for any reason. In case of premature closure of account before 6 months, no interest will be paid to for the deposits.

In-operative Accounts
Accounts in which there are no operations for a period of two years and above from the date of last operation will be treated as inoperative accounts. Service charge at the rate prescribed by the bank is levied on such accounts.