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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

RECURRING DEPOSITS

Opening of Account
One or more than one account can be opened by a person/s with proper introduction and the account shall be opened subject to submission of KYC documents  as notified in the bank’s web-site.

The following can open accounts

  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. State and Central Govt. Department’s/ PSU’s/Panchayat Bodies/Municipalities Agencies/Boards and Comities etc -subject to submission of rules,bye-laws and other KYC documents of the authorized.
  7. A HUF, a partnership firm, proprietary concern, charitable institution/ Trust, a company or Association etc.

Rate of Interest

  • The deposit will earn interest at the rate fixed by the bank  from time to time depending upon the period of the deposit.
  • Interest is payable monthly/quarterly/half yearly/on maturity. 

Period of Term Deposits

Interest Rates

Interest Rates for SENIOR  CITIZEN

7 days to 90 days

7.75

8.00

91 days to 180 days

7.75

8.00

181 days to  less than 1 year

8.00

8.25

1 year to less than 2 year

9.25

9.50

2 years to less than 3 years

9.25

9.50

3 years to less than 5 years

9.25

9.50

5 years  & above

9.25

9.50

Deposit receipt
Deposit receipt will be issued incorporating all the necessary information i.e., due date, interest rate, period of deposit, repayment condition etc. In case the deposit receipt is lost, a duplicate receipt will be issued against a letter of request and on furnishing an agreement of indemnity agreeing to indemnify the Bank incase of claims from any other person.

Amount of Deposit

  • Minimum: Rs.50/- and in multiple of Rs.50.00 PER MONTH.
  • Maximum: No limit

Period of Deposit
The Depositor shall at the time of opening the account, stipulate the period for which the deposit is to be made. The period of deposit shall be not less than six months and maximum upto 10 years. 

Encashment
The deposit on maturity or premature can encashed through the SB account maintained in the Bank branch subject to the terms  given in the scheme.

Pre-mature encashment
In case of pre-mature encashment of deposit, the interest applicable will be 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.

Pass-Book

  1. The Depositor will be provided with Pass-book or statement of account periodically. He is expected to carefully go through the entries in the statement of account or Pass-book and confirm that the entries are in order. In the event of any discrepancy in the amount or errors/omissions / unauthorised debits and credits to the account, the same shall be brought to the notice of the official of the Bank for necessary rectification, failing which the entries in the Pass-book or statement of account will be deemed to be correct and shall be binding on the depositor for all intents and purposes. The Depositor should also verify the last entry and the last balance in the Pass-book/statement of account duly initialed by the official of the Bank.
  2. Charge will be levied for the issuance of the statement of account/Pass-book etc as prescribed by the bank from time to time.  The Pass-book should be got up-dated from the Bank at regular intervals.
  3. No entry should be made in the Pass-book by the depositor. The bank reserves the right to itself at all times to rectify the entry wrongly made or found to be fictitious.

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 shall be levied on such accounts.

The Bank reserves to itself the right to alter/add/delete these rules at any time. For this purpose, the Bank shall not require to give a separate notice to each account holder. Announcements of any change in the rules, displayed on the Bank’s Notice Board or published in the press/ Bank’s web-site shall be deemed to be sufficient notice to all account holders.