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we are in > Deposits >> Cumulative Deposits
This scheme ideally suits monthly savings may be in small accounts but resulting in big accumulation of funds over the period of time. This account can be opened by an individual, by a guardian on behalf of the Minor, Trusts, Associations, Societies and companies for a maximum period of ten years.
  Rules of Business  
Objectives :
This is an ideal scheme for savers in monthly installments even for small accounts ensuring big acclamation of funds over a period of time.
Who can open the Account :
Cumulative Deposit account can be opened by an individual. Jointly with another individual, by a minor by guardian, Associations, Trusts, Firms, Partnerships, Societies and Companies. Incase of minors / accounts their date of birth and age should be furnished at the time of opening of the account.
Introduction :
This account should be introduced by a person well-known to the Bank.
Amount of Deposit :
This account can be opened with a minimum sum of Rs. 5/- per month or in multiples of Rs. 5/-.
Period of Deposit :
  The deposits scheme will be for a minimum of one year, but may be extended to the maximum period of 10 years. In case of minor it may be extended to the date of majority.  
Rate of Interest and its application :
This scheme of deposit offer attractive rate of interest which is indicated elsewhere. The rate of interest is related to the period of deposit which is subjected to change by the reserve Bank of India. The interest is calculated quarterly and added to the principal to effect a larger sum as per the table given elsewhere.
Nomination :
An individual / joint holder may nominate a person to receive the amount at credit of the deposit account in the event of the demise of the account holder/s.
Transferability of Account :
While account can be transferred from one branch to another it cannot be transferred from one person to another. However at the instructions of the account holder/s the addition or deletion of another joint holder will be acted upon by the Bank.
Use of Specified Forms :

The account holders should use the account opening form and the specimen signature cards supplied by the Bank in this regard.

Procedure on Delayed Payment of Installment :

Installments must be paid on or before the last working day of the month failing which the penal interest at the rate of 10 paise for every Rs. 10 /- or part there of per month (fraction of a month being treated as full month) will be charged. However, such failure to keep up the installment for one or more months will be adjusted towards advance payments of one or more installments.

Loss of Pass Book :
In case of loss of pass book the account holder may be issued a duplicate deposit receipt in lieu of the lost one subject to indemnifying the Bank for any loss or damage that may arise on account of issue of duplicate pass book, besides following other formalities.
Right of Appropriation / Bank's Paramount Lien :
Under Banker's general Lien the Bank has a right to appropriate the money in the Cumulative Deposit account towards the dues payable by the account holder/s under some other account to the Bank.
Premature Closure of Account :
The account holder may choose to close the account premature which will be done according to the rules of Reserve Bank of India.
Closure of Overdue Deposit Account :

Normally the Bank will issue a letter to the depositor addressed to the last recorded address requesting him to take payment / renew the deposit much before the date of maturity. Where however, the deposit are not renewed or cash not taken otherwise the same will be held in a separate overdue deposit account and the account holder will be given the benefit of renewing it from the date of earlier maturity without any loss of interest subject to the guidelines of Reserve Bank of India in force. The Cumulative Deposit account can be closed by surrendering the pass book.

Loan on Deposit :
The account holder on his request will be granted loan against deposit in accordance with the rules of Reserve Bank of India.
Bank's Right to Alter Rules :
The Bank has got the right to alter the rules in this behalf and the account holder is bound by such alterations in the rules.
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