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we are in > Deposits >> Rozan Bachath Deposits
This scheme is aimed at savings on a daily basis from small amount such as Rs. 50/- which is collected at the door step of depositor. This account can be opened by an individual, firm and partnership to have a savings generated from daily income subject to maximum Rs.1000/- a day.
  Rules of Business  
Objectives :
"Save a paisa and rupee saves itself". This scheme helps you to save in as small an amount at Re. 1/- per day at your door step through the bank's deposit collector and over a period of time make a big kitty.
Who can open the Account :
The account can be opened by an individual, firm and partnership to have a saving generated from daily income.
Introduction :
The account should be introduced by a person well-known to the Bank.
Amount of Deposit :
The minimum amount of deposit payable daily is Re. 1/- but limited to a maximum of Rs. 1000/- per day.
Period of Deposit :
This account can be opened for a period of maximum 10 years but payment of interest will relate to the periods of withdrawal as stated elsewhere.
Rate of Interest and its application :
The account holder is not permitted to withdraw any amount from the account till close of 9th month. Where the amount is withdrawn after 9th month but before 18 months no interest will be credited to the account. The account holder should pay a service charge of Rs. 10/- on the amount withdrawn. Further the commission paid to the deposit collector @ 3.25 % will also be deducted from the amount so withdrawn. Where however the account is continued for a period above 18 months interest will be credited to the account on the basis of monthly minimum balance held and credited to the account on such rates as indicated in rule No.13.
Nomination :
The account holder/s may nominate a person to receive the amount at credit of the 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 holder should use the account opening form-cum-speciman signature cards as provide by the bank. While crediting amounts to the account through the deposit collector, he will be given a receipt for the amount paid by him to the collector.

Issue of Confirmation of Balance Slip :
The account holders are issued a Confirmation of balance slip duly recording the amount paid by him on weekly basis and it is the responsibility of the account holder to present the confirmation of balance slip periodically atleast once in a month, in order to ensure the correctness of the credit to the knowledge of the Bank such discrepancies in order to enable the bank to take appropriate action. Failure on the part of the account holder to bring such discrepancy to the notice of the Bank within a reasonable time will entail risk to the deposit holder.
Right of Appropriation / Bank's Paramount Lien :
Under Banker's general Lien the Bank has a right to appropriate the money in the Rozana Bachath Deposit account towards the dues payable by the account holder/ s under some other account to the Bank.
Accounts not Maintained Regularly :
Account holder are advised to pay the agreed daily minimum amount regularly and without fail and incase such a regularity is not maintained for a period of 3 Months, the Bank reserves the right to close the same by collecting a service charge of Rs.10/- and remit the balance by pay order to the account holder.
Closure of Account :

The account holder should produce the confirmation of balance slip given to him last with a request to close the same and give him the balance outstanding to the credit of the account together with interest thereon. The interest payable under this scheme is related to the period of deposit which is given below :


 Period of Deposit

Rate of Interest

 Upto 18 months


 19th month to 24th month

2 %

 25th month to 36th month

3 %

 37th month to 40th month

4 %

 49th month to 60th month

5 %

 61 months and over

6 %

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 is bound by such alterations in the rules.
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