Shamrao Vithal Cooperative (SVC) Bank is a scheduled cooperative bank with a history of over 110 years of banking. The bank has presence in over 10 states, with more than 178 branches and a turnover of over Rs. 20,000 crore. The bank recorded an 11% hike in its net profits and a 16.6% rise in its total deposits at the end of March 2015, indicating strong financials.
SVC Bank offers attractive interest rates and flexible terms for fixed deposit schemes. It offers both short-term and long-term deposits, along with tax saver plans, recurring deposits and cash certificates.
The key features of the Fixed Deposit schemes of Shamrao Vithal Cooperative Bank are as given below:
There are very few criteria you need to meet to be eligible to open a fixed deposit account with the Shamrao Vithal Bank. Let’s see what they are.
To open a fixed deposit account with Shamrao Vithal Bank, the following process needs to be followed:
Yes. A minor can open a fixed deposit account under the supervision of a guardian who should be major. All withdrawals and transactions made on an account in the name of a minor should be handled by the guardian.
Yes, but you will have to pay a premature withdrawal penalty of 1 percent of the deposited amount.
Yes, you can. You can use the deposit receipt as collateral to get up to 90% of your total deposit amount as loan.
Up to 4 individuals can jointly open a fixed deposit account with SVC Bank. They can either choose joint operation of the account, operation rights only to one person, or to all persons individually, among other options.
In the application form, you have to nominate one person as beneficiary of your account. If the original account-holder dies before the scheme reaches maturity, the nominated persons will receive the total maturity amount.
In the application form, you have to appoint a guardian to the nominee. This person will receive the total amount instead of the minor nominee.
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