Savings Account
Open a savings account and enjoy competitive interest with full banking benefits.
A Savings Account at Rashtrakuta Souharda Sahakari Bank is your gateway to comprehensive banking services. Earn competitive interest on your savings while enjoying the convenience of modern banking facilities including internet banking, mobile banking, and free ATM/debit card. Our savings account comes with the RTGS/NEFT/IMPS facility for instant fund transfers to any bank across India. The basic savings account requires no minimum balance, making it inclusive and accessible to all sections of society. Nomination facility and free passbook are provided to all account holders.
Interest Rate: 4% p.a. (on daily balance)
Minimum Balance: NIL (Basic Account)
Savings Account Interest Rates
Secure your future with high-return deposit schemes offering flexible tenure options and attractive interest rates.
Savings Account Interest Rates
| Time Period | Interest Rate | Special Interest |
|---|---|---|
| 7 days ? 29 days | 4.00% | 4.50% |
| 30 days ? 45 days | 5.00% | 5.50% |
| 46 days ? 90 days | 6.00% | 6.50% |
| 91 days ? 180 days | 6.50% | 7.00% |
| 181 days ? 270 days | 7.00% | 7.50% |
| 271 days ? 364 days | 7.25% | 7.75% |
| 1 year | 8.00% | 8.50% |
| 1 year ? 2 years | 8.50% | 9.00% |
| 2 years ? 3 years | 9.00% | 9.50% |
| 3 years ? 5 years | 8.75% | 9.25% |
| Above 5 years | 8.50% | 9.00% |
Terms & Conditions
Special interest rates are applicable for senior citizens, women above 51 years, disabled soldiers, government employees, bank employees, and retired employees as per society norms.
Savings Account Highlights
- Free ATM debit card
- Internet & mobile banking
- RTGS/NEFT/IMPS facility
- No minimum balance (basic account)
- Nomination facility
- Free passbook
Eligibility
This deposit may be opened by:
- Individual members
- Joint account holders
- Minors through guardian
- Hindu Undivided Families (HUF)
- Partnership firms
- Companies and institutions
- Trusts, associations, and cooperative organizations
| Deposit Amount & Tenure | |
|---|---|
| Minimum deposit amount: | Rs. 2000/- |
| Maximum | No specific upper limit (Subject to policy) |
| Tenure Options | Short-term, Medium-term, and Long-term deposits available. |
Loan Against Savings Account
Available with margins based on the residuary period (from loan date to maturity date):
| Residuary Period of Deposit | Margin | Amount of Loan |
|---|---|---|
| Less than One year | 10% | 90% of Deposit Value |
| One year to Less than Two years | 15% | 85% of Deposit Value |
| Above Two years | 25% | 75% of Deposit Value |
The rate of interest chargeable on the Loans shall be 2% more than the rate of interest payable on the term deposits for General Public & 1% More in case of for Senior Citizen. Maximum period 1 year / 12 months for Over Draft Facility against term deposits.
Nomination Facility
Nomination facility is available for Savings Account accounts to ensure that the deposit proceeds can be transferred to the nominee in the event of unforeseen circumstances.
Auto renewal of deposit
Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance.
Overdue deposits
If a Term Deposit matures and proceeds are unpaid, the amount left unclaimed with the Bank shall attract rate of interest as applicable to saving account or the contracted rate of interest on the matured Term Deposit, whichever is lower or as per RBI guidelines charges from time to time.
Interest Rates
Interest rates on Savings Account are determined based on the deposit tenure and prevailing policies of the society. Members are advised to refer to the Interest Rates page or contact the branch for the latest rates.