1. Long Term Deposit Policy of Rajkot
Nagarik Sahakari Bank vis-à-vis Indian
Bank
Rohan Tigadi [872]
Principles and Practices of Banking
National Law University, Jodhpur

2. Rajkot Nagarik Sahakari Bank
 Established on 5th October, 1953 in Rajkot,
Gujarat.
 Keshavlal Amruthlal Parekh was the founder of
the bank
 Presently, the bank has 2,50,000 shareholders
and a deposit base Rs.2132.73 crores.

3. Recurring Deposit
 Ideal Scheme for salaried class investor.
 Recurring Deposits are a special kind of term
deposits offered by banks in India which enable
people with fixed income to deposit part of their
account.
 Any individual can open a recurring deposit
account
 Minimum amount of monthly installment is Rs.
100
 Irregularity in the deposition of deposits attracts
penalty.

4. Current Rate Of Interest.
 12 Months 9.00%
 24 Months 9.00%
 36 Months 9.00%
 60 Months 9.00%

5. Fixed Deposits
 Any individual introduced by the Existing Account
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holder, Shareholder member or any gentlemen
known to the bank
Maximum of 3 names are allowed in Joint
Account
Minimum Amount of Rs.1000
Nomination Facility available.
Share Membership is offered to depositor for FDr
amount exceeding Rs. 1,00,000 in double
scheme.

6. Types of Fixed Deposits
 Re-investment: In this scheme interest is re-
invested and compounded on quarterly basis.
 Monthly Regular Income Scheme: In this
scheme, interest is paid on monthly basis. Ideal
scheme for pensioner /retired/ senior citizen.

7. Indian Bank: Introduction
 Indian Bank is state owned financial services
company headquartered in Chennai
 It has 22000 employees, 2100 branches and is
one of the public sector banks in India
 Since 1969, Government of India has owned the
bank after nationalization.

8. Long Term Deposits offered by Indian
Bank
 Recurring Deposits
 Fixed Deposits
 Deposit Scheme for Senior Citizens

9. Recurring Deposits
 Recurring Deposits are a special kind of term
deposits offered by banks in India which enable
people with fixed income to deposit part of their
account.
 The different type of recurring deposits provided
in Indian Bank
1. Insured Recurring Deposit
2. Variable Recurring Deposit
3. Swarna Nidhi Recurring Deposit

10. Insured Recurring Deposit
 Eligibility: RD account holders of the age group
18 to 55 years as on the date of opening
 Salient Features: A recurring deposit with low cost
life insurance cover.
 Amount: Rs. 10 to 10,00,000
 Period: 3-5yrs.

11. Details of Recurring Deposit Scheme
 Maturity value is the normal maturity amount less
premium paid by the bank towards insurance
cover.
 Nomination facility available
 No preferential rate of interest will be given to
senior citizens.
 No medical check-up is required for the RD
deposit holders of any age. A simple declaration
of good health is sufficient.

12. Variable Recurring Deposit
 A Recurring Deposit scheme with the option of
varying the monthly installments is called the
variable recurring deposit scheme.
 Period: 12 months to 120 months.
 Amount: Initial Deposit of Rs. 25 or in multiples of
Rs.25 upto a maximum of Rs. 1 lakh. Can vary
subsequent monthly installment subject to a
maximum of Rs. 10, 00,000 in a month.

13. Variable Recurring Deposit
 Loan, nomination and foreclosure requirements
 No penal interest on delayed payment of
installments

14. IB Swarna Nidhi Recurring Deposit
 A recurring deposit with the option to purchase
Gold coin of Indian Bank at maturity value.
 Period: 6 to 24 months
 Discounts on the gold coins to be purchased from
the proceeds at Rs. 25/- kilogram. Maturity value
of Rs.12,000 or more additional incentive of free
personal accidental insurance of Rs.1 lakh by
issuing IB Chatra Policy of the Bank

15. Facility Deposit
 A time deposit with built in Overdraft facility with a
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limit of 90% of Deposit Amount.
Amount: Minimum Deposit Amount – Rs.10,000/and further in multiples of Rs.1000/Period: 1yr to 3yrs.
Automatic Renewal Facility for Equal Period
Available under the Fixed Deposit Scheme

16. Deposit Scheme for Senior Citizens
 Amount: Rs. 1,000 to Rs. 5,00,00,000
 Suitable for senior citizens with additional rate of
interest and value additions
 Age proof of having completed 60 years
 Free fund transfer upto Rs. 5000 p.m. or interest
whichever is higher.
 Joint Accounts permitted but first name persons
should be senior citizens.

17. THANK YOU
ANY QUESTIONS?