Deposits Schemes

Model Bank extends a host of Personal Banking Services to suit the Banking Needs of Every Customer.

We give priority to customer's needs of Personal Banking at Model Bank with our innovative, attractive, technology enabled products and services which not only compete with other Bank's products but also bring a feasibility, ease of transactions to our customers.

We offer a bunch of Personal Banking Products like:

  • Saving Accounts
  • Current Accounts
  • Term Deposit Products such as MSD, MKD,MNND etc.,
  • Various Personal Loan Products

All our personal banking products come with friendly features and attractive interest rates. We help you fulfill your dreams with our Products i.e., Car Loans, Home Loans, Business Loans, Education Loans. Our Personal Banking services are different, suiting the needs of every customer. After all a satisfaction on your face that is what we wish to see.

SAVINGS BANK ACCOUNT

A rupee saved is a rupee earned – Save with Model Bank.

Features:

  • Minimum balance (without cheque book facility) – Rs.100/-
  • Minimum Balance (with cheque book facility) – Rs.1000/-
  • SMS Alerts on your mobile
  • Savings Bank Interest Applied on Daily Products.
  • Cheque Leaves with CTS 2010 standard are issued.

CURRENT ACCOUNT

Current Account can be opened by Individuals / Businessmen / Proprietorship concerns/ Partnership Firms / Public Ltd., or Private Limited Companies.

Features:

  • No restriction on transactions either in number or in amount.
  • Minimum balance required for opening of the account – Rs. 3,000/-
  • SMS Alerts on your mobile
  • Cheque Leaves with CTS 2010 standard are issued.

FIXED DEPOSITS

Deposits are accepted ranging from 30 days to 10 years and the maturity amount will be paid at the end of the period at an attractive rate of interest. All individuals / associations etc, are eligible to open the Fixed Deposit Account. Fixed Deposits can also be accepted for any period in multiples of complete months or even periods also.

Deposits of 30,90 and 181 days are automatically renewed together with interest for another term.

FIXED DEPOSITS – MID/QID

Deposits are accepted ranging from 1 year to 10 years and the interest is paid at regular intervals (monthly, quarterly, half and yearly) at an attractive rate of interest. All individuals / associations etc. are eligible to open the Fixed Deposit Account. Fixed Deposits can transferres to you’re a/c anywhere in India through RTGS/NEFT.

RECURRING DEPOSITS

  • The Scheme is aimed at mobilizing the savings of Salaried Employees and Wage earners
  • Helps depositors to plan their savings in order to meet their future contingencies like marriage expenses, higher education, retirement etc..
  • Under the scheme, depositor shall pay every month a specified amount for a specific period in order to receive the targeted amount on the date of maturity.
  • Deposits are received for definite periods of 6, 12, 24, 36, 60 months for completed months
  • Deposits can be opened independently or in joint names or by a firm / company / association.
  • Monthly installments and period of the deposit cannot be altered subsequently under any circumstances.
  • Loans can be granted at the discretion of the Bank subject to margins and rate of interest prescribed by the Bank.

Requirements to open any of the above A/C'S

  • 2 Photos
  • Introduction from existing Current Account holder / Customer of the Bank.
  • PAN Card
  • Address proof (you can provide any of the following)
  • Aadhar Card
  • Ration Card
  • Driving License
  • Voter Card
  • Passport
  • Electricity Bill
  • Telephone Bill
  • Gas Connection Slip
  • Identification proof (you can provide any of the following)
  • Ration Card
  • Driving License
  • Voter Card
  • Passport
  • PAN Card
  • For Partnership Firm / Public or Private Limited Companies other required Annexure.

Interest Rates on Deposits

W.E.F 01/07/2020

S.No Slab/Category Rate of Interest General (%) Rate of Interest Sr.Citizen (%)
1. Savings Deposits (On Daily Products) 3.50 4.00

*  No TDS on Deposits. If depositotrs submit 15G/15H.

*  Deposits Insured under DICGC.

*  Savings Bank Interest Applied on Daily Products.

Interest Rates on Term Deposits

W.E.F 01/07/2020

S.No Slab/Category Rate of Interest General (%) Rate of Interest Sr.Citizen (%)
1. 45 Days to 364 Days 6.00 6.50
2. 1 Year to 2 Years 7.00 7.50
3. 2 Years to 3 Years 8.00 8.50
4. Above 3 Years 7.00 7.50

*  No TDS on Deposits. If depositors submit 15G/15H.

*  Deposits Insured under DICGC.

*  Savings Bank Interest Applied on Daily Products.