Savings Deposit Accounts are similar to Savings Bank Accounts of Nationalized and Private Sector Banks.
Savings Deposit Accounts can be opened with a minimum balance of Rs.1000/-
The maximum amount in Savings Deposit Account that is eligible for interest is 1,00,000/-.
Interest @ 6% per annum is given on daily minimum balance.
Interest credited half-yearly i.e. during the months of September and March.
Amount can be withdrawn by means of withdrawal slips available at Kovai Tech Nidhi Limited Offices.
Savings Deposit Accounts can be opened as “Individual”, “Either or Survivor”, “Jointly” or “Anyone or Survivor” modes.
No Loan Facility is available on Savings Deposit Accounts.
Amount can be remitted.
Fixed Deposits, Recurring Deposits and Savings Deposits can be opened in the name of minors also, who are duly represented by their natural guardian.