Cumulative Deposit Scheme

In case you require bulk amount in future to meet your financial needs like children's higher education, their marriage etc. open an account under Cumulative Deposit Scheme and earn higher term deposit interest on quarterly compounding basis. Main features of the scheme are as under:-

Participation in the scheme
Any individual including a minor, Proprietorship/Partnership Firms, Associations, Company/Corporate Bodies, Trust, Charitable and Education Institutions, Municipalities, Government/Quasi Government Bodies, NGOs, INGOs etc can open account under the scheme.

Deposit Amount
Minimum Rs. 5000/-

Period of Deposit
6 months upto 5 years

Maturity Value
Principal amount of deposit with upto date interest shall be paid on maturity date.
   
Premature Cancellation
If any depositor desires to withdraw the deposit before maturity, bank may at its discretion, repay the deposit with upto date interest at the rate applicable to the period for which deposit remained with the bank less penalty. Compounded interest is to be paid on the deposit upto the completed quarter and for further broken period interest will be calculated at the applicable rate on principal plus interest upto the completed quarter.

Overdue Deposit
The bank may at its discretion, allow interest on overdue deposit from the date of maturity provided the deposit is renewed from the date of its maturity for at least 15 days from the date of presentation.

Loan/overdraft
Allowed at 1.5% over deposit rate.
For further details contact the branch
The account opening form can be collected from the branch or downloaded by clicking here. The duly filled account opening form along with the relevant document can be submitted at the branch near you.

Required documents for deposits:

Minimum Balances for accounts may vary across branches.
For personal accounts:

• Citizenship Certificate or Passport
• 2 PP size photos

For Sole Proprietorship:

• Registration Certificate
• Tax Certificate
• Citizenship Certificated Proprietor
• 2 PP size photos

For Partnership Account:

• Partnership Agreement deed
• Firm Registration Certificate
• Tax Certificate
• Citizenship Certificate of Partners
• 2 PP size photos of partners

Limited Company Account:

• Registration Certificate
• Memorandum & Articles of Assocation
• Name, Address of directors & Office Bearers of the Limited Company with copy Citizenship Certificate
• Name & Signatures of the Persons Authorised to Operate an account
• Operation Commencement Certificate (for Public Ltd. Co.)
• Resolution of Board of Directors regarding opening & conduct of an account
• Tax Certificate

Club Society & Association Account:

• Registration Certificate
• List of Office Bearers
• Resolution Regarding Opening & Conduct of Account
• Name & Signature of the persons authorized to operate the account

- All EBL branches are now connected by ABBS.