Sunaulo Bhavishya Yojana

To cater to people who have the habit to save in a regular basis and avail the bulk sum at the end with a high yielding interest rate the bank launched the recurring deposit. The deposit is targeted among the middle class families who save for specific purpose like purchase of items, marriage etc.

Every drop counts – The best way to plan for your future needs is by way of opting sunaulo Bhavishya Yojana which is most suitable for accumulating regular small savings into substantial amount. You can plan and provide for a large investment amount at a future date out of regular small savings. On maturity you shall get the principal amount (i.e. the installment) along with half yearly compounded interest.

Participation in the scheme
Any individual including minor, proprietorship, partnership, Associations, Company, Corporate bodies, Trusts, Charitable and Educational institutions, Municipality etc. can open the account.

Deposit Amount
Minimum amount for opening an account is Rs. 100.00 and amount can be deposited in multiples of Rs 100. The amount of installment need be fixed at the time of opening the account.

Period of Deposit
12 months to 36 months in multiples of 12 months.

Maturity Value
Paid in lumpsum at the time of maturity.

Premature Withdrawal
Allowed at 1% lower interest rate than the published deposit rate for the deposited period or prescribed rate (Whichever is lower).

Loan
Loan available upto 90% of the deposited amount at 1.25% higher rate than the published deposit rate.

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.