"We may be poor, but we are so many. Why don't we start a bank of our own ? Our own women's bank, where we are treated with the respect and service that we deserve."
- Chandaben, old clothes seller,
Founder - member, SEWA Bank
"How many times do we need to prove that poor women are bankable?"
Under this scheme, deposit Rs.40/- every month for five years and get the interest amount as follows. In case of any calamity after one year of joining the scheme, the member gets a loan (ned based) up to Rs.5000/- in lien of the savings kept with the bank.
Key Features:
This deposit scheme deals with monthly deposit of Rs.40, until a minimum period of 5 years.
Membership to this scheme can be obtained by
Any person in his/her name
On signature of the mother or the father
In the name of the child who is above 18 years.
An illiterate person can open an account in presence of a witness, and he has to submit passport size photograph.
The monthly deposit has to be made on the day at least before last day of the month.
Transfer from savings to ‘Chinta Nivaran' according to bank rules
If the amount deposited is more than that required to be deposited according to this scheme, then no interest will be given on the extra amount.
If any member wants to withdraw any amount before due date, then he will have to submit the required application seven days before such withdrawal. If he/she has given the installments for 6 months or more, then he will get the amount with the interest of 4%.
If the member does not deposit the money for more than 2 months, and even after proper notification of the bank, then the bank will transfer his amount if savings to chinta nivaran, and the bank will charge the fees of such notice to the account of the member.
If the account is opened and closed within 1 year, or 12 months, then Rs.5 will be charged as incidental charge.
Rs.
Months
Amount on Maturity Date
40
60
2,955
80
60
5,910
120
60
8,865
*As per RBI Rules and Regulations Bank's Board Of Directors has a right to change the scheme in Future
