Vasavi Nitya Nidhi (Pigmy) Deposit

VASAVI NITYA NIDHI DEPOSIT (VND) Scheme. This scheme is intended to mop up the small savings and is specially designed for daily savers of small means and based on daily door collection. The Bank’s Authorized agent will collect your savings at your doorsteps at daily or less frequent intervals in tune with your convenience. Interest will not be payable if VND account closed within 6 Months with deducting commission amount paid. After 6 Months VND account can be closed with out any Interest amount.

TDS Deduction will not be done if Copy of PAN with duly filled Form 15G / Form 15H submitted to the Bank as per IT Act

Bank allows opening of SB accounts for the following category

• An individual in his own name
• More than one person in their joint names
• A guardian on behalf of the minor
• Nomination facility available and Mandatory

Eligibility	Individual, Proprietorship, Partnership Firms,
Minimum contribution per month	Rs.50.00. However, daily collection per day per account shall not exceed Rs.1000/- (Maximum Rs.30000.00 in a month)
Time Period	60 Months
Rate of Interest	2.50 % w.e.f 01.10.2020
Loan Facility	Maximum 90 % of the outstanding balance
Premature closure	Period of VND Deposit Revised Rates Recovery of Penalty Less than 12 months Nil   Closure permitted after deducting 3% of the balance as penalty. Completed 12 months and less than 24 months Nil NA Completed 24 months and less than 36 months 0.50% NA Completed 36 months and less than 60 months 1.50% NA 60 months on maturity 2.50% NA