A savings account is the most basic account available in the Co-operative for the purpose of savings. It is an account that allows you to pool in your finances and manages them. The funds are available to be withdrawn at any time. With the different needs and requirements of the customers, Co-operative have begun offering attractive interest rates.
This is an operative account with an inbuilt capacity to earn interest.
Savings accounts are suitable for Senior Citizens, Students, Professionals, Women, and Salaried etc. to meet their needs.

Here are some features of savings account:

• A savings account comes with a passbook.
• You can receive payments and make payments from your savings accounts
• Permitted debits and credits can be set up from your savings accounts by way of Standing Instructions
• A savings account earns 4.5% PA interest rate at present but allows the customer the freedom to withdraw funds at any time subject to a limit on monthly withdrawals.
• It is possible to pay bills from your savings account.
• Co-operative also send transaction alerts to their customers via SMS.

What are the benefits of a savings account?

While a savings account has a lot of utility and earns interest at 4.5% per annum at present. There are many benefits available for savings account holders. Let us consider them.

Here are the benefits of having a savings account:

Liquidity

One of the benefits of opening a savings account is that it offers you liquidity.

Safety of funds

A savings account is a safe avenue to keep your funds rather than keeping it on hand where it is susceptible to get lost or stolen and earn nothing.

Convenient fund transfers

It is extremely simple to make fund transfers from a savings account by providing instructions to Co-operative through their registered E-Mail. Amount is transferred to beneficiaries’ account/s through NEFT / RTGS.

Joint accounts

There are benefits of a joint savings account. Having a joint account provides greater flexibility since all the joint holders can operate the Savings account. It makes it easy to track spends and incomes. A joint account can be maintained for household incomes and expenses which is excellent for financial planning.

Who can open the Account?

A member of our cooperative may open an account. (Above 18 years of age)

FEATURES OF SAVINGS CO-OPERATIVE ACCOUNT

• Easy to open an account with a small amount.
• Easy to deposit and withdraw money.
• Passbook is provided to each member, hence recording all transactions.

DOCUMENTS FOR OPENING ACCOUNT

• Passport size photos (3 nos.)
• Copies of Identity: Aadhar (optional) /Pan/Voter ID/Passport or any other document containing the photo and address of the applicant.
• Application form with specimen signature card.