Special Deposit Schemes Offered by Andhra Pragathi Grameena Bank

Special Deposit Schemes Offered by Andhra Pragathi Grameena Bank

Andhra Pragathi Grameena Bank is one of the largest Regional Rural Banks in India having its Head Office at Kadapa. Andhra Pragathi Grameena Bank offers its banking services with its 551 branches in 10 districts in Andhra Pradesh since 01/06/2006. Andhra Pragathi Grameena Bank has been offering its financial and banking services for the growth and development in rural and semi–urban area of Andhra Pradesh by promoting financial inclusion by opening bank accounts, encouraging investments and providing agri/ institutional credit to unbanked and underbanked persons of these areas.

Andhra Pragathi Grameena Bank offers some of the Special Deposit Schemes to its customers, which are,

• Pragathi Lakshadhikari
• Pragathi RD Flexi Deposit
• Nitya Nidhi Daily Deposit

(1) Pragathi Lakshadhikari

Pragathi Lakshadhikari is a scheme offered by Andhra Pragathi Grameena Bank which is launched with an objective to make the customer a "Lakhpati or Lakhier". When a customer openes an account under this scheme, he is required to deposit a fixed monthly installment for a specific period of time. On maturity, he will become a lakhpati.

Suitable for Whom?

• Who want to become Lakhpati or Lakhier
• Who can deposit money on monthly basis for a fixed period of time

Features of Pragathi Lakshadhikari

• It is a type of recurring deposit where monthly deposits are required to be made
• Nomination facaility is available
• Loan against deposit is available
• Premature closure is permissible

Eligibility Criteria

Any individual can open this account. Joint holding with one or more persons is also allowed.

Amount of Deposit

The customer is required to deposit Rs.1,340 every month.

Interest Rate

Tenure

The period of deposit of installments is 5 years 3 Months and the total number of installments is 63.

Maturity

One month after the last instalment has been paid or on the expiry of the period for which the deposit was accepted , whichever is later.

(2) Pragathi RD Flexi Deposit

Pragathi RD Flexi Deposit is a scheme offered by Andhra Pragathi Grameena Bank which gives the depositor the flexibility to select any amount of deposit as per his convenience and pay the installment at any time of the month and in any number of times in a month or during the deposit period.

This scheme is introduced with an objective of providing flexibility of changes in instalment amount.

Suitable for Whom?

• Who want flexibility in amount of installment as per their convenience
• Who do not wish to deposit fixed amount every month

Features of Pragathi RD Flexi Deposit

• It is a type of recurring deposit where monthly deposits are required to be made
• Minimum monthly installment amount is Rs100 and maximum is Rs50000
• Quarterly payout of interest
• Nomination facaility is available
• Loan/Over Draft against deposit is available
• No penalty will be levied for late deposit of installments
• Premature closure is permissible, however, in case of premature withdrawals, maximum 1% penalty can be levied
• Property Value and Type: The value and type of property being financed also impact loan eligibility. Lenders may have specific criteria for different types of properties, such as apartments, plots, or ready-to-move-in houses.

Eligibility

Any resident individual can open this account.

Document Required

• Filled in Application Form
• 2 Photograph of depositor
• Officially valid documents as per KYC Norms
• PAN Card or Form 60 or 61
• Any other related documents required by the bank

Amount of Deposit

Minimum deposit amount for most of the Pragathi flexi recurring deposit is Rs. 100 and then in multiples of Rs. 100, which can be increased as per the customer's convinience and can be up to maximum Rs. 50,000 per month. No interest penalty will be levied for delayed payment or non-payment of installment during the deposit period.

Tenure

The period of deposit of installments is from 12 Months to 60 Months.

(3) Nitya Nidhi Daily Deposit

Nitya Nidhi Daily Deposit has been launched by Andhra Pragathi Grameena Bank with an objective of offering a savings scheme to the daily income earners to park their surplus funds. This scheme gives a facility to the customers under which an authorized agent of the bank collects the daily deposits from the customer's doorstep i.e. houses/business places.

Features of Nitya Nidhi Daily Deposit

• It is a daily deposit scheme offered to the daily income earners, daily wage earners, small traders/ shopkeepers or daily savers of small means
• Minimum amount is Rs.50 and in multiples of Rs.5 thereafter
• Nomination facaility is available
• Loan against deposit is available
• Daily doorstep collection is arranged by the Andhra Pragathi Grameena Bank

Target Customers

• Daily income earners
• Daily wage earners
• Small traders
• Small shopkeepers
• Daily savers of small means

Eligibility

Any resident individual can open this account singally or jointly.

Document Required

• Filled in Application Form
• 2 Photograph of depositor
• Officially valid documents as per KYC Norms
• PAN Card or Form 60 or 61
• Any other related documents required by the bank

Tenure

The period of deposit of installments is 63 Months.

How to Open Nitya Nidhi Daily Deposit Account?

Nitya Nidhi Daily Deposit Account can be opened by visiting any of the branches of Andhra Pragathi Grameena Bank.

Amount of Deposit

Minimum amount is Rs.50 and in multiples of Rs.5 thereafter