IFSC CODE: YESB0CMSNOC

Ultra Savings Ultra returns

Save money at your convenience. A new deposit scheme comparable to the Bank’s Pigmy (1928) Deposit Scheme, but with added features for increased customer compatibility.

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Account Features:

The Equals Authorized agent will collect your savings at your doorsteps at daily or less frequent intervals in tune with your convenience. Any day after 12 months of opening the Deposit, the amount equal to or exceeding Rs.5000/- in the Deposit Account, can be transferred to a Term Deposit/Recurring deposit account at the ruling interest rate subject to the terms of the Scheme, listed below:

Minimum Contribution per occasion: Rs.500/-

Period of Deposit: upto 60 months​

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Get Happay HDFC Bank Master Debit Card & directly use your Equals Nidhi Ultra Daily Saving Account Balance without any hassle.

 

Facilities :

• Net Banking, Mobile Banking, NEFT, RTGS, IMPS, UPI facility.

• Happay HDFC Bank Master Debit Card.

• Automated conversion of savings into Term Deposit/Recurring deposit.

• No management fee or handling.

• Minimum Monthly Balance "NIL"

• Unlimited free financial consultations through our relationship manager.

• SMS notifications.

• Monthly Account Statement through Email and WhatsApp.

• Rs.2,00,000/- Life Insurance.

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Premature refund :

• Before 12 months: Permitted with penalty and without interest.

• 13 months & above : Interest on deposit will be paid at rates ranging from 8 % to 10%, depending upon the period for which the average deposit has remained in Term Deposit/Recurring deposit.

• Loan /Overdraft : Loan/OD available up to 75 % of the outstanding balance.

• Nomination facility : Available.

• Tax Deduction at source : No tax will be deducted on the interest earned on the Ultra Daily Savings Account(Before conversion).

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Conversion :

• The deposit can be converted in to a Term Deposit/Recurring deposit at the customer’s option after 12 months of opening the account provided the balance outstanding in account is Rs.5000/ or more. Or can opt to monthly recurring deposit conversion option.

•  The converted deposit should have a tenor equal to or exceeding the remaining maturity period of the original Ultra Daily Savings Account.

• Interest as on other Domestic Term Deposits/Recurring deposit of corresponding maturities will be applicable on converted deposit.

• Loan/overdraft will be available upto 75 % of the outstanding balance of the converted Term Deposit/Recurring deposit on the usual terms and conditions as are applicable to other Term Deposit/Recurring deposit.

• TDS rules in force as applicable to other Term Deposit/Recurring deposit will be applicable to the converted Term Deposit/Recurring deposit also.

• In case of premature closure of the converted Term Deposit/Recurring deposit, no advantage of Term Deposits/Recurring deposit, shall be applicable and the same rules as in the case of Ultra Daily Savings Account(collection account), will apply.

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Note:

• It’s mandatory to become member of Equals Nidhi Limited by purchasing minimum 10 share of face value Rs.10/- each. Total Shares of Rs.100/-.

• Amount of Rs.1000/- will be locked for period of 1 Year.

• Life Time Membership Fees of Rs. 200/-.

• Master Debit Card Charges Rs. 531/- inclusive of 18% GST. 

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Required KYC Documents:

1. Latest photograph
   2. PAN card
   3. Any one of the below:
   a. Aadhar Card
   b. Passport
   c. Driving License
   d. Job card issued by NREGA
   e. Voter ID card

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