Category Archives: savings

Group Saving

Biscol is a community, group based organization. Members who have the same objectives and interests can be united under a group and deposit in group saving account. The rate of interest  is 6 percent.

Fixed Deposit

For a certain period of time a member can deposit Rs. 1000 to  Rs. 20 lakhs for one  to  three years at the rate of 8.5 to 10.5 percent interest. If depositor wants to withdraw the amount before the time he  can get 90 percent of deposited amount as loan with 2 percent plus interest. The amount more than 20 lakhs can also deposited according to agreement.

Special Saving

It is a kind of saving  account To open this account it requires Rs. 5,000.00. Rs.2,00,000 can be withdrawn per day  The rate of interest is 7 percent. It is targeted for the members having large scale of business and any member must operate this account who takes more than or equal to Rs. 200,000.00 amount of loan.

Festival Saving

Any member can save amount of Rs. 25 or divisible by 25 for the period of one year for the purpose of celebration of festival. The rate of interest is 6 percent per annual. If depositor wants to withdraw before he has to pay 5 percent service charge. There is a facility of taking loan 90 percent of deposited amount.

Child Education Saving

It is voluntary saving. Any child  less than 16 years old can save Rs.100 or divisible by 100 monthly. It can withdraw after 16 years old or S.L.C. Passed .The rate of interest is 7%. It can be withdrawn before 16 years paying 5% service charge. It can be used in child education purpose, guardian can open this saving account on the name of child less than 16 years.

Daily Saving

It is a voluntary saving. A member can save Rs 5 -10 or divisible  by 10 daily. It can be withdraw after 6 months. The rate of interest is 6 percent. There is facility of 90% loan against the deposited amount.

General Saving

This Account can be opened with   Rs.500. Depositor can withdraw Rs. 100000  per day. If he wants to withdraw more than Rs 100000 in a day he/she has to give pre information before 7 days. The rate of interest is 6.5 percent.

Regular Monthly Saving

A members has to save Rs.25 to 100. monthly. It is for old age provision. It can be withdraw after 50 years age of the member. The rate of interest is 7%. If a member wants to withdraw , the age of 50 yrs  can withdraw exceeding the minimum balance of Rs. 10,000.00.