Deposit Schemes

Deposit Schemes:

Manipur Rural Bank has been providing basic banking services and developing a regular banking habits to the public so that they can get their basic financial rights. The Bank provides following deposit Schemes with an objective to fulfil public’s requirements.

 

Savings deposit:

Your money will be saved with us. A saving account is for depositing our day to day surplus. You can withdraw your money whenever you need it.

 

How to open: You can open an MRB Saving Account by submitting following documents:

  1. Duly filled upped Account opening form (click here to download)
  2. Two recent passport size photograph
  3. Your KYC documents (click here for KYC details)

 

What will you get:

Saving account will promote your savings habit.
You can earn income by way of saving bank interest.
No restriction on the number and amount of deposits but PAN details are required to be furnished for cash transactions exceeding र50,000.
You will get Bank passbook, CTS chaque and ATM cum Debit Rupay Debit Card of MR Bank.
You can withdraw your money by cheque or withdrawal slip or ATM cum Debit Rupay Debit Card of MR Bank.
The rate of interest payable is 4%.
A minimum amount has to be kept on saving account to keep it functioning.
Saving account passbook acts as an identity and residential proof of the account holder.
You can link your saving account with your Adhaar No. DBTL, insurance policies etc.
You can get all your basic financial rights through your saving accounts.

 

Current Deposit:

Current Accounts are mainly for businessmen and are not used for investment or savings purpose. With this account there are no limits for number of transactions or the amount of transactions per day. Maximum currents are opened in the names of firm / company accounts. No interest will be paid by banks for these accounts instead banks charges certain service charges.

 

How to open: You can open an MRB Current Account with the following documents: Please click download for downloading Current account opening form. Download

 

Two passport size photographs
KYC documents (Click here for more details)
Get signed from an introducer’s as per Bank’s norms

 

Benefits of Current Accounts:

 

It will enable you to carry out your business transactions properly and conveniently.

 

You can obtain overdraft facility as per bank norms.

 

Term deposit:

Term deposit account is for depositing for period suitable to your needs. This may earn interest at higher rate than saving account. You can also withdraw before the due date but in that case you will get less interest.

 

Manipur Rural Bank has the following Term Deposit schemes. For details of the schemes please visit your nearest Manipur Rural Bank Branch.

 

Please click download for downloading Current account opening form. Download

  1. Monthly Income Plan
  2. Monthly Income Plan
  3. Re Investment Plan
  4. Cash Certificate

 

Revision of rates of interest on domestic Term Deposits w.e.f 10.08.2015 (Rate of interest % per annum)

Sl. No. Period of DepositRevised Rates w.e.f. 10.08.2015
Other than Sr. CitizenRate for Sr. Citizen
17 Days to 14 Days4.004.00
215 Days to 29 Days4.004.00
330 Days to 45 Days4.004.00
446 Days to 60 days6.006.00
561 Days to 90 Days6.006.00
691 Days to 180 Days7.007.00
7181 days to 269 Days7.257.25
8270 Days to less than 1 Year7.507.50
91 Year7.758.25
10Above 1 year to less than 2 years7.508.00
112 years to less than 3 years7.508.00
123 years to less than 5 years7.508.00
135 years and above7.508.00

If Term Deposit is closed prematurely withdrawn within 7days from the date of deposit.No interest will be paid
If closed prematurely beyond 7days and withdrawn the deposit.1% penalty will be levied on the rate of interest applicable for the period the deposit remained with the Bank.
If prematurely withdrawn for reinvesting the deposit for a period longer than the residual period of the original deposit.Interest will be paid at the rate applicable on the date of original deposit for the period for which the deposit remained with the Bank without applying any penalty of 1 %.
If the term deposit is renewed by premature withdrawal for a period shorter than the remaining period of the deposit.Penalty will be charged @ 1 %.

 

Recurring deposit

Recurring deposit account is for depositing an amount periodically say every day or every week or every month for a certain period. This may also earn interest at higher rate than saving account. You can also withdraw before the due date but in that case you will get less interest. This type of deposit is especially for those people who earn small and regular incomes.

 

For details of the schemes please visit your nearest Manipur Rural Bank Branch. Please click download for downloading Current account opening form. Download

 

Benefits:

With smaller investment per month you can get interest rates similar to that of regular Fixed Deposits.