Minimum & Maximum Contribution.

• Minimum Rs.100.00 and in multiples of Rs.100.00. However, daily collection per day per account shall not exceed Rs. 5,00,000/- (Maximum no limit in a month). In case, there is a
  break in collection of amounts and the member’s wants to deposit higher amount to compensate for the absence period, the amount can exceed per day cap of Rs.5,00,000/-.

Loans Against Daily Deposit

Documents Required :

Duly filled form with the following details by Member:

• Income Proof of Applicant(s) & Guarantor(s)
• Residential Proof of Applicant(s) & Guarantor(s)
• PAN Card of Applicant(s) & Guarantor(s)
• KYC of Applicant(s) & Guarantor(s)
• 2 Photographs

Note : Aadhar card is mandatory to open account

Prime Security

• Existing Dwelling Unit.

*Two Acceptable Guarantors and Security holders to be also taken as guarantors.

Mode of Payment.

• Payments to the account can be made by the depositor either by personally calling at the Sanatan CCSL or through an authorized agent of the Sanatan CCSL.
• The authorized agent of the Sanatan CCSL will call at the depositor’s door, daily/ at least once a week, for collection of the deposits and for issue of Daily Deposit Scheme (DDS) cards.

Time period.

• Choice will be given to the customers opt for 12 months, 24 months, 36 months, 48 months and 60 months.

Nomination.

• Nomination Facility is available.

Loan on DDS account.

• In times of need, the depositor may take a loan not exceeding 75% of the Daily Deposit Scheme (DDS) on the security of the amount at credit subject to a minimum loan of Rs.500/-.Loans will carry interest at 7% per annum subject to change as per the Sanatan CCSL policy. If the depositor fails to pay half yearly interest on the loan amount, the deposit account will be closed immediately and adjusted to the loan account and the balance be refunded to the depositor.

Rate of Interest

a) 6 month to 12 months – 2.0%
b) 12 months – 2.5%
c) Above 12 months to 24 months – 6.0 %
d) Above 24 months to 36 months – 7.5 %
e) Above 36 months to 48 months – 9.0 %
f) Above 48 months to 60 months – 9.5 %

Premature/Withdrawal Closure.

• If a depositor so desires, he/she may be permitted to withdraw the deposit. However, premature withdrawal of deposit will be permitted only if the deposit has completed at least 6 months period.
• If the DDS account is closed before 6 months a penalty of 3 % shall be levied, i.e., balance lying in the DDS account less 3 % of the balance shall be paid to the account
  holder and no interest shall be paid.
• If the DDS account is closed after 6 months but before 12 months, no penalty will be charged, i.e., the amount lying in the account shall be paid and no interest shall be paid.
• If the DDS account is closed after 1 year, interest applicable for the relevant period shall be paid to the account holder.

Terms- “The Sanatan Co-Operative Credit Society Ltd. reserves the right to unilaterally revise or modify its terms and conditions, including, but not limited to, rates of interest, fee structures, product features, and scheme eligibility/benefits. Any such revisions shall be effective immediately upon approval by a resolution passed in either the Annual General Meeting (AGM) or a Special General Meeting.” ( The T&C applicable for all products )