Sanatan Nitya Nidhi Bachat Yojana

Overview/Introduction- Sanatan Nitya Nidhi Bachat Yojana is a monetary deposit scheme introduced to help daily wage earners, small traders and farmers etc., to inculcate saving habits.

• Money in amounts as small as Rs.100/- (Rupees One hundred only) can be deposited into an account on a daily basis, Which grows over a period into a lump sum amount.

Who can open Sanatan Nitya Nidhi Bachat Yojana:– This deposit scheme is suitable for the needs of businessmen, professionals, wage earners, teachers, salaried personnel, traders, housewives, etc. Under this scheme, one can save money with the sanatan CCSL regularly as per their convenience. They need not visit the Sanatan CCSL for doing so as the authorized agent collects their savings at the accountholder’s doorstep at regular intervals.

• Individuals, Proprietorship or Partnership firms, Clubs and Associations.
• Account under this scheme may be opened by individuals either in single name or in joint names. Accounts may be opened in the name of minors, duly represented by their guardians, with a declaration of the minor’s date of birth by the guardians.  An application cum signature card prescribed by the Sanatan CCSL policy has to be signed by the applicants for opening the Sanatan Nitya Nidhi Bachat Yojana account.
• The authorized agents are not permitted to open Sanatan Nitya Nidhi Bachat Yojana account in their own names.

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 depositor wants to deposit higher amount to compensate for the absence period, the amount can exceed per day cap of Rs.5,00,000/-.

Documents required.–

• Identity Proof and Address Proof: Passport / Aadhar card / Driving License / voter ID card PAN card Photographs- 2
• The account is subject to a mandatory lock-in period of six months, during which no withdrawals are permitted by the account holder.

Note : Aadhar card is mandatory to open account

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 Sanatan Nitya Nidhi Bachat Yojana 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 Sanatan Nitya Nidhi Bachat Yojana account.-In times of need, the depositor may take a loan not exceeding 75% of the Sanatan Nitya Nidhi Bachat Yojana on the security of the amount at credit subject to a minimum loan ofRs.500/-. Loans will carry interest at 9% 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.

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 Sanatan Nitya Nidhi Bachat Yojana account is closed before 6 months a penalty of 3 % shall be levied, i.e., balance lying in the Sanatan Nitya Nidhi Bachat Yojana account less 3 % of the balance shall be paid to the account holder and no interest shall be paid.

-If the Sanatan Nitya Nidhi Bachat Yojana 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 Sanatan Nitya Nidhi Bachat Yojana 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.” ( this term applicable for all products )