A "Parivar Thev Yojna" is a deposit scheme designed to help families save and plan for their financial future. It's not a single product but often a combination of different deposit options tailored for a family's needs.
Here's what this scheme likely offers, based on common practices in cooperative banking:
1. Flexibility in Deposits:
- Combination of Accounts: The scheme may allow a family to open multiple types of accounts under one umbrella, such as a mix of fixed deposits (FD), recurring deposits (RD), and savings accounts.
- Joint Accounts: It likely encourages the opening of joint accounts for family members, making it easy to manage finances together.
- Targeted Savings: The scheme may have a component for specific family goals, such as children's education or a retirement fund for parents.
2. Attractive Interest Rates:
- Cooperative banks often offer competitive interest rates on their deposit schemes to attract customers.
- The interest rate for the "Parivar Thev Yojna" may be higher than a standard savings account, especially for the fixed and recurring deposit components.
- Interest Rate - Click Here
3. Nomination Facility:
- As per the Reserve Bank of India (RBI) regulations, all deposit accounts must have a nominee. The "Sanmitra Parivar Thev Yojna" will have a clear and simple process for adding and updating a nominee, ensuring the security of the funds for the family.
4. Additional Benefits:
- Loan Against Deposit: The bank might offer a facility to avail loans against the family's deposits, providing liquidity when needed.
- Locker Facility: Customers with substantial deposits under this scheme may be given preferential access to the bank's locker facility.
- Insurance Cover: Some cooperative banks tie up with insurance companies to offer a small insurance cover (e.g., accidental death or personal accident) as an added benefit to the depositors.
5. Purpose of the Scheme:
- The primary goal is to promote a culture of saving and financial planning within families.
- It aims to provide a secure and stable investment option for households.
- It is designed to be a convenient way for families to manage their collective savings and achieve their financial goals.
