"Like ants store grains for odd seasons; IBL clients save corpus fund"
The Regular Savings Deposit Service gives an opportunity to the IBL customers to save on a regular basis. It has been designed exclusively for the benefit of the IBL clients. The primary purpose of the RSD account is to inculcate the savings habit among the IBL clients. The smaller amount of money saved by the clients, will form as corpus fund, which further caters to meet out their family, festival, essential and emergency expenses. Savings habit not only develops the family but also the nation on the whole.
The RSD service is offered to the existing JLG clients of IDFC FIRST Bharat Ltd.
With simple procedures, the savings account is opened with IDFC Bank within minutes. Opting for RSDS, enables the clients to open savings account and the amount saved is deposited at IDFC bank. The passport photo and KYC document, provided while getting JLG loan is accepted as the proof document and there is no need not provide a separate document. Every account holder has to maintain a minimum balance of Rs. 100/- in their savings account.
Every account holder can save at multiples of hundred from Rs 100/- up to Rs. 1,000/-. The IBL staff will collect weekly saving amount along with the JLG loan installment at every centre meeting which is credited into the savings account of the customer. Further, money can be withdrawn at any nearby Micro ATM or IBL branch and for every transaction made, a receipt is provided to the client as a proof of every transaction.
Interest on savings is provided and the accumulated interests will be deposited in the client's savings account as according to the bank norms. No penalty or charges are deducted for the unpaid savings due. Further the clients can also make use Net banking /Mobile banking for transfer of their funds and vice versa. A SMS alert is sent to the client's registered mobile number confirming the transaction. Clients can also check their savings balance by dialling *99# or send SMS to 5676732.