This scheme allows the members for availing Rs.50, 000 to Rs.5, 00,000 for a period of 25 to 100 months.
- Facility for remittance of instalments through Savings Bank accounts.
- Those who are away can pay their instalments without coming to the bank through RTGS/NEFT transfer
- You can avail the money 7 days after the GDCS is awarded.
Participation in the auction
A subscriber can participate in the auction, which will be conducted in the Branch where the Group Deposit Scheme pertains to, either in person or through proxy.
A subscriber can authorize the concerned branch manager to be a proxy to his ticket by signing on a proxy form specifying the amount up to which the ticket has to be bid. This proxy will be valid for a maximum of 12 months. Alternatively subscriber can authorize any person, above 18 years of age, to participate in any of the auctions by forwarding a proxy form duly signed and stamped in the format prescribed at the last page of passbook.
Securities acceptable for payment of Prize Money
The types of security acceptable for chitty prize money payment, belong to various categories like personal sureties (of employees of Government, aided schools, public undertakings, banks etc.), financial documents (like fixed deposits with banks and reputed organizations, , landed property or Gold ornaments.