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Any Indian Citizen who has completed 18 years of age and holding a valid PAN Card and Aadhaar Card
is eligible to open a Savings Account REDAL Mutual Benefit Nidhi Limited (Here in after referred as
RMB Nidhi Limited) after becoming a member by paying a non-refundable membership fee of Rs. 200/-
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The Applicant can choose to open either Zero Balance Savings Account or Regular Savings Account or
Premium Savings Account that are categorized in RMB Nidhi Limited.
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If the applicant chooses to open a Zero Balance Savings Account, the opening and minimum balance to
be maintained by the applicant as an account holder shall be Zero Rupees. The Rate of Interest for
Zero Balance Savings Account, effective 01 July 2020, is 3% per annum based on daily minimum balance
and the interest amount shall be credited in the first week of every quarter. However, the same
shall be amended as per the regulations of Reserve Bank of India with reference to the Rate of
Interest of savings account in the Nationalised Banks in India.
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If the applicant chooses to open a Regular Savings Account, the opening and minimum balance to be
maintained by the applicant as an account holder shall be Rs. 2,000/- (Rupees Two Thousand only).
The Rate of Interest for Regular Savings Account, effective 01 July 2020, is 4% per annum based on
daily minimum balance and the interest amount shall be credited in the first week of every quarter.
However, the same shall be amended as per the regulations of Reserve Bank of India with reference to
the Rate of Interest of savings account in the Nationalized Banks in India.
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If the applicant chooses to open a Premium Savings Account, the opening and minimum balance to be
maintained by the applicant as an account holder shall be Rs. 10,000/- (Rupees Ten Thousand only).
The Rate of Interest for Premium Savings Account, effective 01 July 2020, is 5% per annum based on
daily minimum balance and the interest amount shall be credited in the first week of every quarter.
However, the same shall be amended as per the regulations of Reserve Bank of India with reference to
the Rate of Interest of savings account in the Nationalized Banks in India.
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No loan facility is available against the savings account.
