Any Member can be open Daily Depost accounts
- Recurring daily/weekly savings account with a minimum deposit of Rs. 50 at any given instance and multiples of Rs 10 thereafter. For this a form has to be filled up with specimen signatures and 3 passport size photographs. It is called DD(Daily Deposit) account.
- The can be held in the joint name of maximum 2 persons, both of them should necessarily be shareholders.
- After opening such an account, a person shall be required to regularly deposit his savings through an authorized collector of the society.The account holder will be provided with a passbook for his account.The account holder will be able to withdraw from his deposits only after next calendar month after the date of deposit and the maximum amount can be his deposits up to the previous to last calendar month and minimum balance of Rs 50 in the account should be there.
- The account holder will be entitled to a short term loans as per the rules for lending by Al-khair society.
- A card will be filled up by the collector whenever he collects any amount from the account holder. The card will be kept by the account holder that will be signed by the collector at the time of receiving money and a corresponding book entry will be made in a book carried by the collector.
- The account holder will be required to present his pass book once a month preferably in the 1st week to update his account up to the last month.
- For any withdrawal from the account, the account holder has to present the passbook at the society counter.
Requirements
- Submit a duly filled form with a passport-size photograph affixed.
- Purchase minimum 10 shares priced at ₹10 each (non-transferable & non-refundable for 3 years).
- Valid ID Proof (Aadhaar, Pan, Voter ID, etc.)
- Proof of Residence
- Completed account opening form
- Specimen signatures
- 3 Passport-Size Photographs
Deposit & Collection
- Deposits are made through an authorized collector of the society.
- The collector issue a signed card to the member, and a matching entry is recorded in the collector’s book.
Passbook Maintenance
- Members receive a passbook.
- Must be presented once a month (preferably during the first week) for updating transactions.
Withdrawal Rules
- Withdrawals allowed after one calendar month from the date of deposit.
- Maximum withdrawal: Deposits up to the previous-to-last calendar month
- Minimum balance to be maintained: ₹50
- Withdrawals made at the society’s branch counter with the passbook.
;
