Registration Number N.S.K / B.N.K.O / 1647 / 96
Registration Number N.S.K / B.N.K.O / 1647 / 96
You need to maintain Minimum Balance of Rs. Zero in the Savings Account.
Interest @ 3.5% pa is applicable on the Savings Account.
Interest on your Savings Account will be calculated and credited half yearly i.e. on the last day of Sept and March.
You will receive your account statement in Branches of Business Bank. Also you can register your email ID with bank to receive e-statement on Mail. There is facility in Mobile Banking to request for account Statement.
Yes, you can access and operate your account from any branch of The Business Co Op Bank. You can electronically transfer funds from one account to another account in any branch of the bank. You can withdraw cash upto Rs. 50,000 per day at any branch and deposit cash with no Limit per day at any branch.
Yes. These services have been introduced to make banking a convenient and a hassle-free option for you.
You can withdraw upto Rs. 25,000 per day from your ATM card, You can do transactions of ECOM and POS upto Rs.10000 and Rs.25000 respectively per day. You can also use your Debit cum ATM card at other bank ATM.
Besides cash withdrawals, some of the important things that you can do through the Debit cum ATM card: Balance Enquiry, Mini statements, FAST Cash, PIN Change
The minimum and maximum tenor for general/Senior citizen is 15 days and 10 years, respectively.
The minimum amount is Rs.5,000/- and the maximum amount under Retail Term Deposit is Rs.99,99,99,999/-
The interest is compounded on a quarterly rest under cumulative/ reinvestment option
The Interest Rates on term deposit of the bank is subject to change from time to time and the same is provided on the website of the Bank and also available at every branch.
Interest payment on Monthly (discounted), Quarterly and Annual rest is available under Bank Term Deposit.
The applicable interest rate as indicated in the interest table is applicable for all options of interest payout except monthly (discounted) interest payment option. Under monthly interest payment option, the interest rate discounted to match the applicable interest rate payable at quarterly rests.
Normal Term deposits are not exempt from tax and Interest on Term Deposits is subject to Tax Deduction at Source as per extant Tax laws. Tax Rebates are available as per extant Tax laws under distinct Term deposit.
Yes, an additional markup for Senior Citizen Interest rates is 0.50% for deposits from 1 year and above. This mark-up is subject to change at the discretion of the Bank. You may refer to the interest rates hosted on our website.
For opening of a Term Deposit Account, the duly filled and signed Account Opening Form with photograph/s of the applicants and the KYC documents are required to be submitted. The Account opening form has to be submitted along with the requisite amount for which Term Deposit is proposed to be made.
No, You need not go through any formalities. You just have to provide the Customer ID, type of deposit and cheque/cash and we will take care of the rest.
As per Income Tax Act, 1961 u/s 194A (1) (3) (i) where the amount or aggregate of the amounts of interest credited or likely to be credited or paid during the financial year exceeds Rs.40,000/-, TDS is applicable from the first interest flow.
Note: Deposits held by minors are also subject to TDS. The person in whose hands the minor's income is included can claim the credit for the TDS.
TDS is done at the time of credit of interest to account if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.40,000/-. Interest is applied on quarterly basis for cumulative FDs and on monthly basis of monthly interest payout FDs.
Yes. If the change or enhancement in your time deposit portfolio including that of earlier portfolio is likely to earn aggregate interest of more than Rs.40,000/- during the financial year, TDS will be applicable on the basis of projected interest.
TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders.
If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source. The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required. It may be noted that if the interest payable by the Bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid. In case of Senior Citizens, if the interest payable by the Bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.
Form 15G : Individuals up to age of 60, HUFs, Associations, Trusts. (This form needs to be submitted at the beginning of each FY)
Form 15H : Individual customer with age 60 years and above (Completing 60 years during the FY). (This form needs to be submitted at the beginning of each FY)
As per Rule 31 of the Income Tax Rules, 1962 the Bank is required to issue TDS Certificate in Form 16A on quarterly basis within fifteen days from the due date for furnishing the statement of tax deducted at source. The due date for issue of TDS Certificate is given below:
The account can be opened joint with a non-senior citizen, provided the first account holder is a senior citizen to avail special rates for senior citizen, if any.
While opening the account, the customer needs to provide proof of age - to ensure that account holder is a senior citizen. He can provide any one of the following: Passport , Driving License, Pension Payment Order, Government ID Card, School Leaving Certificate, Birth Certificate.
The existing Customer ID may be used and there is no need to create a separate Customer ID for booking of the fixed deposit.
Automated Teller Machine is a computerized machine that provides the customers of banks the facility of accessing their accounts for dispensing cash and to carry out other financial transactions without the need of actually visiting a bank branch.
The ATM cards/debit cards, credit cards and prepaid cards (that permit cash withdrawal) can be used at ATMs for various transactions.
n addition to cash dispensing ATMs may have many services/facilities such as: Balance enquiry, Cash Deposit, Mini Statement, PIN change
The services offered may vary from bank to bank, or may depend on the capacity of the machine to provide such services.
For transacting at an ATM, the customer should insert/swipe their card in the ATM and enter their Personal Identification Number (PIN).
Yes. The cards issued by banks in India should be enabled for use at any bank ATM within India.
PIN is the numeric password for use at the ATM. The PIN is separately mailed/handed over to the customer by the bank while issuing the card. This PIN has to be reset with a new PIN by the customer at IDBI Bank ATM. Most banks force the customers to change the PIN on the first use. The PIN number should not be written on the card, card cover/pouch etc as in such cases the card can be misused if card is lost/stolen.
The customer should contact the card issuing bank branch and apply for issuance of a new card. This procedure is applicable even if the card is captured at another bank's ATM.
The customer should contact the card issuing bank immediately on noticing the loss so as to enable the bank to block such cards.
Yes, banks set limit for cash withdrawal for their customers. The cash withdrawal limit for use at the ATM of the issuing bank is set by the bank during the issuance of the card. For cash withdrawals at other bank ATMs, banks have decided to maintain a limit of Rs 10,000/- per transaction. This information is displayed at the ATM location.
For Savings A/c Customers First 5 transactions of cash withdrawal or balance enquiry/pin change/mini statement, per month - FREE. Thereafter, for Cash Withdrawal: Charge of Rs. 20/- per transaction and for balance enquiry/pin change/mini statement: Rs 10/- per transaction
The customer should lodge a complaint with the card issuing bank where account is maintained. This process is applicable even if the transaction was carried out at other banks ATM.
As per the RBI guidelines, the amounts wrongfully debited to the customers' accounts on account of failed ATM transactions are credited back within a maximum period of 7 working days from the date of receipt of the customer's complaint.
Follow the below mentioned simple steps:
In Mobile Banking, the following banking services are available:
The daily transaction (consolidated) limit of Rs. 50000/- per day.
In order to avail of the mobile banking facility, the user should have handset with internet connectivity i.e. either a 2G or 3G internet access plan. Android base Handset is required. 128 SSL security with, Mobile no, SIM slot and Handset binding is done for security purpose.
Please follow the below mentioned Do's and Don'ts while using Browser Based Mobile Banking.
For transferring funds real time and 24X7X365 interbank was a major challenge faced in banking industry. Only NEFT & RTGS were available to user for fund transfer during banking hours.
With the above context in mind, NPCI conducted a pilot study on the mobile payment system with the banks like SBI, BOI, UBI and ICICI in August 2010. Also the banks like Yes bank, Axis and HDFC bank joined this league in the month of September, October and November 2010 respectively. Immediate Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public.
IMPS provides robust & real time fund transfer which offers an instant, 24X7, interbank electronic fund transfer service that could be accessed on multiple channels like Mobile, Internet, ATM, SMS. IMPS is an emphatic service which allow transferring of funds instantly within banks across India which is not only safe but also economical. Currently on IMPS, 647 members are live which includes banks & PPIs.
This facility is provided by NPCI through its existing NFS switch.
The eligible criteria for the Banks who can participate in IMPS is that the entity should have valid banking or prepaid payment instrument license from Reserve Bank of India to participate in IMPS.
The per transaction limit on IMPS is Rs. 5 lakh (for all channels except SMS and IVR). For more details, pls contact your bank
Bharat Bill Payment System (BBPS) is a Reserve Bank of India (RBI) conceptualised system driven by National Payments Corporation of India (NPCI) that offers interoperable and accessible bill payment service to consumers via digital (bank channels) as well as through a network of agents & bank branches.
Bharat BillPay offers all recurring payments like electricity, telecom, DTH, Gas, water bills, Insurance, Loan repayments, Education fees, FasTag Recharge, Municipal taxes, Housing society, Subscription fees etc. at one single window.
BBPS facilitates a plethora of payment modes through which consumer can make a bill payment. The payment modes options at BBPS are Cash, Cards (Credit, Debit & Prepaid), IMPS, UPI, AEPS, Internet Banking & UPI, Wallets.
Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties' bank accounts.
PI-PIN (UPI Personal Identification Number) is a 4-6 digit pass code you create/set during first time registration with this App. You have to enter this UPI-PIN to authorize all bank transactions. If you have already set up an UPI-PIN with other UPI Apps you can use the same on BHIM. (Note: Banks issued MPIN is different from the UPI UPI-PIN, please generate a new UPI-PIN in the BHIM app) Note: Please do not share your UPI-PIN with anyone. BHIM does not store or read your UPI-PIN details and your bank's customer support will never ask for it.
In case you enter the wrong UPI PIN, the transaction will fail. In case you input the wrong UPI PIN multiple times, bank may temporarily block sending money using UPI from my account (this varies from bank to bank).
Rajan Complex Arcade, Datta Mandir Circle, Nashik Road, Nashik-422101
Rajan Complex Arcade, Datta Mandir Circle, Nashik Road, Nashik-422101
Gulmohar Status, Mahatma Nagar, Nashik-422005
Howson Road, Deolali Camp, Nashik-422401
Study Circle Building, LIC Lane, Near Meher Signal, Gole Colony, Ashok Stambh, Mahatma Gandhi Road, Nashik-422002
We understand that there are fraudulent e-mails going out to customers of various banks asking them to update sensitive account information like their Debit or Credit Card numbers, ATM card numbers, ATM PINs, user IDs, passwords etc., by clicking on an e-mail link or by visiting a website.
We reiterate that The Business Co-op Bank Ltd. acts at all times with diligence, in good faith, and without any intent prejudicial to the interests of its customers. Thank you for your cooperation.
The Business Co-op Bank Ltd.