GDS/MDS

Beypore Service Co-Operative Bank launched Group Deposit Scheme (GDS) equivalent to ‘Chit Fund for its customers. This is a new and attractive scheme which is beneficial to all sorts of customers. Any member of the Bank, either ‘A’ class or ‘D’ class can join the scheme, as per terms and conditions in the approved subsidiary regulations. Members shall be categorized into different Groups of members in every Group and the scheme will be projected for the stipulated term of months. On its maturity, the amount will be refunded to the depositor.
For the purpose of availing financial assistance under the scheme, a meeting of all the members will be convened at the premises of the branches at a fixed time on a fixed day every month. The amount collected as deposit in each group may be advanced to any member who has offered the maximum bonus commission which should not exceed 25%. In case more than one person applies for the assistance, the beneficiary will be chosen through negotiation or taking lot. 5% of the deposit will be charged as guarantee commission, the bonus commission in each group will be distributed equally among all the depositors. The depositors need pay only the remainder portion of amount as premium for the next months.

At the time of payment a security will be required for balance repayment .The type of Security will be given below

• Document Pledged In bank
• Jewel
• Fixed Deposits
• Personal Surety (Mortgage Lonee's)
• Salary Certificate Of Government Employees