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  Savings Bank Accounts:-

  Q - 1  What are the document that are to be produced at the time of opening of S.B. Accounts?

  • Prescribed application form duly filled.
  • Two Recent pass port colour Photographs
  • Address Prof :-

  •    Pass Port
  •    Voters ID Card
  •    Driving License.
  •    ID card subject to Bank satisfaction.
  •    B.S.N.L.Telephone Bill
  •    Bank Account statement
  •    Letter from Any recognized Public authority.

  Q - 2 What would be the initial deposit for opening of SB Accounts? 

  • For Basic Savings Bank Deposit  Account  - Rs.100/-
  • Account with out cheque book facilities      - Rs.250/-
  • Account with cheque book facilities             - Rs.500/- 

  Q - 3  Is  there  is  any  charges  for  Non  maintaining  of  minimum  balance,   if  so  how  much ?

  • Yes, Rs.20/- Per Month + Applicable Service tax

  Q - 4  What are the charges for Issue cheque book?

  • Rs.2/- per leaves, Rs.25/- for additional cheque book

  Q - 5  Is there is any charges for issue of Pass Book ?

  • There  is  no  charges  for  the  pass  book   where  as  if  the  original  is  lost  and required duplicate pass   book there will be a charge of Rs.10/- + Service tax

  Q - 6  What are the other charges relating to SB Accounts ?

  • Cheque return charges Rs.50/- + Applicable Service Tax
  • Stop Payment charges Rs.25/- Per Instrument + Applicable Service Tax
  • Closing of Account Before One Year Rs.25/- Plus Applicable Service Tax

  Current Accounts :-

  Q  -  1  What  are  the  documents  that  are  to  be  produced  at  the  time  of  Opening  of Current Account?

  • Duly Filled prescribed application form
  • Customer Identification procedure

  Individuals Current Accounts

  • Legal name and Any other name used.
  • Correct Permanent Address
  • Pass Port
  • PAN Card
  • Voterís Identity Card
  • Driving License
  • Identity Card(Subject to the Bankís Satisfaction)
  • Letter  from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of the Bank.
  • Telephone Bill
  • Bank account statement.

  Company Accounts

  • Name of the Company
  • Principal place of business
  • Mailing address of the company.
  • Telephone/Fax Number
  • Certificate of incorporation and Memorandum & Articles of Association.
  • Resolution  of  the  Board  of  Directors  to  open  an  account  and  identification  of  those who have authority to operate the account.
  • Power of Attorney granted to its managers, officers of employees to transact bus iness on its behalf.
  • Copy of PAN allotment letter
  • Copy of the telephone bill

  Accounts partnership firms

  • Legal name
  • Address proof
  • Names of all partner and their addresses
  • Telephone numbers of the firm and partners
  • Registration certificate. (if registered )
  • Partnership Deed
  • Power  of  attorney  granted  to  a  partner  or  an  employee  of  the  firm  to  transact business on its behalf.
  • Any  officially  valid  document  identifying  the  partners  and  the  persons  holding  the power of attorney and their address
  • Telephone bill in the name of firm/partners

  Accounts of trusts & foundations

  • Name of trustees,
  • Settlers, beneficiaries and signatories.
  • Names and addresses of the founder, the managers/ directors and the beneficiaries.
  • Telephone / fax numbers
  • Certificate of registration (If Registered) 
  • Power of Attorney granted to transact business on its behalf
  • Any officially valid document to identify the trustees, settlers, beneficiaries and those holding power of attorney, founder/managers/ directors and their addresses.
  • Resolution of the managing body of the foundation/association
  • Telephone bill

   Q - 2 What are the charge relating to Current Accounts ?.
 
  • Minimum  Balance  charges  Rs.50/-  per  Month  +  Applicable  Service  Tax
           (For Non maintenance of balance of Rs.2000/- in any day of the Month)
  • Cheque  Book  Charges  Rs.50/-  Per  book  +  Applicable  Service  tax  for,  25 Leaves book.
  • Cheque  return  Charges  Rs.100/-  per  instrument  /instance  +  Applicable Service Tax.
  • Incidental charges Rs.30/-  + Applicable Service tax, for 30 Lines twice in a year.
  • Duplicate Pass Book Charges Rs.10/- + Applicable Service tax

Loans : Immovable Property Loan :- For  the  Purpose  of  Purchase  of  Site/House  Property  /Flats  /  Construction  of House /Repairs and  Renovation

  Q - 1 Can I Get Housing Loan?

  • Yes, If you are a  member of the Bank and Having Savings Bank accounts with any of our Branches.
  • For  enrolling  yourself  as  a  member  for  availing  loan  facilities,  please  contact Corporate office /  nearest Branches.

  Q - 2  What is the Maximum limit of advances ?

  • Rs. 70/- Lakhs for Construction / Purchase.
  • Rs. 05/- Lakhs for Repair and renovations

  Q - 3 What are the documents to be produced for availing loan facilities ?.

  The Applicant  should produce the following documents in original with one set of Xerox copy along with the application to obtain legal opinion:-  

  • Title  deeds  like   Sale  Deed/  Partition  Deed  /  Gift  Deed/  Will  Deed establishing ownership
  • Parental  /  Link  documents  as  well  as  genealogical  Tree  wherever necessary for verifying the flow of title
  • Land Conversion Order wherever applicable
  • E.C. for 13 years or more on case to case basis
  • Khatha Certificate
  • Approved layout plan.
  • Approved  building  plan  and  license  for  construction  from  competent authority.
  • Up to date Tax paid receipt
  • Allotment  letter  /  possession  certificate  issued  by  BDA/Housing  Co-op Society Etc.
  • No Objection certificate from the concerned authority for availing loan, if applicable. 
  • Affidavit  from  the  major  son/s  and  un  married  daughter/s  stating  that they have no objection for borrowing money on property under reference on adequate amount of stamp paper wherever necessary.
  • Affidavit  from  Brotherís/  Sisterís  stating  that  they  have  no  objection  for borrowing  money  on  property  under  reference  on  stamp  paper  in  case  of joint family property ( Specimen Available in the Branch)
  • Family members should stand as guarantee to the proposed loan.
  • Any  other  documents  required  by  the  bankís  legal  advisor  to  provide opinion on the title.

  Q - 4 What are the documents are to be produced in support of my Income ?

  • If you are a salaried employee

  • Latest Original Salary certificate / Salary Slip.
  • I T Assessment order / Form 16 of previous financial year.

  • If you are businessmen/ Entrepreneur,

  • I.T.  Assessment  order  with  computation  of  income  of  last  three financial year.
  • Audited  /  provisional  profit  and  loss  accounts  and  balance  sheet for the last Two financial year.

  • If you are self employed / Profession

  • I.T.  Assessment  order  with  computation  of  income  of  last  three financial year.


  Q - 5  The Property is in my fatherís Name, can I availed loan?

  • Yes,  If  the  property  is  in  the  name  of  the  Applicant  / Spouse/Family/  members(Father/ Mother)   /Husband and wife. Father & Son, HUF & Kartha

  Q - 6 What about the legal scrutiny and valuation ? 

  • Legal  scrutiny  report  will  be  obtained  by  our  panel  of  advocate  &  valuation  of  property will be done by our valuator

  Q - 7  What is the eligibility as per Valuation ? 

  • UP to Max of 75 % of the Valuation

  Q - 8 What is the processing fee / charges ?
  • 1% of the loan amount.

  Q - 9 How much share I should hold for availing Loan ?

  • 1.50% of the loan amount, Share fees Rs.5/- per share, Ex. For a Loan of   Rs,10,00,000/-Share Amount   Rs.15,000/-Share Fee  Rs.1,800/-

  Q - 10 What is the repayment period of Loan ?

  • In Maximum of 240 Installments

  Q - 11 There is any moratorium period is available ?

  • Yes,  for  construction  of  property/  house  there  is  a  6  Months  moratorium  is allowed for principal repayment, the interest to be served with out fail.

  Q - 12 What is Rate of Interest?

  • Refer Rate of Interest Table

  Q - 13 What about the Insurance of the property ?

  • The property will be  insured by the  Bank at the cost  of the borrower under tie up arrangement with Oriental Insurance company at present.

  Q - 14 How the loan amount will be disbursed/ released ?

  • Disbursement  will  be  made  in  phased  manner  depending  upon  the  progress made in construction in stages.

  Q - 15 What are the available mode of repayment ?

  • Reducing Balance Method
  • Stepped up method.
  • EMI scheme is also available for surety loan

  Q - 16 How the mortgage will be created ?.

  • The  Property  is  to  be  mortgaged  infavor  of  the  Bank  by  way  of  registered Memorandum of Deposit of Title Deeds (DTD).
  • Encumbrance reflecting the Bank name in the EC should be submitted before disbursement of loan.

  Q - 17 What is the processing time ?

  • Below Rs.5 Lakhs                                     -08 days
  • Above Rs.5 Lakhs to Below 10 Lakhs    -10 days
  • Above Rs.10 Lakhs up to 50 Lakhs        -15 days
  • Above Rs.50 Lakhs up to 2 Crores         -15 days
  • Above 2 Crores                                         -20 days

  Q - 18 May I repay the installments in advance ?

  • Yes  no  charges  /  penalty  for  advance  payment,  but  interest  should  be  served every month to avail the rebate
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Sir M Visvesvaraya Co-operative Bank limited is a Trend Setter and Market Leader in Co-Operative Banking
The Best Co-operative Bank in Karnataka
www.vcb.co.in

Sir M. Visvesvaraya Co-operative Bank Limited
a Trend Setter and Market Leader in Co-Operative Banks in Karnataka
The Best Co-operative Bank in Karnataka