Sugama Security Scheme is intended for accepting amount outstanding
in Sugama Deposits as security towards future liability in chitty
and other schemes. The advantage under this scheme is that the
advance will be secured and the monthly instalments can be adjusted
from the account and at the same time the customers can enjoy
interest income on the Sugama Deposit.
Sugama Security Account is to be opened in the name of the subscriber/loanee
only either by depositing the future liability in cash or by transfer.
No further remittance by any mode is allowed in this account.
The deposit amount should atleast be the future liability. However,
in the case of combined security the deposit amount can be limited
to the shortage of security of chitty/loan amount.
Rate of interest will be the same as for Sugama Account. (Now
5.5%). The depositor can withdraw the interest accrued and credited
to the account from time to time. He can withdraw the balance
in the account after termination of the liability or on providing
avail this facility, please check our branch list and get in touch
with the branch
which is most convenient for you.