Dimapur, Oct. 17 (EMN): In commemoration of its golden jubilee (1967-2017), Nagaland State Co-operative Bank Ltd (NSCB) has introduced new products.
The first product, according to the bank, is Saving Premium Account. Under this product, minimum account balance of Rs 1,00,000 (exclusive of interest credited) should be maintained. Under this product, the interest payable at half yearly basis on daily products @ 5% per annum is 1% higher than normal saving rate of interest.
The second product is Co-operative Gold (New Fixed Deposit Scheme). This product will be opened till December 31, 2017. The period of deposit under this product is 3 years with interest rate. Under this product, investment below 1 crore, general public will get 7.7%, while the senior citizens will get 7.9% interest. For investment above 1 crore, general public will get 6.8% interest, while the senior citizens will 7.3% interest.
NSCB has also offered General Credit Card (GCC) financial assistance to individuals to ensure greater flow of entrepreneurial credit to individuals, particularly to borrowers of small means like local micro vendors, small shops, tiny enterprises etc. in the urban and semi urban areas with a ceiling limit of Rs 50,000.
With a view to targeting women as beneficiaries of bank credit, they may be given a preferential treatment under the GCC Scheme. This General Credit Card (GCC) scheme will be in the form of cash credit. This product will be applicable for people between 18 to 60 years of age. Interest rates for GCC will be 9% subjected to changes and interest will be calculated on daily reducing balance method.
Documents required for opening for GCC are saving bank A/C, Aadhaar card, Election Photo identity card, photograph of the business place (4”X6”). The beneficiaries should be local entrepreneurs (resident of Nagaland only). Meanwhile, preparations are afoot to celebrate its golden jubilee on November 10 at Government College, Dimapur.
