To promote saving habits according to its purpose, Eisar is offering following specific deposit schemes. These are treated as Qard e hasnah. Hence it will be the responsibility of the society to return the same to the depositors as and when demanded as per the policy and practice.
Current Account(ACDA):
- These deposit accounts are like current deposit accounts in a bank.
- Deposits will be free from any lock in condition with regards to deposits and withdrawals.
- Suitable for Business Community
- Minimum Balance is to be maintained is Rs. 1,000/-.
- Cheque book and statement of account are issued.
Saving Account(ASDA):
- These deposit accounts are like saving bank accounts in a bank.
- The minimum amount to be deposited is Rs. 500/-.
- Passbook and cheque book are issued.
- Withdrawal is any time at counter during business day.
Pigmy Daily Saving Account (APDSA)
- Serviced daily by the Society's Pigmy agents at the doorstep of the depositor.
- Suitable for those engaged in business,daily wage activities and house holders.
- Daily minimum amount to be deposited is Rs. 100/-
- withdraw-able after a period of six months for for business community.
- withdraw-able after a period of one year for households.
- withdrawal prior to maturity attracts commission paid to pigmy collector.
Pilgrimage Saving (APSD)
- Suitable formember who want to save for Pilgrimage jouney like Hajj and Umrah.
- Daily or Monthly any amount.
- When amount deposited becomes sufficient for journey,society may facilitaes the necessary requirements
Child Saving Plan (ACSP)
- It is a scheme which enables a member to save for his/her child by depositing into the account over stipulated period.
- Withdrawable at particular event due for child welfare
- The minimum amount to be deposited is Rs. 1000/-.
Revolving charity Fund Account (RCFA)
- It is a special type deposit account created out of donations from our members
- who wants to offer empowerment loans to othe members without any cost.
- Suitable for philanthrophist and donors
- who wants charity should impact long & revolve for such purpose.
Self Help Group Saving Scheme (SHGSDS)
- This is a special type of Group Saving account.
- SHG member have to save minimum Rs.1500/pmfor a period of three years.
- Amounts so deposited shall in the successive years become eligible/ entitled for
- investment and hence profit subject to the option/approval of respective SHG
- Term deposits are primarily investment deposits of various natures.
- Members desirous to avail investment facility may open this accounts
- These depositors shall have to submit a declaration that they want their monies to be invested in a manner free from interest, speculation and gambling (Shariah compliant manner). Further that they indemnify the society for any kind of loss of profit or capital or both that may occur in the process of investment exercise.
- The amount received under these accounts will be invested on profit loss sharing (PLS) basis in various kinds of income generating sources / avenues / businesses.
- The society shall proportionately credit the accrued profit / loss into customer's account after deducting administrative charges nd reserves. Society shall try to hedge the risk associated with such accounts to protect the members from associated investment risks.
Recurring Investment Deposit
- On desire or instruction of the members, amount saved in different saving accounts completing one year, may be transferred in RID account.
- Such amounts will be invested in business preferably cost+markup finance and therefore become eligible for risk and return in form of profit.
- The lock in period for such accounts will be minimum 2 years and maximum five years or as the nature/ period of investment may be.
General Investment Scheme
- Deposits received under this account for investment without any pre condition will be used in any venture which ensures reasonably good return and generates employment and self employment avenues for our members.
- Minimum Deposit is Rs. 10,000/- for one year.
- 50% or more incentives in terms of returns are povided as decided year on year basis.
Eisar Fixed Deposit
- Deposits received under this account for investment will have maturity of 18 months
- Minimum Deposit is Rs. 10,000/- or its multiple deposited in lump sum amount.
- 50% or more incentives in terms of returns are povided as decided year on year basis.
Participatory Business Deposit
- Deposits received under this account may be invested based on PLS system (Musharka) in businesses.
- Members deposits for a 2 years
- Minimum Deposit is Rs. 50,000/- for one year.
- 50% or more incentives in terms of returns are povided as decided year on year basis.