J&K State Cooperative Bank Thursday launched innovative saving schemes for senior citizens and women.
According to a SCB statement, chairman of the Bank, MS Darat the launc h event said these schemes have been launched with a well thoughtout intent to help senior citizens and women earn higher returns on theirinvestments with monthly rests while keeping their investments in liquid state.
“We regularly tailor our products to meet the demands atgrass root level. The essence of cooperativisim is financial upliftment andwell being of the vulnerable strata of the society,” Dar said.
He expressed hope that the customers would benefit from thenew schemes.
Managing Director, M Lateif said that the Senior CitizenSaving Scheme is an innovative product. Under the scheme, customers will earnhigher rate of interest on their savings account with free accidental insurancecover. Besides, most of the charges have been waived off. He said that thecustomers will have the option to receive interest on monthly basis while as atsame time they can withdraw the money at their will.
He said that the Women Saving Scheme has been devised onsimilar pattern, with free life insurance being an additional feature. He saidthat keeping in view the limited resources of the women, minimum balancerequirement has been fixed at lowest possible level.