As the income & living standard of individuals is on an upsurge globally, the pool of surplus funds, savings, gold, silver & documents is also seeing an upswing. Procuring investments doesn't suffice, it is equally vital to safeguard them from any potential risks. Hiding them in your house safes can’t be the quick fix. Do you think with the increased rates of burglary it would be a well-thought move to have a home safe for your prized possessions? Wouldn't it implicate an increased risk for your safety too? Eliminate the uncertainty & danger with a Bank Locker.
Bank Lockers have been the safest, secure & reliable preference for every individual's valuables across the universe. Banks are responsible & answerable for this safe. The high-end security, CCTV surveillance & constant monitoring makes them the perfect choice. But nothing comes for free. To own bank locker customers need to pay annual fees which vary depending on the size & the bank type.
For instance, the rent for a medium-sized locker in a public sector bank would be less compared to a private sector. Lockers can be hired by individuals, alone or jointly, by firms, trusts, and Hindu Undivided Family (HUFs). Availability of lockers is a critical facet. Most of the financial institutions prefer to give lockers to the customers of their branch & tend to put you on a waiting list if you don't have an account with them and are from a competitor bank. It is thus suggested to avail a locker in the bank that you hold an account in, close to your vicinity. a
The relationship of a customer & bank is like that of a landlord & tenant. The customer is the tenant who is responsible for the valuables deposited in the bank-owned locker.
As per the RBI guidelines, the hirer of the bank locker needs to fill and sign the application form at the branch & submit know your customer (KYC) documents. The customers need to make a fixed deposit at the time of locker allotment for covering the rental charges for 3 years in advance. If your locker is left unoperated for a year the bank can seize your locker & there are 12 free entries to the locker after which every subsequent entry is charged for Rs 200 plus GST.
It is worthwhile to shell out money for this provision offered by banks for our greater good. The infrastructure of the bank's strong room is unquestionably the most secure place for our treasure with entry & exit being monitored & every locker visit being recorded with the time duration. The hirer of the locker gets a key to keep the locker safe & the key must be kept in a secure place to avoid the cumbersome paperwork if it's lost.
Home safe might seem to be an economical, safer & feasible option but they impose greater risks to your life. Keep your valuables safe with GMC Bank locker facilities. Deposit your items at our branch in a variety of locker sizes that are reasonably priced being subject to availability. Pay us a visit to know more.
"A Cashless Economy is secure, it is clean. You have a leadership role to play in taking India towards an increasingly Digital Economy." – Narendra Modi
With the increasing awareness & know-how in the use of digital technology, masses around the globe are inclined to use it to their benefit & subside the risks. Digital platforms have taken over in the contemporary era in all spheres ranging from online shopping, ticket booking to banking. Digital banking is the new trend with the majority of the users trying to go cashless for their security & peace of mind. While all of us are so busy & accustomed to the use of American companies owned Visa & MasterCard, we need to recognize the seamless benefits of an Indian domestic card – RuPay Card
RuPay was conceived & launched by the National Payments Corporation of India (NPCI) in 2012 in an effort to promote the causes of financial inclusion in the country. We should take pride as RuPay is India's own domestic network, which has been developed like international payment networks such as Visa, MasterCard, American Express, etc. This plastic money is an Indian payment gateway with low commission & electronic payments made possible at all Indian banks & financial institutions. You can avail your RuPay card at almost all major public sector banks included & not limited to SBI. Moreover, in order to provide high-end security for large amounts of transactions, there is a Europay, MasterCard & Visa (EMV) chip embedded in it.
You might wonder why do you need an Indian domestic debit card when you have an International System Debit card in your name? Here's what you need to know to stimulate yourself to own a RuPay card:
Operating costs are the dominating factor when it comes to going cashless with digital money. The cost of transactions involved with RuPay cards is very low in comparison to the other debit card alternatives such as Mastercard because of the entire transaction being within the country.
RuPay Credit Cardholders can easily book train tickets on the IRCTC ticketing website without any hassles.
Experience flexibility being a member of the RuPay community with high transaction & withdrawal limits since these debit cards are backed by the Government of India.
Be more secure with the use of RuPay cards because the operations are limited within India only and not processed internationally thereby curtailing the risk of data theft.
Each transaction is processed securely with PINs associated with every payment thus making it user-friendly & smoothly adaptable.
Now that you are well informed with the perks & application of RuPay debit cards, hurry up and get your card from a secure, trusted & noted name in the Banking sector – Gujarat Mercantile Co.op Bank LTD (GMC). Visit us to learn more about the terms & conditions, procedural formalities & documentation requirements for enrolling yourself to be a holder of GMC Bank RuPay Card at ease without further delays.
The secret to Budgeting is that it needs to be honest. Not what you think it should be or wish it could be, but what it really is." – Lisa Conway Hughes
Managing finance is the most crucial step to achieving the life you want. Just like we plan out the yearly budget for spending & saving for a secured future, the economy of a nation also does. Running a population of approximately 136.64 crores & ensuring the safety of their lives is not facile. It requires immense planning & putting it into action which is where the financial budget comes into the picture. Every action has a reaction, following this ideology it's important to know the implications of our Budget 2021.
With the pandemic hit jeopardizing the year 2020, every nation needs to stand straight on its feet & overcome the COVID-19 abrupt recession. The government needs to bring its nation out of the crisis & focus on the development all together which is why Budget 2021 will play an indispensable role in this fiscal year. The finance minister played his part by delivering the much-awaited Budget 2020-21 but what will be its consequences on reviving the economic growth is the important question that stands. The impacts can be briefly stated as under:
The area of concern when it comes to the budget is the changes in the personal income taxes & this year is no different. In an attempt to increase the spending capacity of the masses, the government has estimated tax cuts at Rs. 40,000 crores to give a tolerable boost to consumption demand in the short run.
The biggest win & tool of economic development for any government is the push in its investment. To boost industrial investments & India's participation in the global value chain the budget has announced an alteration in the dividend distribution tax (DDT) following corporate tax cuts of 2019 to attract more foreign investments.
Manufacturing is another vital sector of the Indian economy & to pump up the competitiveness in its sub-segments, a package of Rs. 1480 crores have been announced on textiles with a waive for anti-dumping duties on a key component majorly PTA.
Apart from this, the government has also made its mark on imports by raising the customs duties along with greater scrutiny of imports from Free trade agreements to aid the domestic industries growth.
Another area of concern is to increase investments in infrastructure by increasing capital spending & the provision of value gap funding in the areas that need investment the most like hospital, medical schools, etc.
In a nutshell, the budget predominantly shapes various sectors of the economy for financial progress. Let us all hope for a healthy & wealthy 2021 in the light of the 2020-21 Budgetary guidelines.
Our ancestors gave us a glorious past, we need to create the future this Republic Day. Let’s lead the change & become a real Indian.
Today is the day that the entire India awaited for before 72 years. It is a day of immense significance for the country that was chosen by Indians for themselves. Can you imagine what an independent India without Constitutional governance would look like? The Constitution is the binding force for any nation without which there can’t be peace & harmony among the citizens. Practically & as per Indian history, India gained its independence from British Raj following the Indian Independence movement on August 15, 1947, but it just felt like partial freedom to the citizens. There was the urge & wait for administrative control in terms of the Constitutional framework which was finally brought to light on January 26, 1950.
On the occasion of this joyous & proud day, the entire country commemorates the victory of a Democratic India. The significance of this day lies in the declaration of “Poorna Swaraj” which is complete self-rule & the hoisting of tricolor on the bank of the Ravi river by Jawaharlal Nehru. It is the day associated with national pride when every community regardless of their race, class, gender & such differences come together to celebrate in unity, after all, there is Strength in Unity. The day is filled with patriotism & fervor in the heart of every Indian with palatial parades across the nation. In the capital of India, the honorable Mr. President hoists our beautiful tri-colored flag chanting our national anthem with a grand salute by regiments of the Indian Army, Navy, Air Force, police & paramilitary forces. The celebration is on a grand scale with national songs, parades, cultural dance, splendid air shows & flypasts with Pride in the eyes of every Indian.
Let us all remember the golden heritage of our country & feel proud to be a part of India. “We are Indians firstly & lastly.” – B.R. Ambedkar
Invest your Idle funds to earn Sizable returns with Fixed Deposit
"Do Not Save what is left after spending, but spend what is left after saving." – Warren Buffet
Being born and brought up every family always preaches to follow the practice of Saving some percentage of our income systematically. First, save and then spend is the motto for everyone. The future is highly unpredictable and the present is highly unreliable in the game of life. It is thus a dire need to put our funds in a safe place & earn assured interest on the same. If you are inclined to earn returns from funds that are lying idle, make it possible by opening up a Fixed Deposit account. Park your unused funds in a safe house & earn interest from the bank. Doesn't this sound like a win-win situation?
There is an increasing trend of investing in fixed deposits. Fixed Deposits come with a flexible time period for which they can be opened, so we as a depositor can open them for as long as idle funds are available. With every activity in life being bilateral like a coin, the only downside to having a fixed deposit is that your funds are blocked for the period of the deposit refraining you from withdrawing the money before the due date. The period of this deposit & the interest rate offered by banks are fixed, thereby the name Fixed Deposit. Let's weigh the benefits of this instrument:
In this competitive corporate world getting assured income is a real challenge. Surpass this by earning a guaranteed rate of return on fixed deposits regardless of the market situation.
Taxable income is the greatest dismay but save yourself from the disappointment with fixed deposits. Banks can deduct tax only if the total interest earned crosses Rs 10,000 thus making it comfortable for small deposit holders.
The majority of the citizens consider fixed deposit as an investment option and invest a significant portion of their savings in this instrument with flexibility in the tenure ranging from a few days to several years.
Fixed deposits have a hassle-free Liquidation process thereby proving to be a more viable option.
Make an informed choice without any hunch with Gujarat Mercantile Bank. We aim to dedicate our energy to guarantee secured and accessible services to our clients. Enroll for a fixed deposit account with us for an effortless experience in terms of marginal documentation, considerable returns, and an agile process.
Banks are the backbone for the placid functioning of the global economy. The myriad of services that these financial institutions offer is irreplaceable & indispensable. Starting with deposits to massive money transfers and investments banks are there at your convenience to serve all your needs. With the increased competitiveness & urge for money-making clubbed with the parallel recession, it is crucial to have a one-stop solution for all your business needs. Our home secretive lockers or office chest are no longer safe to rely on. The most viable solution is to open a current account & operate your business relentlessly with ease.
Current accounts are the best friends for any entrepreneur or a business owner. It is like your helping hand that is always at your disposal whenever you are in need. Banking is made easy and effortless to assist your day-to-day business needs be it making deposits, withdrawing funds, carrying out electronic or cheque transactions, etc. A current account being a zero-account is highly associated with huge transactions regularly & since the balances of these accounts tend to fluctuate based on the cash needs of the business banks generally do not deploy these funds.
Banks are like a 2-way sword – You invest & avail the benefits as nothing comes for free!
Don't be afraid of banks. Your business is soaring new heights and reaping huge profits but if you are managing your finances with constant withdrawals & deposits from your Savings account then you are the prey of the rookie mistake of underestimating a current account.
Current account has the foremost advantage of having unlimited deposits & withdrawals with 24-hour phone banking, internet banking & doorstep banking.
Build your business rapport with a current account as all the cheques & demand drafts are issued with your business name on them.
Worry no more when it comes to overdraft facilities & availing of credit-worthiness information for creditors with a current account.
Open up a GMC Bank Current Account with marginal documents and formalities. Build your everyday pool of funds with Gujarat Mercantile Co-operative Bank. We spot ways to efficiently complete your economic essentials and to secure your banking experience by side lining the prospective glitches from the way. Avail the needed support & guidance effortlessly with GMC Bank – a member of Deposit Insurance & Credit Guarantee Scheme wherein your deposits are insured up to Rs. 1 Lakh.
Visit us for a Complete assortment of the best business services
Education is the backbone of any country. It is a collective provision of learning and practicing knowledge, skills, values, and culture in a systematic structure. It betters lifestyles and upgrades the personal self, it also adds value and accelerates the growth of the economy as a whole.
In order to get educated, one must be enrolled in institutions providing different resourceful insights into the essentials of life such as schools and colleges and other educational institutions. Gone are the days when education was provided free of cost or by gurus in exchange for guru Dakshina, in today’s time education is one of the most profitable sectors of the economy. It is of great value as it prepares the youth of tomorrow to become utter experts in their field of expertise backed by the different institutions they have gained knowledge from. Getting your child educated today is an expensive affair and even education fees now are touching the skies.
Banks can solve this!
Finance is an ever growing need accelerating by the hour. Like for every other thing in the country, education requires a good amount of money is it for school, college, or tuition fee. Banks help out customers and the general public in fulfilling their financial requirements. To solve the question of finance for education, banks bring you the custom education loan to fulfill your child’s dream of being something in life.
What is an education loan?
An education loan is the sum of money borrowed from the different banks and financial institutions for benefits in post-secondary education fees and other higher education expenses. The loan covers various educational expenses such as- the cost of tuition, books, and supplies, in case of degree pursual out of the country than the loan even covers essential expenses such as stay and security and etc.
Here is a list of the advantages of an education loan!
Retained savings
When you opt for an education loan, all the funds that you have saved in order to get your child educated are saved and can be used for urgent requirements and greater deeds for the future. In short, all your savings remain untouched and you are to pay a relatively nominal fee.
Coverage
An education loan not only the main college fee but other expenses revolving around the educational spect too such as- hostel expenses, exam fees, library charges, lab fees, cost of books, travel expenses, and so on. This in turn reduces the stress of the financial burden on the entire family and conveniently takes care of the educational process.
Tax benefit
Under the Section80E of the Income Tax Act, the interest you pay is eligible for an income tax deduction, which means you pay much lesser and that too at flexible intervals. The income tax deduction is applicable on a loan for eight years.
Moratorium
An education loan also provides you with a moratorium, which is the holiday term of a loan, where no amount of interest is to be paid. This decreases the financial burden on the individual. The moratorium period of an education loan ranges from 6 months to one year.
Looking for the most dependable education loan facility provider?
Gujarat Mercantile Co-operative Bank Ltd is a popular name for providing flexible custom education loans at the best rates in town. We have a team of highly skilled and dependable banking professionals, getting you the most secure, efficient, and convenient financial services. We have special benefits for senior citizens, and also nomination facilities so that all the financial needs and requirements of our consumers are achieved.
In olden times transactions would take place through a barter system, then came in the coinage after which paper was introduced to the currency production industry. Banks were set-up and then introduced the plastic money system consisting of cards and other financial tools. Along with the advancement of time and the onset of the internet era and trend of going digital, everyone started using the different electronic and digital payment systems.
E-Payments, what they are?
E-payments are different transactions of money exchange in return for the varied services and products availed from the provider, powered by the online system assisting different payment gateways. There are various modes of e-payments such as- mobile payments, different bank, and net transfers, e-wallets amongst the others.
Here are some advantages of this futuristic way of transactions, giving you a smarter life!
Quick
Carrying out an e-payment system is way quicker than the other modes of payment as there is no requirement to travel to places or have an actual physical transaction of money, all you need to do is enter the desired amount and send it to the desired account.
Authenticated
E-payments have the information that we approve them to have and also they have high security. The data can be accessed only by the password given to you or the different biometrics. Any transaction or reach requires authentication.
Eco-friendly
There is no requirement of the paper notes or coins and other currency for the exchange against services and products. This shows that e-payment is a sustainable way to save the environment, due to reduced use of paper from trees.
Automated
When you opt in to go for the e-payment mode for different transactions, you need not go for saving your bank details and certain personal details, every time you make payment. The digital mode of payments saves all details on your approval for future payments.
Online sale
The introduction of e-payment into the financial system of the economy has enabled the online exchange of money and it has opened avenues for the online procurement of different services and goods.
E-payment has a great future on its path of supporting the economies, lets take a look!
Though the mode of e-payments has grabbed on to most of the different sectors of the economy involved in services, production, retails, it hasn’t been recognized as the universal system of payment for the country, the days are not far as the e-payment system has been approved by the Reserve Bank Of India under their guidelines as a part of the financial system of the economy. With further advancement in technology and up gradation in lifestyle, e-payments will have greater features and enhanced performance and functionality.
Searching for the most stable e-payment service providers in town?
Gujarat Mercantile Co-operative Bank has gained a pioneered name in the economy for providing the best in class digital banking services, especially the e-payment system being supported with a variety of internet domains, including e-commerce websites and entertainment platforms. You can also pay for the different recurring expenses and government bills effortlessly with us.
The financial requirement is a never-ending need for the public today and that is the purpose behind banking operations. Banks and financial institutions play a great role in catering to different financial needs for everyone be it enterprises or even the public.
To fulfill monetary requirements banks and financial institutions have introduced a wide range of loan facilities, where the individual or the entity can avail a certain amount at once for which they have to make specific interest payments over a tenure. The different loans banks give are- personal loans, auto loans, housing loans, gold loans, and even the amazing consumer durable loan amongst others.
What is a Consumer Durable Loan ?
A consumer durable loan is a loaning facility provided by banks and different financial institutions, taken for the purchase of different electronic appliances and domestic/ household appliances that have a handsome price. This is an unsecured type of loan and the loaners only check income reports and the CIBIL score before granting this loan.
Let’s have a look at the 5 benefits of this attractive and consumer-friendly loan!
Not all household needs are affordable and the general necessities change and upgrade with the up-gradation of lifestyle and passage of time, and not all of them are attainable. This is when the consumer durable loan can be of great help. Here are the positives of taking the loan-
Low interest
Consumer durable loans are available at lower interest rates than any other loan service. Though the rate may be different from all banks and financial institutions it will be more affordable and cost-effective than other credit facilities.
Flexible tenure
These loans have a considerable long tenure following the loaning amount. Generally, a consumer durable loan ranges from 6 months to two years. You can get your loan for the tenure by your repayment capability.
Minimum Documentation
A consumer durable loan is an unsecured type of loan and there is negligible documentation required for application of the loan. All you need is to do is fill in the form, your income tax return, and the latest tax bill and the loan will be processed.
No Collateral
When you apply for a consumer durable loan, there is nothing you put at stake. There is no requirement of collateral to be presented as security against the loan amount. Unlike house loans, home loans, and other different financial services.
Quick process
As we discussed in the earlier points there is very little documentation, no collateral, and negligible processing charge, no foreclosure too! So the entire process of approval and application is quicker than usual.
In the search for the most reliable consumer durable loan provider?
Gujarat Mercantile Co-operative Bank Ltd is a popular name for providing custom consumer durable loans at the best rates in town. We have a team of highly skilled and dependable banking professionals, getting you the most secure, efficient, and convenient financial services. We have special benefits for senior citizens, and also nomination facilities so that all the financial needs and requirements of our consumers are achieved.
A personal loan is a loaning facility provided by different financial institutions and banks to various consumers individually for multiple purposes to meet their financial requirements. This is an unsecured credit facility offered by the bank on the basis of different factors such as- employment history if any, repayment capacity, income level, profession, and credit history. It is generally used to meet immediate and nominal financial requirements.
In this type of loan, the amount of loan and the interest are determined from your monthly income, liabilities, and the profits you earn and the lender’s assessment of the application. If you can pay off the loan before the tenure completion then you are required to pay a certain penalty on the outstanding amount, which then becomes the bank’s earning, compensation for the personal loan tenure till maturity.
Now we know what is personal loan! Let’s take a look at the different benefits it has for us!
Like how every financial instrument has something advantageous and unique for the customer, even personal loans have a wide range of traits we can benefit from.
Here are the different boons that banks get us through this personal loan facility-
Versatility – Unlike loans like an auto loan, home loan, this type of loan can be extensively used to repay and meet varied types of financial debts and needs, small or huge. A personal loan has no fixed scope, the borrowings can be used where ever you want to use them.
No stakes – For most loaning facilities, you are supposed to submit an asset or a valuable possession such as home documents, etc as collateral, but this is not the case with a personal loan, you do not need to have collateral while applying for this loan. The loaner should be convinced that you shall pay the amount back.
Availability – Not all banks and financial institutions provide all loaning facilities and the newly evolved loaning instruments. But all traditional and new banks and financial institutions provide personal loans, they are one of the most primitive financial instruments in the banking domain.
Credit rate negligence – Do not worry if you have a bad credit rate or score, you shall avail a personal loan from your banking partner, but it might have a higher interest rate than normal. The other factors must be convincing enough to the loaner.
Fixed payment – There are no fluctuations in the amount that you shall be liable to pay each month, in case of a personal loan. The payment against this type of loan remains fixed right from the time of the loan application to maturity or until you pay it off.
Quick approval – The procedure of personal loan is reasonably briefer than the other types of loans. As soon as the loan is approved by the bank or the financial institution the money is credited into your bank account within a few days.
Flexibility – Financial institutions and banks offer personal loans as per your requirements and fitting to your economic standing. In this type of loan, you decide the amount you want basing on your credit score, the renewal, and even the maturity time and tenure!
Documentation – Unlike other loans such as gold loan and machinery loan, this type of loan involves minimum documentation for loan approval as there is no involvement and requirement of collateral as discussed earlier.
Thinking of applying for the best personal loan facilitator?
Gujarat Mercantile Co-operative Bank has become one of the most preferred banking partners in the economy, providing highly reliable, efficient, and convenient banking services, not just to individuals but also entrepreneurs and businesses. We have special benefits for senior citizens, and also nomination facilities so that all the financial needs and requirements of our consumers are fulfilled and we achieve the goal of customer satisfaction.
Everyone dreams of having a home of their own, in today’s time due to the high inflation rate and the ever-increasing property rates and land revenues, the price of having your own home becomes eventually greater, and as time passes prices of land will reach the skies. If you want to get yourself a home, banks and financial institutions get you the aptest financial instrument to fulfill this dream, Home loan!
What is a home loan?
A home loan is also known as the housing loan, a banking service offered to all by the different banks and financial institutions, wherein the customer borrows a certain amount or full amount of the house price the institution or the bank to purchase the home and in return imburses the amount in different payments as interests on the different decided terms and conditions.
Now let’s take a closer look at the benefits of home loans!
Less Taxation
A home loan is considered as the biggest tax-saving instrument, reducing the liability of the customer to a great rate of about 5 lakhs on the house you purchase, under the Income Tax Act Sections 80, 24, etc, passed and issued by the government.
Great Liquidity
When you purchase a house on loan you are required to pay only a certain amount instead of a lump sum, that too within a tenure set mutually by you and the bank, so that you have good liquidity of funds to fulfill other needs.
Capital Appraisal
When you buy a home, as and when time passes, the rate of the land/house will get appreciated and get you higher monetary benefits in the future, than the rate you had to put in while the purchase.
Convenient tenure
Home loans are generally taken for hefty amounts or sometimes for the full amount, so the tenure allowed for these types of loans is much longer, giving you enough repayment time to clear off the loan before it becomes a debt.
Are you in search of the best housing loan provider in town?
Apply for GMC bank housing loan today, and fulfill your wish of having your dream home. Gujarat Mercantile Bank has become a well-established name in providing the best in class deposit and loaning facilities, at no processing rates, a quick approval procedure, and an attractive housing loan interest rate of 2.50%.
How Is Current Account Suitable For Your Enterprise?
Finance, as we all know, is key to run a business. It is often considered as the bloodline of different business operations, provided you spend and invest wisely, also saving some surplus funds for unforeseen risks, that might hamper the business.
The availability of funds to make the business sustain is one concern that every business has to tackle at any stage or else the business fails. In such cases, the entrepreneur must fall back on investors, banks, and other financial institutions, to continue earning a livelihood.
Here are a few financial options that an entrepreneur can utilize for finance!
In today’s time, there has been an increase in the number of businesses and startups due to the different opportunities, technologies and most important the passage of time, and banks and other financial institutions and even individuals openly go into help businesses prosper with alternatives like-
Current Account
Business Loan
Angel Investors
Venture Capital
Government Grants & Subsidies
The aptest financial instrument that a businessman must deal with is the current account, here’s why?
A current account is a zero balance account, favorable for carrying out regular transactions that can be beneficial for the smooth flow of business operations. It enables entrepreneurs to carry out recurring expenses such as salaries, etc, so that payments are done on time even if other irregular payments remain unfulfilled.
Having a separate current account in the name of the business marks professionalism and show the creditworthiness of your enterprise. Most importantly it shows the financial standing of your business along with the fund flow of the business and not to forget whether the business is facing profits/losses.
Now let’s look into how beneficial is a current account?!
Multiple Transactions
When you open a current account you can carry out any amount of financial functions as it has the capability of handling large volumes of receipts and payments, involved in your business, and that too, very systematically.
Limitless Withdrawals
The current account is the financial option that allows an unlimited amount of withdrawals, that lie per the levied transaction fees, for the smooth flow of the business. So, it is highly for businesses with multiple or huge regular transactions.
Overdraft Facility
The overdraft is a facility that enables an entrepreneur to overdraw desired balance so, that he can meet financial shortfalls that might affect a business otherwise, but for a temporary basis, until the date the bank or financial institution provides.
Extra Earning
This attracts the entrepreneur a great deal towards opening a current account. When a current account is active, you earn a little extra as the interest on the idle funds in the account, which can help him evade losses and pay other nominal business expenses.
Complimentary Services
When you open a current account, you can harness the perks of digital financial services of the new-age such as mobile banking, internet banking, Net transfer, etc that enable the businessman to carry out transactions effortlessly and securely.
Additional Benefits
Being a business, when you have an active current account in the name of your enterprise you get additional advantages such as- free inward remittances, deposit, and withdrawals at any location, multi-location transfer, etc.
Searching for the most reliable banking partner in Ahmedabad?
Gujarat Mercantile Co-operative Bank is a well-reputed name in the banking sector of the state. We guarantee high security, accessibility, and convenience with all our banking services. We aim to dedicate our energy towards the allocation of the rural and urban segments in the most transparent manner and providing them with modern technology-driven financial services. Open your GMC bank current account today!
A recurring deposit account is a type of deposit account offered by banks and financial institutions, that helps you build savings through regular monthly deposits of a fixed amount decided mutually by you and the bank or the financial institution over a designated period. It also helps in making saving money a habit for a financially secure future.
When you go for a recurring deposit account, you earn a specific sum over a fixed period flexible from six months to ten years. Unlike a fixed deposit account, you can make a deposit every month rather than getting interests on a lump sum invested at a single point of time.
Let’s take a closer look at what perks recurring deposit has for you!
Convenient
Having a recurring deposit account is the most convenient way of maintaining finance all you need to do is deposit a minimum reasonable amount of funds monthly and, you earn interests at the same tenure, over the sum of money stacking in your recurring account.
Flexibility
There is no understated law of having a recurring account for a definite tenure, the tenure is decided by both, the bank and the customer and be modified on mutual decision making. The flexibility of a recurring account varies from the institution you apply for it at.
Effortless
All you need to do for your recurring deposit account to be active is deposit a sum of money and fill-up the form. This procedure does not require any guaranteeing from your side, just account opening formalities and regular deposit of the minimum amount decided.
Looking for the best recurring deposit account provider?
Gujarat Mercantile Co-operative Bank is a trustworthy name in the banking sector of the economy. We assure high security, accessibility, and ease with all our banking services. We aim to dedicate our energy towards the allotment of the rural and urban segments in the most explicit manner and offering them new-generation technology-driven financial services.
We provide account opening service for a sum as low as Rs.100/-, for a flexible tenure ranging from 12 months to a period of 60 months. We also offer the finest nomination facility for all account holders. Our bank is a member of the Deposit Insurance and Credit Guarantee Scheme under which customer deposits are insured up to Rs. 1 Lac.
A savings account is a type of deposit account that bears interest provided by a bank and a financial institution. Unlike other accounts, only a limited amount of transactions can be carried out under this account. It is an ideal option to go for, to meet short term financial needs.
When you open a savings account, the bank pays you interest on the funds in the account, as they use the money to make loans to the third party at high-interest rates and a part of the repayment of those interests is transferred to your account and the rest goes in as the bank’s earnings.
Read on to know what benefits a saving account gets you!
Earning
A savings account makes you earn a little extra as and when the bank loans the money from your account to the other client. This helps you meet urgent financial requirements. This grows the money in your account.
Safe
Having a savings bank account is the safest option to go for, as the bank is the one liable to pay back the interest amount and all you have at stake is the amount in the bank account and nothing expensive or of high value such as collateral.
Effortless
All you need to do for your savings account to be active is deposit a sum of money and fill-up the form. This procedure does not require any guaranteeing from your side, just account opening formalities.
Looking for the most reliable savings account provider?
Gujarat Mercantile Co-operative Bank is an established name in the banking sector of the economy. We guarantee high security, accessibility, and convenience with all our banking services. Our aim is to dedicate our energy towards the allocation of the rural and urban segments in the most transparent manner and providing them with modern technology-driven financial services.
We offer 4% interest on your GMC bank Savings Account, with a minimum balance amount in the account of 1000/- and 500/- cheque book facility. We offer a savings account facility for minors. We offer a nomination facility for all our accounts. Our bank is a member of the Deposit Insurance and Credit Guarantee Scheme under which customer deposits are insured up to Rs. 1 Lac.
The Fixed Deposit is a service rendered by the bank or any other financial institution, wherein the customer receives interest earnings on his monetary investment from time to time. Every bank has its own policies and tenures behind its fixed deposit facility duties.
This is one of the banking practices wherein money gives back money. There are different types of fixed deposit accounts for different purposes for people from different walks in life to give a wide array of tailor-made interest benefits.
How fixed deposit works?
Fixed deposits offer you the greatest returns on your basic investments lying idle with the bank or the financial institution. It is highly secure and also flexible as it resorts to the combined terms set by you and the bank according to your needs. Fixed deposit accounts and services can be availed effortlessly online from different devices or even by visiting the branch of the bank. All you need to do is fill in the form of the bank or the financial institution and submit the documents required in order to open your fixed deposit account.
Now that you know how to go about fixed deposit services, here are the different benefits of fixed deposit -
Assured Returns
Earnings from the fixed deposits are of the same nature as your monthly salary, there is a fixed amount you earn from your investment at fixed tenure, so you can have an essential amount of funds whatever the situation. You will always earn a fixed extra with this financial instrument. Risk Evasion Bid farewell to the unforeseen and long-term financial risks with fixed deposits vested with a bank. It is one of the most widely used financial tools for financial security over an extensive period of time so that all your urgent financial needs and requirements are met without any issues.
Negligent To Economy And Market Status
When you avail and obtain benefits of the fixed deposit facility the market price and the economic standing does not affect the interest you earn from the account. You shall receive the same interest amount as fixed while opening the fixed deposit account without any fluctuation in the prices until the maturity period.
Renewable
A fixed deposit is automatically renewable on request to your concerned bank. All you need to do is opt for the auto-renewable feature and the fixed deposit will be renewed with the same amount of interest rate earning for the same amount of time period with the same terms and conditions of the account as that of the time of opening of the account.
Get the best interest rates on your fixed deposit account with the most reliable banking partners!
Gujarat Mercantile Co-operative Bank is one of the most efficient and reliable names in the banking sector of our economy. We provide fixed deposit facilities at the most attractive rates over a tenure ranging from one week to ten years as per your requirements. Not only that GMC bank fixed deposit facility also provides special benefits to senior citizens for their financial security.
The Reliable Services of The Gujarat Mercantile Co-operative Bank
Gujarat Mercantile Co-operative Bank is amongst the most reputed names in the Indian banking sector . We assure security and accessibility for convenience along with the best in class banking services and provisions for all our customers. Our dedicated team of professionals thrive to put in tons of efforts and skills for customer satisfaction. We have always maintained Zero Net NPA right from the initiation.
We offer a wide range of quick and convenient banking services best suited to your requirements, here is a glimpse of the different facilities we have for you:
Locker - Gujarat Mercantile Bank has for you the most secure locker facility, enabling you to keep all your precious articles and valuables safely in three diverse sizes small, medium and large best suited to your need and amount to be kept for safety.
RTGS/NEFT - With our RTGS service you can transfer funds above the amount of two lakhs anywhere in the country within minutes.Where in the NEFT service is electronic transfer of funds amongst member banks and financial institutions of RBI within clicks.
Internet Banking - This mode of banking has become one of the mode used methods in finance. The bank offers fund transfer, loan application, bill payment, account opening and much more through the means of internet banking.
Rupay Card - The bank has enabled this new scheme in order to render a unique shopping experience to each and every customer, it can also be used for online and digital transactions. Also you can swipe it at ATMs in order to avail cash.
Mobile Banking - You can handle your banking at your fingertips on your mobile phone, get all the updates of your accounts on your phone through our app and through SMS or calls. You can also avail support 24x7 from our effective customer care assistants.
To know more about us and get information about other services our bank specialises in, get in touch with us, log on to- https://gmcbank.in/
