Olavanna Bank is the answer to your need to save your hard-earned money safely, securely and conveniently. Be it for yourself, or your child’s future or helping out your parents our Savings bank account gives you the freedom to choose a solution that meets your requirements.
A Savings account is always within your easy reach and is a convenient, safe way to save money any time. Olavanna Bank offers competitive interest rates and flexibility in Savings Bank deposit scheme.
Conducting a business needs a lot of investment. Businessmen who have a higher number of regular transactions with the bank can open Current Account and it is an effective deposit scheme for large Manufacturers, Large Distributors, Stockists, Multi-Specialty Hospitals and Dealers etc.
The Current account allows the customer to deposit and withdraw amounts at any time and it is also suitable for making payments to creditors by using cheques. Any Cheques received from customers can be deposited in this account for collection.
Overdraft facility is available to the current account holder. It is a non-interest bearing bank account and needs a higher minimum balance to be maintained as compared to the savings account. Penalty is charged if minimum balance is not maintained in the current account.
Fixed deposits are much in demand as they are easy investments with high returns. As long-term investments with higher interests on your savings, invest your money in Fixed Deposit at Olavanna Bank. By investing in Chelannur Bank Fixed Deposits, your money stays secure and also accumulates good interest over the period of deposit. We offer you great rates, flexibility and security in your Fixed Deposits
Senior citizens are eligible for higher rate of interest on Fixed Deposits. Loans can be availed on your Fixed Deposit and partial withdrawal from your Fixed Deposits before maturity can also be done when in need.
In a cumulative deposit scheme, the interest is payable at the time of maturity along with the principal. These schemes are suitable for persons who do not require periodical interest payments. They enable the depositor to build up a sizeable capital in a regular systematic way. A cumulative deposit can be converted into a Term Deposit before maturity, provided that the term deposit is for a period larger than the remaining period of cumulative deposit account. Olavanna Bank Cumulative Deposit schemes are aimed at lower / lower middle / middle / upper middle and salaried sector.
Recurring deposits are term deposits made on a regular monthly basis for specified periods of time like a year or more. Almost similar to fixed deposits by nature and their interest rates are also the same as applicable to fixed deposits. Fixed amounts (multiples of Rs. 50) of money are to be added to it on a monthly basis for periods of 12, 24, 36 or 60 months. In case you wish to withdraw the deposit it is possible and you get the interest until the date of withdrawal as well.
You get good interest rates for the amount deposited in Recurring Deposits & this scheme helps the customers to build up their savings through regular monthly deposits.
The Daily Deposit scheme initiated by Olavanna Bank promotes a savings habit among common people. In this scheme the customers can keep adding to their bank balance small or big amounts of their choice. People who work on a daily wage basis and small income groups can benefit from this scheme. They can keep their bank accounts alive and active by contributing even amounts below Rs. 100. The customers can hand over their daily deposits to our pigmy collection agents and need not disrupt their work to come to the bank.
Here is a chance to own your dream vehicle with Vehicle loans from the Olavanna Bank. Vehicle loans can be availed for purchase of vehicles for personal use, for use as public carriers, purchase of pre-owned vehicles & purchase of vehicle for agricultural purposes. Vehicle loans are also being issued to Kudumbasree members and members of self-help organisations to empower them to buy vehicles for their requirements at low interest rates.
With strategic tie-up with Nuran Honda Cheruvannur, Olavanna Bank had arranged a Loan Fest for Honda Two-wheelers with attractive EMIs. The Loan period is for 36 months and the maximum limit is Rs. 50, 000.
Olavanna Bank brings to you Gold loan - a scheme designed to provide loan against pledged gold ornaments which is ideal to meet your immediate requirement of cash. The loan can be processed within 2 minutes and the loan period can be for 1 month, 3 months, 6 months, 1 year (Agricultural loan).
Instant personal loans can be availed from the Olavanna bank by its customers at special interest rates. These loans come handy to meet quick cash needs and can be re-paid in comfortable installments. The loans are issued against personal guarantee or guarantee of other persons. The personal loans can also be issued on the basis of the Salary Recovery Certificate.
Huge investment is needed by businessmen and industrialists to run their business and also to meet their daily running costs. Keeping in mind needs and nature of various businesses Olavanna bank issues business loans at special interest rates on ample security provided.
Wedding – the most auspicious and significant occasion in one’s life is celebrated with great enjoyment and pomp. This special occasion needs a lot of funds & marriage loan or personal loan is a good option to pay for wedding expenses and make the day extra special without an immediate financial burden.
Olavanna Bank will help you to make it extra special with customized Marriage Loans. Any salaried individual working in a known organization with a minimum of 3 years’ service and Rs. 18,000 salary with age between 21-60 years can avail a marriage loan.
Kudumbashree plays an important role in enhancing the financial status of the less privileged women in the State. Olavanna Bank stands for the empowerment of Kudumbasree Units and Self Help groups (SHG). They can avail loans at less interest rates for financing their activities. Loan limit is sanctioned on the basis of outstanding amount of SHG loans issued to their members for a period of one year. Interest is calculated on daily products basis.
Based on the Fixed Deposits of the customers, Olavanna Bank issues deposit loans for their cash requirements. Upto 80% of their fixed deposits can be availed as loan. Documentation and processing of the loan is executed very quickly.
Gold is an investment which is always getting huge appreciation. The Olavanna Service Co-operative Bank has introduced to customers a special gold loan scheme wherein borrowers can pledge their gold jewellery to get a suitable loan amount which they can use towards agricultural purposes. This loan amount can be used as short term crop loan and can be used to purchase any farm asset. These loans are given at very low interest rates so as to encourage sectors like farming and small trading enterprises.
Olavanna Bank provides timely credit to farmers through simplified procedures facilitating Kisan Cash Credit loans when needed. The loan is aimed to meet their cultivation expenses, contingency expenses, and expenses related to ancillary activities. In Kisan Credit Loans, the loan period is for 1 year, and a loan amount of 1 lakh to 3 lakh can be availed.
PURPOSEOlavanna Bank has given shape to Group Deposits Scheme to encourage savings in large amounts. This enables the customers to deposit as a group, amounts ranging from small to big as per individual capacities. Customers can deposit as a group for 50 months or 25 months amounts worth Rs, 50,000/- or 25,000/-. Customers can stand to gain the advantage of investing a substantial amount and getting the best returns out of it.
As part of the Social commitment Olavanna Service Cooperative Bank has the following activities:
