Xonchoi

NESFB will focus on community savings groups who have formed a Self Help Group (SHG). Used mostly by low-income groups and micro-level customers, it involves a group of individuals coming together with the objective of depositing regular installments into a common fund. Members of the group can then take loans from the fund for purposes such as income generation activities, social needs such as housing, children’s education, marriage, etc.
Some of the account features are:

• Self-help groups of 10-25 individuals which are engaged in promoting savings habit among their members would be eligible to open savings bank accounts
• These SHGs need not necessarily have already availed of credit facilities from the bank before opening accounts
• A Regular Savings account is opened for the group in the name of the Office Bearers
• SHGs is sanctioned loans after 6 months of inception
• No service/processing charges for loans upto INR 25,000 (applicable per member of the group)
• No minimum balance requirement
• Doorstep banking facilities
• Free SMS alerts