Not part of Bengal government's deposit scheme: Allahabad Bank

Bank says it will not be accepting deposits from public under state's 'Safe Savings Scheme'

Depositors planning to keep money in West Bengal government's 'Safe Savings Scheme' have a reason to worry.

One of the banks mentioned by the government in its list of bankers today clarified that it was not consulted about this programme and will not be accepting deposits from the public.

"West Bengal Infrastructure Development Finance Corporation (WBIDFC) has included our name as one of the bankers for acceptance of deposits under Safe Savings Scheme without our consent. General public is hereby cautioned that as the corporation has included our bank's name unauthorisedly, none of our branches will accept the deposits under the scheme," Allahabad Bank said in a statement today.

WBIDFC, a financial services company promoted by the state government of West Bengal, today came out with an advertisement on the savings scheme mentioning Allahabad Bank, State Bank of India (SBI), UCO Bank and United Bank of India (UBI) as its bankers.

The advertisement invited application money from the general public requesting them to deposit it at any branch of these four banks in West Bengal.As per the advertisement, individuals can participate in the programme with a minimum amount Rs 1,000.

The money can be kept for 12-60 months and will earn 9.00-9.25 per cent interest per annum.The scheme was proposed by West Bengal chief minister Mamata Banerjee soon after the Saradha chit-fund scam was unearthed. The objective was to offer a secured savings option to rural people in the state, who are often cheated by illegal deposit schemes promoted by swindlers.WBIDFC officials had earlier said the Safe Savings Scheme has received approval from the Reserve Bank of India (RBI) and the corporation was in the process of launching the deposit programme.