Deposits Schemes
Our Society provides 4 types of deposit options to its members.
Compulsory Deposit
This deposit helps to create the fund of the society to distribute the loans to the members. A minimum amount will be deducted in each month recovery. This deposit is mandatory for all members. This fund along with interest will be refunded to the member only when he/she resigns.Per Month minimum Rs.1000/- will be deducted in recovery.
Savings Deposit
This deposit helps to create a savings fund for emergency use. Optionalyy a member may ask to deduct a fixed amount per month through recovery. Amount may be withdrawn as and when required by the memberFixed Deposit
A deposit of money that pays higher interest than a savings account but imposes conditions on the amount, frequency, and/or period of withdrawals. Also called time deposit.
In deposit terminology, the term Fixed Deposit refers to a savings account or certificate of deposit that pays a fixed rate of interest until a given maturity date. Funds placed in a Fixed Deposit usually cannot be withdrawn prior to maturity or they can perhaps only be withdrawn with advanced notice and/or by having a penalty assessed.
(1) 180 days to 210 days 6.40 %
(2) 211 days to 364 days 6.85 %
(3) 1 Year to 1 Year 364 days 7.25 %
(4) 2 Years to 2 Years 364 days 7.55 %
(5) 3 Years to 4 Years 364 days 7.50 %
Pre-mature withdawal before maturity- Int. will be paid @ 5.00% P.A. iIncome tax rule on the above will be applicable. NOTE : Revised structure for Deposi and Loans will be effective from 01-14-2024.
Recurring Deposit
The Recurring deposit account is an account where an investor deposits a fixed amount of money every month for a fixed tenure ( i.e. 24 months ). This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. The rate of interest paid is as follows.
1 Year 6.50%
2 Years 7.00%