DEPOSITS
I) COMPULSORY DEPOSIT (THRIFT DEPOSIT OR CD)
a. Every person on becoming a member of the Society, under the Bye- Laws shall contribute RS 100/- Minimum amount per month as CD for which 9% interest per annum is paid annually. CD can be deposited in advance also, for which 9% interest is paid.
b. CD payment habit is one of the main factors for consideration/ sanction of loan. In case of irregular payment, there is a chance for rejection of loan application or the amount of loan shall be decreased according to the payment habit.
ADVANCED CD DEPOSIT
Members can deposit CD for 12 months in advance. Each and every rupee payment made in advance earns interest from the subsequent month onwards. By doing so, in addition to the extra interest earned, you can save the traveling time, conveyance cost/ postage, penalty in case of accidental commission /delay/etc.
II) RECURRING DEPOSIT
a) The main features of this scheme – It offers much higher rate of interest on deposits than other financial institutions.
Separate Pass book will be issued for each account/ scheme.
If any member wants to discontinue the scheme in between, the deposits as on that date will be returned (with normal interest as per bye-laws) immediately.
b) Rate of interest on Recurring deposit is 10% p.a.
III) SAVING DEPOSIT ACCOUNT/OPTIONAL DEPOSIT
Members may avail the Saving Deposit optional deposit facility for which the Society is offering 5% interest per annum.
Member can deposit/ withdraw any amount (without any limit). The minimum balance of RS 2000/- is to be maintained
IV)Fixed Deposit / Deposit in Monthly income scheme
Society undertakes only fixed deposits in MIS from Senior members/widow members on which it provides better rate of interest.
RATE OF INTEREST ON FIXED DEPOSITS
| FIXED DEPOSIT / TERM DEPOSIT | |
| PERIOD | INTEREST RATE* |
| Up to 1 YEAR | 6.5% |
| 1 TO 2 YEAR | 7.0% |
| 2 TO 3 YEAR | 7.5% |
| 3 TO 4 YEAR | 8.0% |
| Above 4 YEARS UPTO 5 YEARS | 9.0% |
| Sr. Citizen/windows | 8.4%(per annum) |
| Other Members | 7.8% (per annum) |
RECURRING DEPOSIT
| (Minimum amount acceptable is RS100/-) | |
| Period | Maturity Value |
| 12 Months | 7.0% (per annum) |
| 24 Months | 8.0% (per annum) |
| 36 Months | 8.25 %(per annum) |
| 48 Months | 8.5% (per annum) |
| UPTO 60 Months | 9.0% (per annum) |
Minimum amount acceptable as in
5000/-* For monthly income scheme henceforth will be for 5 years and no bonus shall be paid.
Monthly Income Scheme
RS Rate of Interest * 09.0% P.A
RS Deposits in this scheme are accepted for 6-year period and bonus of 10% is given at time of maturity.
* For Senior citizens/widow rate of intrest 9.0% per anum with effect from 1st April 2017
Interest Rate on Various Investments / Loans |
|
| Compulsory Deposit | 9.00% |
| Optional Deposit / Home Saving | 5.00% |
| Loan | 13.20% |
Confirm the balance in your accounts as on 31st March,
on or before 30th September every year. In absence of any information, balance as shown in the society records will be treated as correct and confirmed. Thereafter no claim will be entertained.