Deposit
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DEPOSITS
Promotion of thrift and savings among the members is one of the primary objectives of service co-operative banks .At the beginning service co-operative banks collected only thrift deposits, But now the bank offers different types of deposits to the members.
Saving Bank Deposit:-
We accept deposit from the customers for improving their savings habit. The customers can remit small or large amount to the account and withdraw the deposit as and when they require . The interest on SB deposit is credited to their account at a rate of 3.5% on every 30th Sep and 31 st March ever year. Now we hold above 20000 SB accounts and our account opening process is very simple and hassle-free. The bank offers printed passbook, SMS banking facility, Mobile banking application, cheque book, NEFT/ RTGS facility, nomination facility etc to the account holders at free of cost. The minimum balance required for SB account is Rs.250/-.
Current Account:-
This type of account is mainly for the business concerns, partnership firms, organizations, charitable society, trusts etc. Current account helps them to do a large number of transactions whether it is deposit or withdrawal. The bank offers printed passbook, SMS banking facility, Mobile banking application, cheque book, NEFT/ RTGS facility, nomination facility etc to the account holders at free of cost. The minimum balance required for CA account is Rs.250/-.
Fixed Deposit :-
This type of deposit is the safest one for getting high rate of interest. The customers can make a deposit for fixed period and they will get interest on regular intervals. The period of FD begins from 15 days to long period. Usually Fixed Deposits cannot be withdrawn before the date of maturity. If the customer wants to withdraw FD before maturity period, the interest rate is 1% less than the running period interest rate. Senior citizens can get an additional interest rate of 0.5%. Nomination facility is available for this account
FD interest rate as per Govt circular: 5/2021 with effect from 22/01/2021
Duration | ROI | senior citizen |
15-45 Days | 4.75% | 5.25% |
46-90 Days | 5.25% | 5.75% |
91-179 Days | 5.75% | 6.25% |
180-364 Days | 6.25% | 6.75% |
12 month – 23 Month | 6.75% | 7.25% |
Above 2 years | 6.5% | 7% |
Re-Investment:-
The period of this type of deposit begins from one year to long period. In this case interest on deposit is paid at the time of maturity. The customer can get a cumulative interest on the maturity date. These schemes are suitable for persons who do not require periodical interest payments. Compound interest is calculated on quarterly basis. The interest rate is the same as above but to the customer
can get compound interest on the maturity of deposit. Nomination facility is available for this account
Recurring Deposit:-
For encouraging the savings habit among the members, the bank collects a fixed amount monthly for a fixed period. After attaining the maturity bank pay principle amount along with a compound interest. Can get compound interest on the maturity of deposit. Nomination facility is available for this account.
Pigmy Deposit/Day Deposit:-
This scheme is mainly focused on small businesses, shops and the employees, who work in an unorganized sectors. In this scheme our collection agent collects deposits from the work site and there by helps to develop a investment habit among the customers. If the customer needs the deposit they can withdraw the deposit from bank once in every three month. This deposit is very helpful for the daily wage employees. Our collection agent readily to collects amount on daily basis from their premises. If the depositor withdraws the deposit after one year, who can get the interest at the rate of 3.5%.
