Deposit Schemes

A term deposit is a fixed term or Recurring Deposit deposit held at a Society. They are basically short-term deposits with maturities which range anywhere from a month to a few years. The deposits are locked-in for a specific time period during which the Society give loans to their members which can offer higher returns.These are an extremely secure investment and are therefore appealing to members who do not wish to take a lot of risks.

• Savings and Term Deposits Schemes


• Compulsory Deposit (CD)                                                  06 % p.a.


• Optional/Savings Deposit(OD)                                          06% p.a.


• Fixed Deposits(FDR)-
• 03 to below 12 months                                                 10% p.a.
• 12 to below 36 months                                                 12% p.a.
• 36 months and above                                                   13% p.a.


• Money Multiplier Deposit Scheme (MMDS)-
• Double in                                                                         5 Year
• Triple in                                                                            8 Year
• Five Times in                                                                  12 Year
• Ten Times in                                                                   18 Year
• Twenty Times in                                                              23 Year


• Recurring Deposits(RDS)-
• 12 months                                                                       10% p.a.
• 24 months                                                                       11% p.a.
• 36 months and Above                                                     12% p.a.


• Monthly Income Scheme (MIS)-
• 24 To 36 months                                                             11% p.a.
• 37 To 59 months                                                             12% p.a.
• 60 To 72 months                                                             14% p.a.
• 72 months and above                                                      15% p.a.
Note:-
• The society does not make TDS on the interest paid or credited to its members as it is exempted under Income Tax Act.
• The Interest received by members from the society is taxable under Income Tax Act, if members’ total income exceeds the limit prescribed in the Income Tax Act.
• In case of premature premature payment of term deposit before 30 days, no interest will be paid by society.
• In case of premature MMDS, interest will be calculated as per FDR interest slab