Deposits



(A) Compulsary Deposits:

Every person on becoming a member of the society under the bye-laws shall contributes to CD amount of Rs. 200/- per month for which 6% interest per annum is paid annually. CD may be deposited on or before 10th of every month (otherwise Rs. 5/- per month will be charged as Penal Interest)

Maximum CD limit is Rs. 20,000/- (Rs. Twenty Thousand only) i.e. no CD is required to be deposited after 20,000/-. Members can also deposit Rs. 20,000/- (one time). Existing members can deposit the balance of the amount to make CD Rs. 20,000/- and may avail the benefit in such cases; bulletins and circulars will be despatched to them regularly.

CD Payment habit is one of the main factors for consideration/sanction of a 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.

(B) Saving Deposit A/c (SDA):

Members may avail the Saving Deposit facility for which the Society is offering 6% interest per annum; whereas the nationalised banks give only 3%. Members can deposit/withdraw any amount (without any limit). There is no cheque facility available now. No TDS is deducted on withdrawal.

(C) Recurring Deposits (RD):

It offers much higher interest on your deposits. Separate passbook 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 refunded.

Recurring Deposits are accepted for 2 & 3 years at the interest of 11 %

(D) Fixed Deposits (FD):
Fixed Deposits are accepted for member only. Total secrecy about the FD will be maintained. Even door to door collection facility is available for large amounts.

For 12 Months 8% Interest is paid
For 24 Months 9% Interest is paid
For 36 Months 11% Interest is paid

Double your Deposit in 90 Months

TDS is not deducted on interests or cash withdrawal. FD can be withdraw before maturity after one month's notice.