Keeping in view of its objectives and mode of functioning, the Society will accept permissible deposits from and provide loans to only members. Hence persons desirous of opening account with the Society will be required to take membership and thereafter allowed to open accounts as per rules and regulations. Deposits can be deposited from 15 days upto 5 years. Interest will be paid on quarterly, half yearly and yearly basis.
Deposits in cash will be accepted only upto Rs.20,000/- and amounts above that will be accepted only through Bank transfers or cheques, following the directions of I T department. For Closure of Deposits, deposit receipts should be surrendered at the issuing branch of the Society duly discharged. Cash payments by way of proceeds of deposits should be restricted to less than Rs.20,000/- including interest (two or more deposits in the same name closed on the same day should also be reckoned for the purpose – total deposit proceeds to be paid in cash on a single day should be less than Rs.20,000/-). Any amount over and above Rs.20,000/- will be paid by cheque or Bank transfers as desired by the member.
Deposits in the name of Deceased persons
In the case of death of a depositor, deposit amount shall be paid to the nominee or in case nominee is not available, to the legal heir on production of proper documents and on complying with the procedures/necessary legal formalities.
Interest may be paid for the period from the date of the deposit till the date on which the amount is actually repaid to the nominee/ heir or heirs of the deceased depositor.
Premature withdrawal of Deposits
Where a deposit is required to be repaid before the expiry of the period agreed upon at the time of deposit (closed before maturity), interest shall be payable on such deposit at least 0.5 percent less than the rate of interest applicable for the actual period the deposit has remained with the Society.
Loans against Deposit
Loan or advance shall be allowed against Fixed Deposit with the Society up to 90% of the deposit amount and margin of not less than 10 percent of the deposit amount need to be maintained. Interest on loans against deposits shall be at least 1% higher than the rate of interest payable on the deposit.
Rate of Interest for Deposits from 16.08.2017
|Period||Ordinary. Persons (%)||Senior Citizens (%)|
|15 days to 45 days||6.00||6.00|
|46 days to 90 days||6.75||6.75|
|91 days to 180 days||7.25||7.75|
|181 days to less than 1 year||8.00||8.50|
|Above one year to less than 3 years||8.25||8.75|
|3 years to 5 years||8.00||8.50|