Schemes
Present Deposit Schemes & Rate of Interest
Present Deposit Schemes & Rate of Interest:
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Savings Bank : 4%
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Small Savings: 7.5% (May be withdrawn only after Retirement / Resignation from Service. No loan be issued. Minimum deposit Rs.100/- and Maximum Rs.5000/-. Deposit through Pay bill. Amount per month may be increased or decreased.)
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Recurring Deposit: One to Five year term; any amount per month may be deposited by cash or through Pay Bill. ( 80% of total deposit may be withdrawn as Loan from Deposit )
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Term Deposit : 46 days to 5 year ( No deposit limit; 80% of deposit money may be withdrawn as loan with 2% more interest on the deposit scheme; On demand repayment of deposit money in case of urgency. )
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M.I.S. (Monthly Income Scheme): For 1 to 5 year (No limit on deposit money; Premature withdrawal on demand; No deduction from Principal money on premature withdrawal; No loan on MIS is allowed. Rate of interest is 7.6% on 5 year and 1 to 4 year as per listed rate.)
All accounts may be opened by the member as first party and jointly with their wife, son and daughter; Nomination at the deposit account is a must.
Loan Schemes
1. Short Term : |
150000/= | To be repaid within maximum 48 installment |
2. Mid Term : |
800000/= | 120 |
3. Long Term : |
1500000/= |
180 |
4. Land Purchase: |
2500000/= |
240 |
5. House Building Loan |
4000000/= |
240 |
6. Emergency |
40000/= |
24 |
Rate of interest on all loans: 9%
A) Maximum amount of all Term loans in aggregate is Rs.1500000/= and Rs.4000000/= on House Building and Land purchase;
B) Loan can be repaid by cash/cheque in part or full.
C) Certificate issued for Income Tax deduction on House Building Loan.
D) Statement of Loan is issued on demand.