Dhanavruddi (FD): FIXED DEPOSIT is a cash investment deposited at a financial institution. It offers a higher rate of interest than Savings co-operative account. The interest can be earned monthly/quarterly/half yearly /yearly/on maturity. The interest income may be reinvested as RD. Hence we called it as DHANAVRUDDI FIXED DEPOSIT SCHEME.
- FEATURES OF ACCOUNT
- A member of cooperative can open individually/jointly with a family member.
- A member can invest his surplus money to get higher rate of interest
- No further addition can be made to the opened account. For an additional amount to be added a separate account must be made.
- The period of deposit is fixed, the minimum period is 1 year and a maximum is 10 years.
- The rate of interest is changed from time to time as per the decision of the board.
- No closure is allowed before maturity, in some extreme cases it may be allowed with a cut in the rate of interest running on the date of closure
- A receipt/certificate is given to depositor noting address of depositor, deposit amount, period, mode of interest payment, and total interest, date of maturity etc
- Interest income may be given as per the instruction i.e., monthly/quarterly/halfyearly/yearly/on maturity.
- The depositor can reinvest the interest income in other products and ventures.
- Nomination facility is available.
- It encourages the members to invest their surplus funds.
- It will earn interest income.
- Earned interest may be credited monthly/quarterly or as desired by the depositor.
- Loan facility is available.
- The matured amount may re-invest for a further period.
- The co-operative gets funds for a longer period and we can invest the money for a shorter period.
RATE OF INTEREST ON DEPOSITS:
|Above 1 year up to 2 years||10%||10.5%|
|Above 2 years up to 3 Years||11%||11.5%|
|Above 3 years-10 years||12%||12.5%|
* Preferential rate of interest is applied to senior citizens, widows, physically challenged & ex-servicemen