Dhanavruddi (FD)

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

  1. A member of cooperative can open individually/jointly with a family member.
  2. A member can invest his surplus money to get higher rate of interest
  3. No further addition can be made to the opened account. For an additional amount to be added a separate account must be made.
  4. The period of deposit is fixed, the minimum period is 1 year and a maximum is 10 years.
  5. The rate of interest is changed from time to time as per the decision of the board.
  6. 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
  7. 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
  8. Interest income may be given as per the instruction i.e., monthly/quarterly/halfyearly/yearly/on maturity.
  9. The depositor can reinvest the interest income in other products and ventures.
  10. Nomination facility is available.
    ADVANTAGES

  1. It encourages the members to invest their surplus funds.
  2. It will earn interest income.
  3. Earned interest may be credited monthly/quarterly or as desired by the depositor.
  4. Loan facility is available.
  5. The matured amount may re-invest for a further period.
  6. The co-operative gets funds for a longer period and we can invest the money for a shorter period.

RATE OF INTEREST ON DEPOSITS:

Period General Public Preferential*
90-180 days 6% 6.5%
181-364 days 8% 8.5%
1 Year 9% 9.5%
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