Deposits/Loans

Our Society provides 4 types of deposit options to its members.

Compulsory Deposit

This deposit helps to create the fund of the society to distribute the loans to the members. A minimum Rs.1,000/- will be deducted every month in recovery. This deposit is mandatory for all members. This fund along with interest @ 5.5% will be refunded to the member only when he/she resigns.

Per Month minimum Rs.1,000/- will be deducted in recovery.
Interest paid will be @ 5.50% p.a.

Home Savings Deposit

This deposit helps to create a savings fund for emergency use. Optionalyy a member may ask to deduct a fixed amount (minimum Rs.100-) per month through recovery. Amount may be withdrawn as and when required by the member

Interest paid will be @ 4.00% p.a.

Term Deposits

A deposit of money that pays higher interest than a savings account but imposes conditions on the amount, frequency, and/or period of withdrawals. Also called time deposit.

In deposit terminology, the term Fixed Deposit refers to a savings account or certificate of deposit that pays a fixed rate of interest until a given maturity date. Funds placed in a Fixed Deposit usually cannot be withdrawn prior to maturity or they can perhaps only be withdrawn with advanced notice and/or by having a penalty assessed. Maximum duration is One Year

Minimum Amount for FD is Rs.1,000/- Maximum Amount for FD is Rs.5,00,,000/-

(1)Rate of Interest for 6 months - 7.00 %

(2) Rate of Interest for 1 year  - 7.00 %

 

Recurring Deposit

The Recurring deposit account is an account where an investor deposits a fixed amount of money every month for a fixed tenure. This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. The rate of interest paid is as follows. Minimum installemnt is Rs.100/- per month and maximum is Rs.40,000/- per month.

Rate of Interest for 1 Year  7.25%

Rate of Interest for 2 Years 7.50%

Pre-mature withdawal allowed with R.O.I 4.00 % as per HSD rule

Loans

Ordinary Loan

Maximum Limit : Rs.1,40,000/- recoverable in 50 months
R.O.I. 6.50% per anum

Emergency Loan

Maximum Limit: Rs.60,000/- recoverable in 20 months.
R.O.I. 7.75% per anum

Festival Loan

Maximum Limit Rs.1,20,000/- recoverable in 25 months.
R.O.I. 8.75% per anum

Special Loan

Maximum Limit Rs.2,55,000/- recoverable in 60 months.
R.O.I. 9.50% per anum