Fixed Deposit Account
Only our Society members can open Fixed Deposit Account. The account which is opened for a particular fixed period (time) by depositing particular amount.
The 'fixed deposit' is fixed and is repayable only after a specific period is over.
Under fixed deposit account, money is deposited for a fixed period say three months, six months, one year, five years or even ten years. The money deposited in this account can not be withdrawn before the expiry of period.
The rate of interest paid for fixed deposit is as shown below.
|Duration of Fixed Deposit||Rate of Interest (%) Per Annum|
|3 months above & upto 6 months||6% PA|
|6 months above & upto 1 year||8% PA|
|1year above & upto 2 years||9% PA|
|2years above & upto 3 years||9.5% PA|
|3years above & upto 5 years||10% PA|
|5years above||11% PA|
|For Senior Citizens / Trust / Religious Trust||0.5% Extra PA|
Features of Current Account
- The main purpose of fixed deposit account is to enable the members of the society to earn a higher rate of interest on their surplus funds (extra money).
- The amount can be deposited only once. For further such deposits, separate accounts need to be opened.
- The period of fixed deposits range between 3 months to 10 years.
- Withdrawals are not allowed. However, in case of emergency, society allows to close the fixed account prior to maturity date. In such cases, society deducts 1% (deduction percentage many vary) from the interest payable as on that date.
- The depositor is given a fixed deposit bond, which depositor has to produce at the time of maturity. The deposit can be renewed for a further period.