Revision in the rates of Deposit (Effective from June 01, 2020)


Saving Deposit

Interest Rate – 3.75%


Fixed Deposit

Deposit will be accepted for a minimum amount of Rs. 1,000

12 Months Freq. of interest
6.60% Half yearly
6.50% Monthly
24 Months Freq. of interest
6.65% Half yearly
6.55% Monthly

Short Term Deposit

Deposit will be accepted for a minimum amount of Rs. 1,000

Duration of Deposit Rate of Interest
91 days  to  180 days 5 % p.a.
181 days to 364 days 5.75% p.a.

Medium Term Deposit

Deposit will be accepted for a minimum amount of Rs.1,000 and in multiples of Rs. 500 thereafter. Deposit of Rs. 1,000 will grow as under:

Duration Interest Rate (Mon. Comp.) Initial Deposit Rs. Maturity Value Rs.
12 Months 6.40% (Effective rate 6.6%) 1,000 1,066
24 Months 6.50% (Effective rate 7.00%) 1,000 1,140

Recurring Deposit

Deposit will be accepted in multiples of Rs. 1000. Amount will be credited to member’s savings account only after one month from the date of the receipt of last installment. Monthly deposit of Rs. 1,000 will grow as:

Duration Interest Rate (Monthly Comp.) Initial Deposit Rs. Maturity Value Rs.
12 Months 6.50% 1,000/- 12,431/-
24 Months 6.65% 1,000/- 25,735/-

Deposit: Members are hereby informed that as pointed out by Statutory Auditors, Fixed Deposit / Medium Term Deposit Receipt will hence forth be issued / renewed in the name of members only. (No second name will be added). Members are advised to make use of nomination facility available with the society in order to safeguard their interest.

Rules for premature withdrawal of Deposit: If the deposit (Fixed / Short term / Medium / Recurring) are withdrawn by depositor prior to contracted term, Interest shall be paid@ 1% less than applicable agreed rate for that kind of deposit. If the deposit is withdrawn within 91 Days but after 46 days interest will be paid@ 1% less than savings interest and If withdrawn within 46 days then no interest is paid.


Rules of Deposit

These Rules relate to pre-mature withdrawal of deposit(s) kept with the Credit Society and other incidental matters relating to such deposits including recurring deposits.

  1. If Fixed Deposit (FD) or a Medium Term Deposit (MTD) is withdrawn within two months from the date of deposit by the depositor, Credit Society shall not pay any interest for the period upto which such deposit was kept with the Credit Society.

  2. If FD or MTD is withdrawn by the depositor after two months from the date of deposit, but before three months, in such cases, the Credit Society shall pay simple interest at the rate less than 1% on the rate of interest being paid on Saving Accounts / deposits, for such completed months.

  3. In case FD or MTD is withdrawn by the depositor after three months, from the date of deposit, interest will be paid @ 1% p.a. less than the applicable agreed rate for such Short Term Deposit or FD or MTD (simple) for completed tenure(in months).

  4. After maturity of existing deposit(s), if the depositor renews the deposit after a period of 4 months, Credit Society shall pay simple interest at then applicable rate for Short Term Deposit rate for 181 days will be paid on such renewed deposit.

  5. If Short Term Deposit, is withdrawn within 45 days, from the date of such deposit with Credit Society, Credit Society shall not pay any interest on such withdrawal.

  6. In case Short Term Deposit, is withdrawn after 45 days, from the date of deposit with Credit Society, but before three months, simple interest at the rate less than 1% on the rate of interest being paid on Saving Accounts / deposits shall paid by the Credit Society.

  7. In case Short Term Deposit, is withdrawn after three months, from the date of deposit, simple interest will be paid @1% less than the applicable agreed rate for STD for the completed days would be paid to the depositor.

  8. In case recurring deposit is discontinued pre-maturely, before one year from the date of opening of Recurring Deposit, simple interest (for completed months) applicable to Savings account shall be paid to such Recurring Deposit holder by the Credit Society.

  9. In case recurring deposit, is discontinued after one year, from the date of opening of Recurring Deposit, interest on such RD shall be paid @ 1% p.a. less than the applicable rate for RD for the completed period (in months).
These Rules shall be applicable for all deposits (Fixed Deposit / Short Term Deposit / Medium Term Deposit / Recurring Deposit, as the case may be).