This scheme of deposit exclusively available for members only.
Period/Term of deposit is 500 Days(Fixed).
Additional interest benefit of Staff/ Women/ Govt / Semi. Govt. employee/ Defence person will Not be Available under this scheme.
Minimum amount of Deposit under this scheme shall be Rs.10000/-. There is no ceiling on maximum deposit.
Loan can be granted up to 90% of face value /deposit amount (excluding interest). The rate of interest on loan against such deposit shall be 2% more than the applicable rate. Further, the Interest on such loans shall be calculated and applied (capitalized) to loan accounts on quarterly compounded basis.
Additional interest of 0.25% for Non-Callable depositors is applicable.
The deposit receipt against which loan is availed, if closed before maturity, then the rate of interest to be applied on such loan shall be @2% more than the actual applicable interest rate payable (for expired period) on such deposit as mentioned below.
Pre-matured closure of deposit Is allowed, with penalty of @2.5% on applicable rate of interest
a) If closed before completion of one quarter: Simple interest for expired period less penalty @2.5%, shall be paid.
b) If closed after completion of one quarter but before one year : Interest rate(simple interest) applicable for expired period, subject to deduction of penalty @2.5%, shall be paid on compounded quarterly basis.
c) If closed after one year but prior to maturity : Interest rate on reinvestment deposit applicable for expired period subiect to deduction of penalty @2.5%.