Scheme Details
This scheme of deposit exclusively available for members only.
Period/Term of deposit is 300 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.7500/-. 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.
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%.
