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Scheme Detail

• This is a recurring/cumulative deposit scheme open to all members.
• Depositors must be members of our society.
• The term of monthly deposits will be 18 months for Plan A, 24 months for Plan B, and 36 months for Plan C.
• The minimum amount of monthly deposit shall be Rs. 5200/- (Plan A), Rs. 3800/- (Plan B), and Rs. 2400/- (Plan C).
• Accounts can be opened with the minimum monthly deposit amount prescribed in Plans A, B, and C. The amount of instalments and the number of instalments cannot be changed after opening the account.
• The maximum amount of deposit accepted to open an account under the scheme is Rs. 52,000/- (Plan A), Rs. 38,000/- (Plan B), and Rs. 24,000/- (Plan C).
• The declared/prescribed maturity value will be given only after the completion of the prescribed terms as per the opted plan, provided all monthly instalments have been paid within the due date, on a regular basis without fail.
• Senior Citizens are not entitled to any additional interest benefit under this scheme. 9. No penalty will be charged on non-payment/delay in payment of monthly instalments; however, the maturity amount may vary due to such non-payment/delayed payment. Further, in case of delayed payment of instalments, maturity proceeds will be paid only after 30 days/one month from the date of deposit of the last instalment.
• Premature closure of the deposit is allowed with a penalty of 2.5% on the applicable rate of interest of the regular recurring deposit scheme.
• Loans can be granted up to 90% of the face value/accumulated value of deposits (excluding interest). The rate of interest for loans against the said deposit is 2% more than the applicable rate.