Deposit Schemes
Savings and Term Deposits Schemes
|
Compulsory Deposit (CD) |
10 % p.a. |
|
Optional/Savings Deposit(OD) |
06% p.a. |
Fixed Deposits(FDR)-
| 12 months |
10% p.a. |
| 24 months |
11% p.a. |
| 36 months |
12% p.a. |
Note : All Fixed Deposit are accepted only on discretion of managing committee.
Money Multiplier Deposit Scheme (MMDS)-
Recurring Deposits(RDS)-
| 11 months |
10% p.a. |
| 24 months |
11% p.a. |
| 36 months |
12% p.a. |
| 48 months |
13% p.a. |
| 60 months |
13% p.a. |
Note:-
- The society does not make TDS on the interest paid or credited to its members as it is exempted under Income Tax Act.
- The Interest received by members from the society is taxable under Income Tax Act, if members’ total income exceeds the limit prescribed in the Income Tax Act.
- In case of premature premature payment of term deposit before 90 days, no interest will be paid by society.
- In case of premature MMDS, interest will be calculated as per FDR interest slab