it like any other fixed scheme?
Yes and No. Yes, because it has many features of the FDs in banks.
No, because the returns are comparatively higher and because the
effective returns are really higher than the published interest
rates, because of monthly payment of interest (in the case of
all other institutions, the interest is paid quarterly).
What will be my returns?
The annual interest rate in case of deposits from the public
is 7.50% per annum.Interest for chitty prize money deposits is
8.00% per annum. Due to the monthly payment of interest, the effective
rate will be higher than this rate. Senior citizen* will
get 8.75 % for fresh deposits.
advantage can I expect by way of returns, when compared to FDs
of other reputed financial institutions?
returns are much higher than that offered by any reputed financial
institution, the highest interest rate offered by nationalized
and scheduled banks
75% of the fixed deposit amount can be availed as loan. This facility
is called Fixed Deposit Loan. In exceptional cases loan upto 90%
can be sanctioned by the branch manager using discretionary power.
Interest for the loan is 2% above the rate of interest on Fixed
Deposit is accepted as security for loan/advance schemes of the
for being Senior Citizen - All persons who attains the age of
56 years on the date of deposit will be considered as Senior Citizens.
avail this facility, please check our branch list and get in touch
with the branch
which is most convenient for you.