Deposits/Loans
Our Society provides 4 types of deposit options to its members.
Compulsory Deposit
This deposit helps to create the fixed and to distribute the loans , for compulsory deposit by certain classes.class :
(1) N's & T grade - 1000 per month @ 5.5% p.a.
(2) Steel wage - 1200 per month
Fixed Deposit
A deposit of money that pays higher interest than a savings account but imposes conditions on the amount, frequency, and/or period of withdrawals. Also called time deposit.
In deposit terminology, the term Fixed Deposit refers to a savings account or certificate of deposit that pays a fixed rate of interest until a given maturity date. Funds placed in a Fixed Deposit usually cannot be withdrawn prior to maturity or they can perhaps only be withdrawn with advanced notice and/or by having a penalty assessed.
(1) 6 months - 6.25 %
(2) 1 year - 6.75 %
Pre-mature withdawal before maturity- Int. will be paid @ 5.00% P.A. iIncome tax rule on the above will be applicable. NOTE : Revised structure for Deposi and Loans will be effective from 01-12-2020.
Recurring Deposit
The Recurring deposit account is an account where an investor deposits a fixed amount of money every month for a fixed tenure ( i.e. 24 months ). This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. The rate of interest paid is as follows.
1 Year 6.50%
2 Years 7.00%
SHARE :- 1,042 Shares ( Max.) will be for Loan of Rs. 5,00,000/- only @ Rs. 10/- each.
938 Shares ( Max.) will be for Loan of Rs. 4,50,000/- only @ Rs. 10/- each.
834 Shares ( Max.) will be for Loan of Rs. 4,00,000/- only @ Rs. 10/- each.
730 Shares ( Max.) will be for Loan of Rs. 3,50,000/- only @ Rs. 10/- each.
Loans
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| ORDINARY LOAN | FESTIVAL LOAN | EMERGENCY LOAN | SPECIAL LOAN | TOTAL LOAN |
|---|---|---|---|---|
| 1,50,000/- | 1,50,000/- | 2,90,000/- | 4,50,000/- |