Ahmedabad Mercantile Co-operative Bank offers attractive interest rates on fixed deposit schemes for tenure ranging between 15 days and 60 months. The interest rates for the general public range from 3.25% p.a. to 5.60% p.a.
Senior citizens (aged above 60 years to less than 75 years) will be offered an additional interest rate of 0.50% while super senior citizens (aged 75 years and more) will get a 0.50% higher interest rate on deposits. These additional interest rates are applicable on fixed deposits for tenures above 1 year.
Retail Deposit Interest Rates
The interest rates on fixed deposits offered by Ahmedabad Mercantile Co-operative Bank are as follows:
| Tenure | Interest Rates for Up to Rs.25 lakh | Interest Rates for More than Rs.25 lakh to Rs.100 lakh | Interest Rates for More than Rs.100 lakh |
|---|---|---|---|
| 7 days - 14 days | 3.25% | 3.25% | 3.25% |
| 15 days - 45 days | 3.25% | 3.25% | 3.25% |
| 46 days - 90 days | 3.50% | 3.25% | 3.25% |
| 91 days - 180 days | 3.90% | 3.75% | 3.60% |
| 181 days - 364 days | 4.75% | 4.50% | 4.00% |
| 1 year - 3 years | 5.50% | 5.00% | 4.75% |
| Above 3 years - 5 years | 5.60% | 5.25% | 4.75% |
| Above 5 years - 7 years | 5.00% | 4.75% | 4.60% |
| 5 years – Term Deposit (u/s 80C) of IT Act (up to Rs.1.50 lakh) | 5.60% | NA | NA |
NRE Deposit Interest Rates
The interest rates for NRE deposits offered by Ahmedabad Mercantile Co-operative Bank are given below:
| Tenure | Interest Rates for Up to Rs.25 lakh | Interest Rates for More than Rs.25 lakh to Rs.100 lakh | Interest Rates for More than Rs.100 lakh |
|---|---|---|---|
| 1 year to 3 years | 5.50% | 5.00% | 4.75% |
Co-operative Bank Deposit Interest Rates
The interest rates for co-operative bank deposits are mentioned in the table below:
| Tenure | Interest Rates for Up to Rs.25 lakh | Interest Rates for More than Rs.25 lakh to Rs.100 lakh | Interest Rates for More than Rs.100 lakh |
|---|---|---|---|
| 1 year to 3 years | 4.00% | 4.00% | 4.00% |
Features and Benefits of Ahmedabad Mercantile Co-operative Bank Fixed Deposits
The features and benefits of fixed deposits offered by Ahmedabad Mercantile Co-operative Bank are as follows:
- Interest is paid on a quarterly, half-yearly, and yearly basis.
- Additional interest rate for senior and super senior citizens.
- Minors can open a fixed deposit through a guardian.
- The minimum deposit amount is Rs.1,000.
- A nomination facility is available.
- Loans and overdraft facilities against fixed deposits can be availed.
- A premature withdrawal facility is available. In case of such withdrawals, a penalty of 1% will be levied.
Documents Required to Open Ahmedabad Mercantile Co-operative Bank Fixed Deposit
The following documents are required to open a fixed deposit with Ahmedabad Mercantile Co-operative Bank:
- Proof of Identity (Any One): Aadhaar Card, Driving Licence, Voter ID, Passport, ID Card Approved by Government College or University, Government/Semi government/Department ID Card
- Proof of Address (Any One): Municipal Tax Bill, Electricity Bill or BSNL Landline Telephone Bill which is not more than 2 months old
- PAN Card
- Birth Certificate in case of minors
- Passport Size Photographs
- Age proof must be produced by senior citizens to receive the additional interest rate
FAQs on Ahmedabad Mercantile Co-operative Bank FD Rates
-
What is the interest rate on fixed deposits offered by Ahmedabad Mercantile Co-operative Bank?
The interest rates on fixed deposits offered by Ahmedabad Mercantile Co-operative Bank range from 3.25% p.a. to 5.60% p.a.
-
Do senior citizens get any additional interest rates?
Yes. Senior citizens get an additional interest rate of 0.50% on fixed deposits for tenure above 1 year.
-
What is the minimum deposit amount for a fixed deposit?
The minimum deposit amount is Rs.1,000.
-
Is a nomination facility available?
Yes. The facility of nomination is available.
-
Can I avail of a loan against my fixed deposit?
Yes. Loans against fixed deposits can be availed.
Experience Fixed Deposit Calculator Online: FD Calculator
