Akola Urban Co-operative Bank Fixed Deposit Rates
The Akola Urban Cooperative Bank provides fixed deposits to its customers for a minimum period of 30 days. The deposit is accepted for a set amount of time that the customer specifies.
The minimum deposit time is 30 days, while the maximum deposit length is 120 months. Periodical interest will be paid quarterly, half-yearly, or annually, depending on the customer's preference.
Interest will be paid at a discounted rate on a monthly basis at the customer's desire. If the amount of interest earned in a financial year exceeds Rs.40,000, TDS would be deducted.
If you do not want to pay TDS, you must submit Form 15G/H each year along with a copy of your PAN card.
Akola Urban Cooperative Bank FD Rates
Tenure | Interest Rates for General Public (p.a.) | Interest Rates for Senior Citizens (p.a.) |
30 - 45 days | 3.50% | 4.00% |
46 days to 180 days | 4.75% | 5.25% |
181 days to less than a year | 5.75% | 6.25% |
1 year to less than 3 years | 7.00% | 7.50% |
3 years to less than 5 years | 6.75% | 7.25% |
5 years to 10 years | 6.50% | 7.50% |
Tax Benefit Term Deposit Scheme | 6.50% | 7.50% |
Note: Interest rates are effective from 01 January 2024.
FAQs on Akola Urban Cooperative Bank FD Rates
- What is the maximum tenure of a fixed deposit account under Akola Urban Cooperative Bank?
The maximum tenure of a fixed deposit account under Akola Urban Cooperative bank is 120 months.
- Is TDS deducted from the interest rates earned from fixed deposit under the Akola Urban Cooperative Bank?
If the interest rate exceeds Rs.40,000 then TDS is deducted from the interest rates earned from fixed deposit under the Akola Urban Cooperative bank.
- Is there a special interest rate for senior citizens under the Akola Urban Cooperative Bank fixed deposit scheme?
Yes, senior citizens are provided with a special interest rate under the Akola Urban Cooperative Bank fixed deposit scheme.
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