The Bharat Co-operative Bank (Mumbai) Limited is registered under The Maharashtra Co-operative Societies Act, 1960 and is popularly known as Bharat Bank. It commenced its banking operations in 1978, from its current location in Mumbai, with a capital base of Rs. 6.32 lakhs. The Reserve Bank of India conferred scheduled status to the bank on 22nd April, 1996 and the Bank subsequently registered as a Multi-State Scheduled Co-operative Bank on 26th September, 1997.
Bharat Bank offers a high interest rate on its fixed deposit with interest payable on a monthly or quarterly basis, or on maturity, depending on the depositors’ preference. An auto renewal facility is also available with and without interest
The Bharat Co-operative Bank offers the Bharat Deposit Tax Benefit under its fixed deposit scheme. This scheme provides an interest rate of upto 10 per cent on its tax saving fixed deposit.
Bharat Bank offers the 5 year Bharat Co-operative Tax Savings Scheme, with a maximum deposit amount of upto Rs 1 lakh. This scheme offers general interest rates of 9.25%, and interest rates of 9.50% for senior citizens.
Tax savings fixed deposit from the bank qualifies for tax rebate under Section 80C of the Income Tax Act. Tax will be deducted at the source, if the interest income on a fixed deposit per annum exceeds Rs.10,000. The amount invested in fixed deposits with a maturity period of 5 years in a Scheduled bank is eligible for tax deduction under section 80C. However, the interest earned on the deposit is taxable.
Loans can be availed on the fixed deposit upto 95% of the amount.
Senior citizens earn an additional 0.25% on all rates for tenures over 1 year to 3 years.
The bank allows for premature withdrawals but a charge of 0.25 % will be levied on renewals that take place prior to maturity.
For deposits of less than 15 lakhs, NREs can open fixed deposits at rates ranging from 8.50% to 8.75% for FD tenures of 1-3 years and for deposits of more than 15 lakhs, NREs can open fixed deposits at rates ranging from 8.65% to 8.90% for FD tenures of 1-3 years.
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