• Co-operative Bank Fixed Deposits

    There are several co-operative banks that offer competitive interest rates on Fixed Deposits. The interest rate from different banks range from 6.10% p.a. to 6.75% p.a. for regular citizens with senior citizens getting up to 0.60% higher interest rate. Co-operative banks offer a wide range of financial services and products, including fixed deposits.

    Best Fixed Deposits by Co-operative Banks

    Co-operative Bank FD Interest Rates 2021
    Bank Regular Interest Rates (per annum) Senior Citizen Interest Rates (per annum) Tenure
    Repco Bank 6.75% 7.25% 1 year and more than 2 years
    Andhra Pradesh State Co-operative Bank 6.50% 7.10%% 1 Year
    Bombay Mercantile Co-operative Bank Limited 5.30% 5.80% 3 years to 60 months
    Bharat Co-operative Bank 6.20% 3.70% Above 5 years
    Saraswat Bank 5.85% 6.35% Above 5 years
    Janata Sahakari Bank 6.25% 6.50% 12 months to 36 months

    *Banks tend to revise interest rates from time to time. These rates are applicable as of September 2020.

    FD Rate Highlights

    • At present, Repco Bank and Bharat Co-operative Bank pay the highest rate of interest, which is 6.75% p.a. for a tenure between 1 year and 2 years.
    • Senior citizens can expect a lucrative bank rate of 7.25% p.a. for a tenure of 1 year to 2 years from Repco Bank.
    • Andhra Pradesh State Cooperative Bank also offers a good rate of return for senior citizens that is 0.60% higher than the regular interest rates.
    • Bombay Mercantile Co-operative Bank Limited offers regular customers 6.25% p.a. and an interest rate of 6.75% p.a. for senior citizens.

    Online Fixed Deposits from Co-Operative Banks

    • Step 1: Log on the website of the respective co-operative bank
    • Step 2: Click on the fixed deposit option and choose the term deposit plan
    • Step 3: Click on the ‘Buy Now or Purchase’ option
    • Step 4: Fill in basic details by downloading the fixed deposit application form
    • Step 5: Proceed and make payment online

    Note: The process may slightly vary from bank to bank.

    Advantages of Co-operative Bank FDs

    • These banks tend to offer a higher rate of interest on fixed deposits when compared to other types of banks. This provides investors a good option to earn more interest in a short span of time
    • Most co-operative banks do not have stringent eligibility criteria rules and hence it is easy to apply for a fixed deposit account in these banks
    • The easy application procedure and the ease of opening a fixed deposit account online makes these types of banks a good choice
    • Co-operative banks are built with the aim to serve the public. The main objective of co-operative banks is to create financial inclusion and serve.

    List of Co-operative Banks in Metros

    • New India Co-operative Bank Limited – Mumbai, Pune
    • The National Co-operative Bank Limited – Mumbai, Bangalore
    • Punjab and Maharashtra Co-operative Bank Limited – Mumbai
    • Noble Co-operative Bank Limited – Noida
    • Sir M Visvesvaraya Co-operative Bank Limited – Bangalore
    • West Bengal State Cooperative Bank Limited – Kolkata
    • The Delhi State Cooperative Bank Limited – Delhi
    • Mahaveer Co-operative Bank – Hyderabad
    • Peoples Urban Co-operative Bank Limited – Kochi
    • Gujarat State Co-operative Bank Limited – Ahmedabad

    FAQs on Co-operative Bank Fixed Deposit

    1. What is a co-operative bank?

      A co-operative bank is formed by a community or group on a cooperative basis. Their main aim is to serve the weaker sections of society and provide access to banking for all.

    2. Do they provide same interest rates?

      No. The interest rate provided by each co-operative bank varies and therefore it is not the same.

    3. What are the tenure options for FDs in co-operative banks?

      Different banks offer different tenure options. The maximum tenure at most banks is usually 10 years.

    4. Who governs these banks?

      The RBI issues guidelines for these banks. The banks are governed by the Banking Regulation Act.

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