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    Co-operative Bank Fixed Deposits

    There are many co-operative banks that offer very competitive and high rates of interest on fixed deposits (FDs). In fact, when compared to other types of banks, co-operative banks, offer a much better rate of interest, in some cases. It is a wise option to invest a certain pool of savings into these types of fixed deposits than conventional term deposits. Co-operative banks offer a wide range of financial services and products, including fixed deposits.

    Best Fixed Deposits by Co-operative Banks

    Co-operative banks are offering some of the highest interest rates on fixed deposits. Given below is a consolidated table of some of the best interest rates offered by these banks:

    Co-operative Bank FD Interest Rates 2018
    Bank Regular Interest Rates (per annum) Senior Citizen Interest Rates (per annum) Tenure
    Mahaveer Bank 9.50% 10.00% More than 2 years to 5 years
    Mahaveer Bank 9.00% 9.50% More than 5 years
    Repco Bank 7.25% 7.75% 1 year and more than 2 years
    Andaman & Nicobar State Co-operative Bank 8.00% 8.50% 8 years to 10 years
    Andhra Pradesh State Co-operative Bank 6.80% 7.40% 271 days to 364 days
    Bombay Mercantile Co-operative Bank Limited 6.25% 6.50% More than 1 year to 3 years
    Bharat Co-operative Bank 7.65% 8.10% More than 5 years
    Bharat Co-operative Bank (Senior Citizen Scheme) - 8.50% 3 years
    Saraswat Bank 6.75% 7.00% More than 1 year to 3 years
    Kapol Bank 8.00% 8.25% 1 year to 2 years
    Janata Sahakari Bank 7.25% 7.50% 1 year to 3 years

    *Banks tend to revise interest rates from time to time

    FD rate highlights

    • At present, Mahaveer Bank pays the highest rate of interest, which is 9.50% p.a. for greater than 2 years to 5 years
    • Senior citizens can expect a lucrative bank rate of 10.00% p.a. for greater than 2 years to 5 years from Mahaveer Bank
    • Andaman & Nicobar State Co-operative Bank also offers a good rate of return at 8.00% p.a. and 8.50% p.a. for senior citizens
    • Bharat Co-operative Bank deposits offer customers 7.65% p.a. and an interest rate of 8.10% p.a. for senior citizens

    Online Fixed Deposits From Co-Operative Banks

    With all other banks offering internet banking and online services, co-operative banks have also stepped up their game and have begun to offer such services. Fixed deposits from co-operative banks can be easily purchased online without any hassle in a matter of minutes. Most fixed deposits from such banks can be purchased with minimal documentation, and by providing basic personal details.

    Let us take a look at the procedure to open a co-operative bank fixed deposit account:

    • 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.

    *The above-mentioned rates are subject to change without prior notice. The customer should contact the respective bank for updated rates.

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