Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
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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. In fact, when compared to other types of banks, co-operative banks, offer a much better rate of interest. 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.

    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:

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

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

    Advantages Of Deposits From Co-Operative Banks

    • 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.

    Best Fixed Deposits by Co-operative Banks

    Co-operative banks are offering some of the highest interest rates on fixed deposits. Here are some of the best banks that provide high returns on fixed deposits.

    Andaman and Nicobar State Co-operative Bank

    The Andaman and Nicobar State Co-operative Bank was established in 1926 under the Co-operative Societies Act, 1912. They offer many banking services and financial products. They offer good rates of interest on fixed deposits.

    Tenure Rate of interest Amount
    1 year but less than 2 years 7.5% Less than Rs.1 crore
    2 years but less than 5 years 7.5% Less than Rs.1 crore
    5 years but less than 8 years 7.75% Less than Rs.1 crore
    8 to 10 years 8% Less than Rs.1 crore

    Andhra Pradesh State Co-operative Bank Ltd.

    The Andhra Pradesh State Co-operative Bank Ltd works with an aim to uplift the agricultural sector. They also engage in rural development. They offer many types of fixed deposit schemes with various tenure options.

    Tenure Rate of interest Amount
    1 year 7.1% Less than Rs.1 crore
    1 to 2 years 7% Less than Rs.1 crore
    2 to 3 years 6.9% Less than Rs.1 crore
    3 years 6.8% Less than Rs.1 crore

    The Assam Co-operative Apex Bank Ltd

    The Assam Co-operative Apex Bank Ltd was set up in 1948 and has many branches across Assam. They offer personal banking services which include loans and other financial products. They also offer fixed deposit schemes.

    Tenure Rate of interest Amount
    1 year but less than 3 years 6.9% Less than Rs.1 crore
    3 years but less than 5 years 6.75% Less than Rs.1 crore
    5 years and above 6.75% Less than Rs.1 crore

    The Bihar State Co-operative Bank Ltd.

    The Bihar State Co-operative Bank Ltd. came into being in 1914 and has been promoting co-operative activities across Bihar. They offer a wide range of fixed deposit schemes.

    Tenure Rate of interest Amount
    1 year but less than 2 years 7.5% Rs.1 crore and above
    2 years but less than 3 years 7% Rs.1 crore and above
    3 years but less than 5 years 7.25% Rs.1 crore and above
    5 to 10 years 7.25%  

    The Chandigarh State Co-operative Bank Limited

    The Chandigarh State Co-operative Bank Limited offers many deposit schemes, loans, and other banking services.

    Tenure Rate of interest Amount
    1 year but less than 2 years 7.25% Rs.1 crore
    2 years but less than 3 years 7.25% Rs.1 crore
    3 years and more 7.25% Rs.1 crore

    Goa State Co-operative Bank Ltd.

    Goa State Co-operative Bank Ltd. came into existence in 1963 and has around 67 branches. They offer competitive interest rates on fixed deposits.

    Tenure Rate of interest Amount
    1 to  2 years 8.5% Less than Rs.1 crore
    2 to  3 years 8.25% Less than Rs.1 crore
    3 years to less than 5 years 8% Less than Rs.1 crore
    5 years and above 7.75% Less than Rs.1 crore

    Amannath Co-operative Bank Ltd.

    Amannath Co-operative Bank Ltd. is known as the first of its kind urban co-operative bank that was set up in the state of Karnataka. They have a wide customer base and offer good rates on fixed deposits.

    Tenure Rate of interest Amount
    1 to 2 years 8.75% Less than Rs.1 crore
    2 to 3 years 9% Less than Rs.1 crore
    3 to 5 years 8.25% Less than Rs.1 crore
    5 to 8 years 8.50% Less than Rs.1 crore
    8 to 10 years 8.75% Less than Rs.1 crore

    Janata Sahakari Bank Ltd.

    Janata Sahakari Bank Ltd. is a well-known bank that offers high yielding returns on fixed deposits. They offer many fixed deposit schemes and tenures to choose from.

    Tenure Rate of interest Amount
    181 Days to 364 Days 6.25% Less than Rs.1 crore
    12 Months to 36 Months 7.25% Less than Rs.1 crore
    Above 36 Months 7.00% Less than Rs.1 crore
    Tax saver deposit (5 years) 7.00% Less than Rs.1 crore

    Malappuram District Co-operative Bank Ltd

    Malappuram District Co-operative Bank Ltd was established in 1970 and has ever since served the farming community and the weaker sections of society. They provide the option of choosing cumulative interest. Interest will be paid on a quarterly or monthly basis.

    Tenure Rate of interest Amount
    180 Days to 364 Days 7.75% Less than Rs.1 crore
    1 year but less than years 8.25% Less than Rs.1 crore
    2 years and more 8% Less than Rs.1 crore

    Mahaveer Co-operative Urban Bank

    Mahaveer Co-operative Urban Bank was set up in 1999 is one among the well-known banks in the co-operative sector. They provide attractive interest rates on fixed deposits. Investors can choose to invest in their extensive range of term deposit options.

    Tenure Rate of interest Amount
    181 days to 1 year 7% Less than Rs.1 crore
    More than 1 year to less than 2 years 8% Less than Rs.1 crore
    More than 2 years but less than 5 years 9.5% Less than Rs.1 crore
    More than 5 years 9% Less than Rs.1 crore

    The Gujarat State Co-op. Bank

    The Gujarat State Co-op. bank is a scheduled apex bank and provides banking services, mobile banking, loans and advances and fixed deposit schemes.

    Tenure Rate of interest Amount
    270 to 364 days 6.00% Less than Rs.1 crore
    365 days 6.60% Less than Rs.1 crore
    366 days to 2 years 6.75% Less than Rs.1 crore

    Associate Co-operative Bank

    The Associate Co-operative Bank was established in 2000 and has been doing well ever since. They offer fixed deposit schemes along with other banking services and financial products.

    Tenure Rate of interest Amount
    181 days to 1 year 7% Less than Rs.1 crore
    1 year, 1 day to 3 years 7.5% Less than Rs.1 crore
    More than 3 years 8% Less than Rs.1 crore

    SVC Co-operative Bank

    SVC Co-operative Bank is an award-winning co-operative bank that was founded in 1906. They have a wide customer base and provide a varied range of banking and financial services.

    Tenure Rate of interest Amount
    365 days to less than 2 years 7% Up to Rs.15 lakh
    Above 2 years to 60 months 7% Up to Rs.15 lakh
    More than 60 months to 120 months 6.75% Up to Rs.15 lakh
    5-year tax deposit scheme 7.25% Up to Rs.15 lakh

    The Haryana State Co-operative Bank Ltd.

    The Haryana State Co-operative Bank Ltd. began operation around 47 years ago and has been helping farmers, local artists and other weaker sections of society. They provide all banking and financial services. This is one of the well-known banks in Haryana.

    Tenure Rate of interest Amount
    6 months but less than 1 year 6.50% Up to Rs.50 lakh
    1 year but less than 2 years 6.85% Up to Rs.50 lakh
    2 years but less than 3 years 6.85% Up to Rs.50 lakh
    3 years and above 6.85% Up to Rs.50 lakh

    Saraswat Bank

    The Saraswat Bank is one among the biggest names in the co-operative sector and was set up in the year 1918. The bank has branches across the country. Their fixed deposit schemes come with good rates and flexible tenure options.

    Tenure Rate of interest Amount
    180 days up to1 year 6.50% Less than Rs.1 crore
    More than 1 year up to 24 months 6.80% Less than Rs.1 crore
    More than 24 months up to 36 months 6.80% Less than Rs.1 crore
    More than 36 months up to 60 months 6.70% Less than Rs.1 crore
    More than 60 months  and up to 120 months 6.60% Less than Rs.1 crore

    Repco Bank

    Repco Bank is an award winning co-operative bank that is managed by the government of India. They offer many fixed deposit schemes.

    Tenure Rate of interest Amount
    1 to 2 years 7.25% Less than Rs.1 crore
    2 to 3 years 7% Less than Rs.1 crore
    3 to 5 years 7% Less than Rs.1 crore

    The Himachal Pradesh State Co-operative Bank

    The Himachal Pradesh State Co-operative Bank has been catering to the needs of the masses since its establishment. They offer a range of fixed deposit options. For interest rates, please contact the bank.

    The Rajasthan State Co-operative Bank

    The Rajasthan State Co-operative Bank is part of the co-operative banking network community that serves the underprivileged.  They offer fixed deposit schemes with flexible tenures and competitive interest rates.

    Tenure Rate of interest Amount
    1 to 2 years 6.95% Below Rs.25 lakh
    2 to 3 years 6.9% Below Rs.25 lakh
    3 to 5 years 6.8% Below Rs.25 lakh
    5 to 10 years 6.75% Below Rs.25 lakh

    Kerala State Co-operative Bank Ltd

    Kerala State Co-operative Bank Ltd works with the aim of creating a strong community-based co-operative credit structure. Apart from loans and other services, they also offer fixed deposits.

    Tenure Rate of interest Amount
    46 to 90 days 7% Up to Rs.1 crore
    91 to 179 days 7.75% Up to Rs.1 crore
    180 to 364 days 8% Up to Rs.1 crore
    1 year to below 2 year 8.25% Up to Rs.1 crore
    2 year and above 8.25% Up to Rs.1 crore

    Karnataka State Co-operative Apex Bank Ltd.

    Karnataka State Co-operative Apex Bank Ltd. has been providing agricultural finance services, corporate and retail banking. They also deal in term deposit schemes.

    Tenure Rate of interest Amount
    15 to 30 days 4.75% Up to Rs.1 crore
    31 to 45 days 5.25% Up to Rs.1 crore
    46 to 90 days 6% Up to Rs.1 crore
    91 to 179 days 6.75% Up to Rs.1 crore
    180 days to less than 1 year 7% Up to Rs.1 crore
    1 year and above 7.25% Up to Rs.1 crore

    Cosmos Bank

    Cosmos Bank is one of the most sought after banks and has 140 branches. Apart from fixed deposit schemes, they offer NRI services.

    Tenure Rate of interest Amount
    12 to 18 months 7% Up to Rs.1 crore
    18 to 24 months 7% Up to Rs.1 crore
    2 to 5 years 6.5% Up to Rs.1 crore
    5 to 10 years 6.75% Up to Rs.1 crore

    Dombivli Nagari Sahakari Bank

    Dombivli Nagari Sahakari Bank is a co-operative bank that offers many fixed deposit schemes. The deposit can be taken on monthly, quarterly, half-yearly or yearly interest computation modes. All fixed deposit accounts can be held for a maximum of 10 years.

    Tenure Rate of interest Amount
    14 days 0% Up to Rs.1 crore
    15 to 90 days 4% Up to Rs.1 crore
    91 to 180 days 4% Up to Rs.1 crore
    181 to 365 6.25% Up to Rs.1 crore
    13 to 16 months 7.25% Up to Rs.1 crore
    17 to 60 months 7.25% Up to Rs.1 crore
    60 months to 10 years 7% Up to Rs.1 crore

    Janalakshmi Co-operative Bank

    Janalakshmi Co-operative Bank was established in 1976 and has over 23 branches. They offer an interest rate of more than 8% on fixed deposits that are held for a tenure ranging from 15 months to 5 years.

    Tenure Rate of interest Amount
    7 to 45 days 6% Up to Rs.1 crore
    46 to 179 days 6.5% Up to Rs.1 crore
    180 to 365 days 7.5% Up to Rs.1 crore
    366 to 15 months 8% Up to Rs.1 crore
    15 months to 5 years 8.5% Up to Rs.1 crore
    5 to 10 years 8% Up to Rs.1 crore
    Tax saving FD 8% Up to Rs.1 crore

    Best co-operative bank FDs

    Bank Rate of interest
    Mahaveer bank 9.5%
    The Abhinav Sahakari Bank Ltd 8.5%
    Punjab and Maharashtra Co-op. Bank Ltd. 7.75%
    Kapol Bank 8%
    Ahmedabad Mercantile Co-operative Bank 7.25%
    JanaKalyan Sahakari Bank Ltd. 7.25%
    Abhyudaya Co-op. Bank 7%

     

    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

    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.

    Do they provide same interest rates?

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

    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.

    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.

    Updated on 8th Aug 2017

    Perfect Fixed Deposits Deals for you

    News About Co-operative Bank Fixed Deposit

    • Deposits in Co-operative Bank post the Rate Cut

      The recent rate cuts imposed by the Reserve Bank of India has forced banks to cut down on the savings and fixed deposit rates that they were offering. Most banks now have a maximum rate of 9% for providing interest on fixed deposits while co-operative banks provide near about 1-2% increase in the same rates for fixed deposits.

      While a lump sum deposit in one of the co-operative accounts might sound to be very lucrative and irresistible, it is advised not to be too trusting on such banks. Their operations are not clearly defined and they mostly have no regulations followed as according to RBI. Failures of such banks and penalties being issued on them are not unheard of. One’s investment could face serious risk in such scenarios.

      6th April 2016

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