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.
|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.
Note: The process may slightly vary from bank to 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.
No. The interest rate provided by each co-operative bank varies and therefore it is not the same.
Different banks offer different tenure options. The maximum tenure at most banks is usually 10 years.
The RBI issues guidelines for these banks. The banks are governed by the Banking Regulation Act.
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