Shamrao Vithal Cooperative Bank Fixed Deposit
Shamrao Vithal Cooperative (SVC) Bank is a scheduled cooperative bank with a history of over 110 years of banking. The bank has presence in over 10 states, with more than 178 branches and a turnover of over Rs. 20,000 crore. The bank recorded an 11% hike in its net profits and a 16.6% rise in its total deposits at the end of March 2015, indicating strong financials.
SVC Bank offers attractive interest rates and flexible terms for fixed deposit schemes. It offers both short-term and long-term deposits, along with tax saver plans, recurring deposits and cash certificates.
Features and Benefits of SVC Bank FD Schemes
The key features of the Fixed Deposit schemes of Shamrao Vithal Cooperative Bank are as given below:
- You can open a term deposit account with just Rs. 1,000.
- The tenure of fixed deposits in the bank ranges from 15 days to 10 years.
- While interest on short-term deposits are paid at the time of maturity, for long-term deposits, you can choose to get the interest transferred to your savings account every quarter, every six months or annually.
- You can get a loan of up to 90 percent of your fixed deposit amount if you use your deposit receipt as collateral.
- If you opt for the cash certificate scheme, the interest generated on the principal amount is automatically added to your account every quarter. This way, you can earn interest on the interest of the principal amount.
- The SVC Tax Exempt plan gives you tax exemptions under Section 80C of the Income Tax Act.
- Under the Flexi-Fixed Deposit scheme, you can avail an overdraft of up to 90 percent of your deposit amount. This way, you can keep your deposit unbroken and receive the regular interest rate, but also meet any emergency requirement.
- Pre-mature withdrawal or re-investment of term deposits attracts a penalty of 1 percent per annum.
Eligibility Criteria to Open a Fixed Deposit Account with SVC
There are very few criteria you need to meet to be eligible to open a fixed deposit account with the Shamrao Vithal Bank. Let's see what they are.
- You need to have a government identity and address proof.
- If you are a minor, you need to be attested by a guardian who is a major.
- You need to have a minimum of Rs. 1,000 to open the account.
How to apply for an SVC Fixed Deposit Account
To open a fixed deposit account with Shamrao Vithal Bank, the following process needs to be followed:
- Fill in the application form for fixed deposit account. You can either download this from the bank's website or visit the nearest branch to obtain it.
- Ensure that you have pasted your photographs wherever required on the application form.
- Attach the supporting documents required - copies of your proof of identity and proof of address - with the application form.
- If you are a senior citizen or a minor, you need to attach proof of age.
- If you are depositing the principal amount into the Fixed Deposit through cheque, you need to attach a signed cheque with accurate details of the amount and crossed as Account Payee. The cheque should be made in favour of 'The Shamrao Vithal Co-op. Bank Ltd. A/c.' .
FAQs on SVC Fixed Deposit
- Can a minor start an FD account?
Yes. A minor can open a fixed deposit account under the supervision of a guardian who should be major. All withdrawals and transactions made on an account in the name of a minor should be handled by the guardian.
- Can I withdraw the amount in my FD before maturity?
Yes, but you will have to pay a premature withdrawal penalty of 1 percent of the deposited amount.
- Can I take a loan against my fixed deposit?
Yes, you can. You can use the deposit receipt as collateral to get up to 90% of your total deposit amount as loan.
- How many individuals can jointly open an FD account?
Up to 4 individuals can jointly open a fixed deposit account with SVC Bank. They can either choose joint operation of the account, operation rights only to one person, or to all persons individually, among other options.
- What happens if the account-holder dies before the scheme attains maturity?
In the application form, you have to nominate one person as beneficiary of your account. If the original account-holder dies before the scheme reaches maturity, the nominated persons will receive the total maturity amount.
- What if the nominee is a minor?
In the application form, you have to appoint a guardian to the nominee. This person will receive the total amount instead of the minor nominee.
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