Co-operative Banks across India offer attractive recurring deposit schemes that can help customers earn higher income from investments. Some of the co-operative bank recurring deposit schemes are elucidated below:
The Ernakulam District Co-operative Bank Recurring Deposit
The Ernakulam District Co-operative Bank recurring deposit scheme is offered to individuals at a fixed rate of interest. A pre-fixed amount of money has to be deposited in the account by the stipulated date every month. The depositors cannot withdraw money before the maturity period of the scheme. This co-operative bank also offers a new recurring deposit scheme called the ‘Samrudhi Recurring Deposit Scheme’. Those who are eligible to open this scheme are partnership firms, individuals, associations, companies, and so on. The minimum tenure for which an RD account can be opened is for 3 years and the maximum period is 10 years.
The National Co-Operative Bank
The National Co-Operative Bank offers the recurring deposit scheme called “Samruddhi Deposit Scheme” to its customers at an attractive rate of interest. A depositor can hold a recurring deposit account for a minimum period of 12 months and a maximum period of 120 months. The amount of deposit that can be made can be a minimum of Rs. 500 and above.
The interest rate varies as per tenure and the applicable interest rate is as follows:
|Tenure||Interest Rate (in %)|
|12 months – 24 months||9.50%|
|25 months – 36 months||9.25%|
|37 months – 60 months||9.75%|
|61 months – 120 months||9.00%|
Senior Citizens will get an additional benefit of extra 0.50% interest hike on the recurring deposit. This benefit also extends to registered societies, women who have attained 55 years of age or older. Women depositors of any age are eligible to get an additional benefit of extra 0.25% interest hike on the recurring deposit. Interest is compounded on a quarterly basis.
CitizenCredit Co-Operative Bank Recurring Deposit
CitizenCredit Co-Operative Bank also offers Recurring Deposit schemes to its customers. The minimum deposit that can be made is Rs.100 and higher amounts in multiples of Rs. 100. The total amount deposited in the recurring deposit and the interest accrued on the same is given to the depositor at the time of maturity. Interest is compounded on a quarterly basis. Senior Citizens will get an additional benefit of extra 0.50% interest hike on the recurring deposit.
Lokmanya Multipurpose Co-Operative Society Ltd. Recurring Deposit
Lokmanya Multipurpose Co-Operative Society Ltd. Offers recurring deposit for a minimum tenure of 12 months and a maximum tenure of 36 months. Premature withdrawal of funds is permitted without significant penalty charges. Nomination facility is available. Interest rate on the Lokmanya Multipurpose Co-Operative Society Ltd. Recurring Deposit is applicable as follows:
- For a tenure of 1 year, the applicable interest rate is 8.50%.
- For a tenure of 2 years, the applicable interest rate is 9.50%.
- For a tenure of 3 years, the applicable interest rate is 10.50%.
Senior Citizens, who are 60 years old or above, will get an additional benefit of extra 0.50% interest hike on the recurring deposit scheme.
Tamil Nadu Industrial Co-Operative Bank Recurring Deposit Scheme
Tamil Nadu Industrial Co-Operative Bank Recurring Deposit Scheme can be opened individually or jointly. This scheme can also be availed by minors with the assistance of a guardian. The interest rate is same as that which is applicable on the fixed deposit scheme offered by the Bank. The minimum deposit that can be made is Rs.100 and higher amounts in multiples of Rs. 100. Minimum tenure for which the recurring deposit account can be held, is 6 months. Loan against recurring deposit, nomination facility and pre-mature payment facility are available in this scheme. Tax deductible at source is applicable only if the interest earned on investment exceeds Rs. 10,000 annually.
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