Kunhimangalam Service Co Operative Bank Ltd
Fixed Deposits are also known as Term Deposits. In a Fixed Deposit Account, a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest. The rate of interest for Fixed Deposits depends on the maturity period. It is higher in case of longer maturity period.
There is great flexibility in maturity period and it ranges from 15days to 5 years. The rate of interest is fixed as per the circulars from the Registrar of Co-Operative Socities. 1/2% additional interest is given to the senior citizens. Minimum deposit amount is Rs 1000/- and there is no upper limit. Loan facility is available against bank fixed deposits. Premature withdrawal is permissible but it involves loss of interest. The depositor can withdraw the interest monthly, quarterly or credited to their respective SB Accounts.
Any person or persons and associations of individuals like Co-op. Societies, Institutions and Associations approved by the bank. Account may be opened individually by one person or by two or more persons in their joint names. Natural guardian i.e. father or mother can open account on behalf of a minor child/ward. Initial Deposit for opening SB A/c with cheque book - Rs.500/- without cheque book - Rs.100/- This is also the minimum balance requirement for respective accounts. Interest will be paid @ 4.50% per annum.
Current Account is primarily meant for businessmen, firms, companies, public enterprises etc. that have numerous daily banking transactions. Current Accounts are cheque operated accounts meant neither for the purpose of earning interest nor for the purpose of savings but only for convenience of business hence they are non-interest bearing accounts.
In a Current Account, a customer can deposit any amount of money any number of times. He can also withdraw any amount as many times as he wants, as long as he has funds to his credit. Generally, a higher minimum balance as compared to Savings Account is required to be maintained in Current account
Under a Recurring Deposit account (RD account), a specific amount is invested in bank on monthly basis for a fixed rate of return. The deposit has a fixed tenure, at the end of which the principal sum as well as the interest earned during that period is returned to the investor. Recurring Bank Account provides the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access those savings any time. Since a recurring deposit offers a fixed rate of return, it does not provide protection against inflation.
The advantage in opening a Recurring Deposit Account that the Depositor would be able to save certain sums in fixed monthly Installments so that he / she would be able to meet an anticipated liability / obligation after the end of a specified period.
Under the Daily Deposit, a specific amount is invested in bank on daily basis for a period of 100days. After the maturity date that is 100days the depositor can withdraw an amount and keep the account. This type of account is mainly for business peoples. Bank Deposit Collection agents to collect the amount from the depositors. They deposited the amount in the morning to the respective branch, the Daily Deposit Collection Agent collects the cash through palmtech machine and gives a receipt with the total balance and present deposited amount.
