|Tenure||Regular customers||Senior citizens|
The Period that begins from 7 days to 1 year or less than a year are known as short term fixed deposits, and their interest rates start from 4.00% to 6.50% depending on the number of days of the deposit for general customers, and it is from 4.00% to 6.50% for the senior citizens.
A Medium-term fixed deposit, that is, from 1 year to 5 years, withhold interest rates is 7.90% to 7.75% for general customers and is 8.15% to 8.00% for senior citizens according to the period of lock-in.
A Long-term FD goes from 5 years and more, and the interest rate is 7.90% for general customers and it is 8.35% for senior citizens.
Note: The FD application process may vary from bank to bank.
Different co-operative banks may have different eligibility criteria for opening an FD account. Visit the respective co-operative bank's official website or the nearest branch to know the precise eligibility criteria.
Different co-operative banks may require different documents for opening an FD account. This may include identity proofs, address proofs, age proofs, etc. Visit the respective co-operative bank's official website or the nearest branch to know the exact documents required.
Depending on the regulations stipulated by different cooperative banks, the investors may have the option to avail of tax deductions for interest earned on FDs up to a certain extent under the Income Tax Act.
Many cooperative banks provide loans against their Fixed Deposits. The rate of interest for the loan depends on the terms and conditions of the respective cooperative bank.
Cooperative bank Fixed Deposits can be withdrawn prematurely, given some exclusions. The charges will be levied as per the terms and conditions of the respective cooperative bank.
Who is in charge of these banks?
The RBI establishes criteria for these institutions. The Banking Regulation Act governs the banks.
Do they provide the same interest rates?
No. Each cooperative bank's interest rate varies, therefore they are not all the same.
What are the repayment terms for FDs in cooperative banks?
Different banks provide various tenure choices. Most banks have a maximum tenure of ten years.
What exactly is a cooperative bank?
A cooperative bank is founded on a cooperative basis by a community or organization. Their primary goal is to help the most vulnerable members of society and to offer equal access to banking for all.
What is the advantage of Co-operative Bank FDs?