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Cooperative Banks FD Interest Rates

6.00% - 6.35%
Interest rates
1 Year -5 Years
Time Period
500 - No Limit
Min. - Max amount
QUARTERLY
Compounding

About Cooperative Banks FD

Cooperative banks are those that are registered under the Cooperative Societies Act of 1912 and are governed by the Reserve Bank of India (RBI) and the Banking Laws Act.

Co-operative banks were founded with the goal of providing financial help to economically disadvantaged parts of society, and they are formed by persons from the same local/professional community who have a shared interest and aims. Because of their personal connection with consumers and local reach, they are recognized to give superior services to customers. Agriculturists and small enterprises can get financing from Co-operative banks. Co-operative banks provide a wide variety of banking and financial services to both members and non-members (both owners and consumers).

Several Co operative banks provide competitive interest rates on Fixed Deposits. Interest rates from various banks range from 5.40 percent per annum to 6.25 percent per annum for normal people, with elderly persons receiving up to 0.60 percent higher interest rates. Cooperative banks provide a variety of financial services and products, including fixed deposits.

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Started On1912
Head QuartersMumbai
CRISIL RatingNA
CEONA
Listed on exchange as
ICRA RatingNA

Cooperative Banks FD Rates 2022

TenureRegular customersSenior citizens

Features and Benefits of Cooperative Banks FD

  • Currently, the highest rate of interest provided among these cooperative banks is 6.75 percent p.a., which is offered by Repco Bank for a one-year to a two-year term.
  • Repco Bank offers senior folks a competitive bank rate of 6.75 percent p.a. for a one- to a two-year term.
  • Andhra Pradesh State Cooperative Bank also provides a decent rate of return for older persons that is 0.60 percent more than standard interest rates.
  • Saraswat Bank provides the second-highest interest rate of 5.85 percent per annum to general clients and 5.75 percent per annum to senior people for a one-year to a three-year term.

Types of Cooperative Banks FD Schemes

Bharat Co-operative Bank Domestic FD

  • Bharat Co-operative Bank domestic fixed deposit is a perfect method to save money over time for less than 15 lakhs.
  •  If you want to receive your money back safely while also earning a high return on your investment, then a fixed deposit is the way to go. 
  • The interest rates for the scheme start at 4% and make it up to 7.65% for general customers and 4% to 8.10% for senior citizens.

Bharat Co-operative Bank Tax Saver FD

  • Bharat Co-operative Bank tax saver fixed deposit is a good method to save money over one year to 120 months. 
  • If you want to receive your money back safely while also earning a high return on your investment, then a fixed deposit is the way to go, and the rates for this scheme are from 7.35% to 7.25%.

Term wise Cooperative Banks FD Rates

Short-Term Deposits

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.

Medium-Term Deposits

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.

Long-Term Deposits

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.

Saraswat vs Other Banks' FD Rates

NameTenureInterest rate
1
2
3
4
5

How to invest in Cooperative Banks FD?

  • Sign in to the website of the respective co-operative bank.
  • Choose the fixed deposit option and select the term deposit plan.
  • Select the ‘Buy Now' or 'Purchase’ option.
  • Download the fixed deposit application form and fill out the required details.
  • Lastly, proceed to make payment.

Note: The FD application process may vary from bank to bank.

Eligibility to Open an Cooperative Banks FD

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.

Documents Required to Open Cooperative Banks FD

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.

 

FAQs

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?

  • When compared to other types of banks, these banks often provide greater rates of interest on fixed deposits. This gives investors a fantastic opportunity to earn more interest in a shorter period of time.
  • Most cooperative banks do not have rigorous qualifying qualification rules, making it simple to open a fixed deposit account with them.
  • These banks are an excellent choice because of the simple application process and the convenience of creating a fixed deposit account online.
  • Cooperative banks are created with the intention of serving the public. The primary goal of cooperative banks is to promote financial inclusion and to serve.
Calculate Co-operative Banks FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Co-operative Banks
@6% p.a
Get higher interest rates
online upto 0%
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