| ELIGIBILITY |
Term Deposits Accounts can be opened by individual’s resident in the states of Kerala and Karnataka, and who are “A” class members of the society. |
| PERIOD OF DEPOSIT |
Minimum: 15 days | Maximum: 120 months |
| INTEREST RATE |
Interest rate depend upon the period of the deposit. Interest for deposit is paid as simple interest at quarterly rests and compound interest for cumulative deposits. Changes made in interest rates from time to time do not alter the interest paid on the existing deposits. Society will pay interest on premature withdrawal of deposits as applicable for the period which deposit has been kept with the Society less penalty. |
| PERIODICITY OF INTEREST PAYMENT |
Quarterly (or its monthly discounted value) or Annual intervals as per depositor's choice. Cumulative interest is paid only on maturity of the deposit. |
| SPECIAL RATE FOR SENIOR CITIZEN |
Additional interest rate of interest will be paid for domestic term deposits over and above the rate offered for General public for senior citizens. |
| TDS ON INTEREST |
Applicable as per Income Tax rules. First holder can submit 15G/15H for tax exemption, as per rules. |
| NOMINATION FACILITY |
• Nomination facility available for deposits. • There can be only one Nominee for a deposit account whether held singly or jointly. • A person legally empowered to operate a minor's account can file a nomination on behalf of the minor. |
| LOAN FACILITY |
Available up to 80% of the deposit amount with an interest of deposit rate plus 2%. On closure of deposit first outstanding loan against deposit will be closed.. |
| PENALTY FOR PREMATURE CLOSURE/ PART WITHDRAWAL / PREMATURE EXTENSION OF DEPOSIT: |
A penalty of 1.00% shall be levied for premature closure/part withdrawal/premature extension of Domestic term deposits. Such prematurely closed/prematurely extended deposits will earn interest at the rate as applicable as per slab as ruling on the date of deposit and as applicable for the period run or the rate at which the deposit has been accepted, whichever is lower. No interest will be payable on term deposits prematurely closed/prematurely extended before completion of the minimum period for deposits. |
| OPERATIONAL INSTRUCTION FOR JOINT ACCOUTS HOLDERS |
Either or Survivor: If the account is held by two individuals Anyone or Survivor/s: If the account is held by more than two individuals. The above mandates will be applicable to or become operational only on or after the date of maturity of term deposits. For premature closure of deposit request from all joint holders is required.. |
| REPAYMENT OF DEPOSIT |
Repayment of deposit will be paid through account if amount with interest exceeds Rs.20,000/-. |
| ADDITION/DELETION OF NAMES |
No name change will be permitted in the case of first holder of a deposit as income tax liability on interest lies with first holder. |
| AUTO RENEWAL OF DEPOSIT |
Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal or repayment instructions in advance. |
| REPAYMENT TO NOMINEE OF DESEASED DEPOSITOR |
In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the Society shall pay interest at the contracted rate till the date of maturity. In the event of the death of the depositor, premature termination of term deposits would be allowed, without penal charge. Rate of interest paid will be the eligible rate for actual period of deposit. In a joint deposit account, when one of the joint account holders dies, the Society is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as “either or survivor, former / latter or survivor anyone of survivors or survivor; etc. , the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased. |
| APPLICATION & DOCUMENTS FOR DEPOSIT OWNERS |
Membership in society. Application in the prescribed form. Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card). Photograph of Depositor/s Proof of Identity and address as per KYC Norms. |
| ADDITION OR DELETION OF THE NAME/S OF JOINT ACCOUNT HOLDERS |
The Society may at the request of all the joint account holders allow addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a joint account holder.. |
| ADDITION OR DELETION OF THE NAME/S OF JOINT ACCOUNT HOLDERS |
The Society may at the request of all the joint account holders allow addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a joint account holder.. |