Minimum amount of fixed /term deposit is to be Rs 500/- and to be in multiples of Rs 100/- and the minimum period is to be for three months, extending to any number of months/years.
On accepting the deposit, a fixed deposit receipt in prescribed form containing details as to the name, member number of the depositor, date of deposit, amount deposited, period of deposit and maturity date of deposit bearing the seal of the particular branch and signatures of the convener of Branch Local Committee and the Branch Manager will be issued to the member.
Advance intimation as to the maturity of the deposit will be given to the concerned depositor.
On maturity the deposit amount will be repaid to the member on surrendering the deposit receipt acknowledging receipt of the amount, if it is not renewed/ reinvested.
On renewal/ reinvestment, new FD receipt will be issued to the member, collecting back the earlier receipt and cancelling it.
Advance not exceeding 90% the Fixed/Term deposit may be provided to the member on the security of his fixed deposit up to a maximum period not exceeding the maturity date of the deposit. Member has to submit application for the same, surrendering the F.D. receipt. On executing necessary bond, the advance will be paid after making necessary noting in the relevant F.D Ledger folio.
On repayment of the advance the F.D. Receipt will be released to the member. If the advance amount is not repaid before maturity of the deposit, only the balance amount after adjusting the amount of advance will be paid to the member collecting back the F.D. Receipt.