Scheme features & terms
Minimum amount of fixed/term deposit is Rs 500/-, in multiples of Rs 100/-, and the minimum period is three months, extending to any number of months/years.
On accepting the deposit, a fixed deposit receipt in prescribed form containing the name, member number of the depositor, date of deposit, amount deposited, period of deposit and maturity date — bearing the seal of the branch and signatures of the convener of the 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, a new FD receipt will be issued to the member, collecting back the earlier receipt and cancelling it.
An advance not exceeding 90% of the fixed/term deposit may be provided to the member on the security of the fixed deposit, for a period not exceeding the maturity date of the deposit. The member has to submit an application for the same, surrendering the F.D. receipt. On executing the necessary bond, the advance will be paid after making the 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 advance will be paid to the member, collecting back the F.D. receipt.