Deposits/Loans

Our Society provides 4 types of deposit options to its members.

Compulsory Deposit

This deposit helps to create the fixed and to distribute the loans , for compulsory deposit by certain classes.

Class :

(1) N's & T grade - Rs.1200 per month @ 5.5% p.a.

(2) Steel Wage - Rs.1400 per month

Fixed Deposit

A deposit of money that pays higher interest than a savings account but imposes conditions on the amount, frequency, and/or period of withdrawals. Also called time deposit.

In deposit terminology, the term Fixed Deposit refers to a savings account or certificate of deposit that pays a fixed rate of interest until a given maturity date. Funds placed in a Fixed Deposit usually cannot be withdrawn prior to maturity or they can perhaps only be withdrawn with advanced notice and/or by having a penalty assessed.

(1) 6 months - 6.75 %

(2) 1 year  - 7.25 %

Pre-mature withdrawal before maturity- Int. will be paid @ 5.00% P.A. income tax rule on the above will be applicable.

NOTE: Revised structure for Deposit and Loans will be effective from 01-07-2023.

Recurring Deposit

The Recurring deposit account is an account where an investor deposits a fixed amount of money every month for a fixed tenure (i.e. 24 months). This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. The rate of interest paid is as follows.

1 Year  6.75%

2 Years 7.25%

3,4,5 Years 7.50%

Members Family Benefit Fund

Rs.200/- per month will be deducted towards Members' Family Benefit Fund. Interest will be paid @4% and will be calculated annually

1.   In case of death of the member Rs.1,50,000/- only as Death Benefit Fund will be paid to the nominee of the member

2.   Total Deposit amount will be returned with interest at the time of resignation from Society membership.