adarsh credit cooperative society - long term deposit policy
DESCRIPTION
Presentation for PPB. Made By - Arpit Gupta, Semester VI, National Law University, JodhpurTRANSCRIPT
Arpit Gupta, Roll No. 860B.B.A., LL.B. (Hons.), Semester VI
INTRODUCTION
Established under the Multi-State Cooperative Societies Act, 2002
Began operations in 1999; granted the status of a multi-state cooperative in 2009.
Registered Office – District Sirohi, Rajasthan Corporate Office – Udaipur, Rajasthan
LONG TERM DEPOSIT POLICY
FIXED DEPOSIT SCHEMESAvailable for varying range of tenures
PERIOD OF DEPOSIT RATE OF INTEREST SPECIAL RATE
12 months (1 year) 11.00% 12.00%
24 months (2 years) 11.50% 12.50%
36 months (3 years) 12.00% 13.00%
48 months (4 years) 12.00% 13.00%
60 months (5 years) 12.50% 13.50%
SPECIAL RATE OF INTEREST
WHO ALL ARE ENTITLED TO IT?Depositors aged 50 years and aboveFemalesPhysically challenged personsMembers of Armed ForcesRetired Defence employeesStudentsEmployees of Central and State Government
SPECIAL RATE OF INTEREST
All Banking and Insurance Sector employeesPublic, Private, Govt. and Semi Govt. sectorEmployees of any cooperative society/trustEmployees of local bodies, trusts, Association of Persons (AoP)Members of the Adarsh Credit Cooperative Society
ADARSH CHOUGUNA
‘Chouguna’, meaning ‘4 times’Minimum deposit amount: INR 1,000Period: 10 years
ADARSH TRIPLE
Period: 8 yearsMinimum deposit amount: INR 500Duration: 8 years
ADARSH BACHAT PATRA SCHEME
Period: 5 years and 6 months (66 months)Minimum deposit amount: INR 500
ADARSH MAHILA SAMRIDHI BOND
Special scheme for female depositorsFemale minors can also applyMinimum deposit amount: INR 1,000Period: 5 years
SENIOR CITIZEN BOND
Special scheme for citizens aged 50 years and aboveMinimum deposit amount: INR 1,000Duration: 5 years
COMPARISON OF INTEREST RATES WITH OTHER COMMERCIAL
BANKS
DEPOSIT SCHEMES (5 years and above)
REASONS FOR HIGH RATE OF INTEREST
Income earned is exempted under Section 80P of the Income Tax Act.
Cash Reserve Ratio (CRR) is not required to be maintained by Cooperative Societies.
Statutory Liquidity Ratio (SLR) is not required to be maintained.
Less amount of miscellaneous expenditure and establishment cost.
LONG TERM DEPOSIT POLICY
DOUBLE BENEFIT TERM DEPOSIT Provides higher yield Interest is compounded on a quarterly basis Principal + accrued interest paid at the end of the deposit term Usual practice – monthly/half-yearly Minimum – 6 months Maximum – 120 months
DOUBLE BENEFIT TERM DEPOSIT MINIMUM DEPOSIT REQUIREMENT Urban/metro branches – Rs. 10,000 Rural/semi-urban branches – Rs. 5,000 Senior citizens – Rs. 5,000 Pre-mature withdrawal is allowed
FIXED DEPOSITS
> 6 months Interest is calculated for the completed months MINIMUM DEPOSIT AMOUNT Urban/metro branches – Rs. 10,000 Rural/Semi-urban – Rs. 5,000 Premature withdrawal is allowed
STAR FLEXI – RECURRING DEPOSIT SCHEME
Allows you to invest surplus funds every month – ‘flexible’ Can be made once every month 2 amounts – ‘core’ and ‘flexible’Minimum monthly investment – Rs. 1,000 Maximum – 10,000 DEPOSIT PERIOD Minimum – 12 months Maximum – 10 years
STAR SUNIDHI TAX-SAVING DEPOSIT SCHEME
Rs. 10,000 ---- Rs.1,00,000 p.a. TERM OF DEPOSIT Minimum – 5 years Maximum – 10 years Premature withdrawal not permitted up to 5 years
COMPARISON OF INTEREST RATES(5 YEARS AND ABOVE)
THANK YOU
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