adarsh credit cooperative society - long term deposit policy

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

Questions?