Cumulative Deposit
A lump sum amount, accepted for a fixed period, at an agreed rate of interest where interest is paid along with principal amount on maturity of deposit, is called as cumulative deposit. The interest accrued is added back to the principal amount on quarterly intervals. In other words, the interest earned gets compounded on quarterly basis.
The salient points of our deposit schemes w.e.f 08/09/2022 are as under:
- Bulk deposits are those deposits of Rs.1,00,00,001/- and above.
- The above interest rates are applicable on all deposit products (as indicated above), accepted / renewed on or after 08/09/2022.
- Additional interest of 0.50% for senior citizens (aged 60 years and above) will continue to be available only for deposits upto Rs.1 crore on all deposits. Interalia, the said additional interest is not available for bulk deposits.
- For Fixed deposits, minimum amount eligible for acceptance/renewal shall be Rs.10,00,000/- for payment of monthly interest.
Minimum deposit amount: Rs. 2 lakh for payment of quarterly, half yearly or yearly interest (not eligible for monthly interest).
- For Cumulative deposits, minimum amount for acceptance/renewal is Rs.20,000/- (interest compounded quarterly and payable on maturity).
- Minimum Period of deposits is 12 months and maximum is 60 months.
Terms:
- The minimum amount eligible for acceptance/renewal is Rs.20,000/- (Rupees Twenty Thousand only).
- Interest is paid only on maturity along with the principal amount.
- Minimum period of deposits is 12 months and maximum period is 60 months.
- Bulk deposits are those deposits with amounts from Rs.1,00,00,001/- .
- Additional interest of 0.50% for senior citizens, aged 60 years and above paid for deposits upto Rs.1 crore. Interalia, the said additional interest is not available for bulk deposit.
- Additional interest of 1% paid on deposits of our staff members (who are on rolls or retired).
- Interest rate structure on our Cumulative Deposit Scheme w.e.f. 08/09/2022, is as follows:
|
Cumulative Deposit Scheme
|
|
Period of deposits in months
|
Deposits upto Rs.1 cr
|
Bulk deposits >Rs.1 cr
|
Bulk deposits :
>Rs.5 cr
|
|
General Public
|
Senior Citizen
|
|
12
|
6.50%
|
7.00%
|
5.00%
|
4.50%
|
|
13-36
|
6.75%
|
7.25%
|
5.50%
|
5.00%
|
|
37–48
|
6.75%
|
7.25%
|
5.50%
|
5.00%
|
|
48–60
|
6.75%
|
7.25%
|
5.50%
|
5.00%
|