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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.

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. 19/07/2018, is as follows:
Period of deposits in months
Deposits upto Rs.1 cr
Bulk deposits  >Rs.1 cr
General Public
Senior Citizen
12

7.50%

8.00%

7.60%

13-36

7.60%

8.10%

7.65%

37–60

7.60%

8.10%

7.65%