The member shall contribute Rs.1000/- to the Thrift deposit compulsorily and shall opt for voluntary contribution at their convenience. The monthly amount of Thrift deposit may be increased or decreased as per the members willingness once in the financial year Like share capital, the Thrift deposit amount shall be kept in a separate account and will be refunded only at the time of cancellation of membership.
Interest on Thrift deposit shall be paid every year before Deepavali festival in the same manner as in the case of dividened. At present the interest @ 9% is being credited to individual bank account of the members.
Minimum Thrift deposit collection slap chart applicable is appended herewith.
The society also accepts fixed deposit from members and Associate members (Retired Employees after closing their existing society account and by admission as associate members.) The rate of Interest shall be decided by the Board of Directors and circulars from the co-operative Department. Present Interest rate for fixed deposit is given below
Deposits shall be made for a period of 24 months. The members have an option to renew or pre-close the deposit account any time and shall become eligible for interest only after 30days from the date of deposit or from the date of renewal. Interest shall be calculated @ 1% less than the rate applicable for the period for which the deposit actually kept with the society.
Loan on fixed deposit shall be available to the member @ 75% of the fixed deposit invested at an rate of @ 2% higher than what the society is pays. The members can pay the loan amount + interest when ever they want or adjustment at the time of maturity.
