Long Term Deposit policy of Gopinath Patil Parsik
Janata Sahakari Bank vis a vis Andhra Bank
Gargi Bohra862
B.B.A. LL.B.
Founded on 21st May 1972, in a remote village in Kalwa (Thane District, Maharashtra)
Scheduled Bank Status – 30th January, 1998.
Currently operating through 42 fully-equipped branches alongwith Core Banking
Urban Co-operative Bank
INTRODUCTION
Long Term Deposit Policy
Period of Deposit
3months- 1 year (in %)
1 - 5 year (in %)
2 - 3 Years (in %)
3 - 5 years (in %)
5 - 10 years (in %)
Tax Saver FD (in %)
Rate of Interest 9 9.5 9.5 9.5 9 9.5
Fixed Deposit Scheme
Deposits of Co. Op. Societies is 0.50% extra Deposits of Staff I Retired Staff1.00% Extra. For senior citizen - 0.50% additional
Interest (On all Fixed Deposits above 1 year) Tax Saving Scheme (Excluding RI & RD
Deposit) : Deposit of an Individual / HUF for 5 years eligible for exemption under Sec. 80C of the Income Tax Act, 1961, Maximum Deposit of Rs. 1 Lac. 9.50% p.a.
A special Deposit Scheme for Fixed Deposits is currently being formulated.
Special Interest of Fixed Deposit Scheme
Recurring Deposits – A Profitable Scheme1. Monthly installment should be minimum of Rs.
5/- and in the multiple of Rs. 5/-.2. Period for deposit is atleast 12 months and
maximum to 120 months.3. Monthly installment can be paid on any working
day of the month.4. Vital Deposit scheme for the future plans such
as Children Education, Marriage etc.5. Maturity would be after one month of the last
installment or maturity date whichever is later.
Recurring Deposit
Interest Rate1. 1 Year to 5 Years - 9.50% 2. 5 years & above - 9.00%
Reinvestment Deposit Interest Rate per annum
1 Year to 5 Years 9.50%
5 years & Above 9.00%
Reinvestment Deposit
Monthly / Quarterly Interest Deposit Interest Rate per annum
1 year to 5 years 9.50%
5 years & above 9.00%
Monthly / Quarterly Interest Deposit Scheme
Urban Cooperative Banks
6 months (in %)
1 - 2 year (in %)
2 - 3 Years (in %)
3 - 5 years (in %)
5 - 10 years (in %)
Tax Saver FD (in %)
Abhyudaya Co-op Bank
9.5 9.75 9.25 9.25 8.5 9
Ahmedabad Mercantile Co-op Bank
8.00 9 9 8.75 - 9
AP Mahesh Co-op Urban Bank
8 9 9.5 9.5 9 9.5
Comparative Analysis
Citizen Credit Co-op Bank
8 8.75 8.75 9 - -
Goa Urban Co-op Bank
7 9 9.25 8.5 8 8
Gopinath Patil Parsik Janata Sahakari Bank
7.5 9.5 9.5 9.5 9 9.5
Greater Bombay Co-op Bank
7 9 9 8 - 8
Long Term Deposit Policy
Medium-sized Public Sector Bank The bank now operates in 25 states and
three Union Territories. Andhra Bank" was founded by the eminent
freedom fighter and a multifaceted genius, Dr. Bhogaraju Pattabhi Sitaramayya.
The Bank was registered on 20th November 1923 and commenced business on 28th November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs.
Introduction
Who can open Children upto the age of 18 years (only minors) Minors who have completed 10 years i.e., children in the
age group of 10-18 years can open these accounts in their names to be operated by themselves on production of proof of date of birth
Doll At the time of opening the account, an attractive doll will be given free of cost to each account holder for pul1ing their savings in the doll.
Doll contains a secret lock which can be opened only at the branch where the account is held.
Minimum balanceRs.100/- Interest Payable4.00 % p.a. w.e.f., 03.05.2011.
AB Kiddy Bank Account
This is a Term Deposit Minimum Amount to be deposited is Rs.100
There is no maximum ceiling The minimum period is 6 months and maximum is 10 years Simple interest is paid on maturity of the deposit Interest will be paid on monthly basis (at discounted rate)
or quarterly basis as desired by the depositor Prevailing Interest rates are as follows:
AB Fixed Deposits
Sr.No.
Maturity Period
Rates of interest (%) per annum
Less than Rs.1.00 crore
Rs.1.00 Crore to Rs.10.00 Crore
Above Rs.10 Crore to Rs.50 Crore *
Above Rs.50 Crore to Rs.100 Crore *
Above Rs.100 Crore *
1 7 days to 14 days
6.00 7.80 7.80 7.80 7.80
2 15 days to 45 days
6.00 7.80 7.80 7.80 7.80
3 46 days to 90 days
7.80 7.80 7.80 7.80 7.80
4 91 days to 179 days
8.00 7.80 7.80 7.80 7.80
5 6 months to < 9 months
8.50 8.50 8.50 8.50 8.50
6 9 months to < 1 year
8.50 8.50 8.50 8.50 8.50
7 1 year to 443 days 9.00 9.00
9.00 9.00 9.00
8 444 days 9.05 9.00 9.00 9.00 9.00
9 445 days to 2 years 9.00 9.00 9.00 9.00 9.00
10 Above 2 years to 3 years
9.00 8.75 8.50 8.50 8.50
11 Above 3 years to 10 years
8.75 8.75 8.50 8.50 8.50
Recurring deposit scheme is meant for steady and gradual saving for individuals to build-up savings through regular monthly deposit of a fixed sum over a fixed period and mobilizing savings of those who get income on monthly basis and can afford to set apart a portion of their income.
Another major advantage in the scheme is the deposit amount carries rate of interest as in the case of other term deposits (as per the period of the deposit) while the interest accrued is not subjected to any TDS. This specific advantage provides a clear edge to Recurring Deposits over other forms of Term Deposits
AB Recurring Plus
Step up option- The salient feature of Recurring Plus’ Deposit is that the depositor can step up installment amount upto 10 times of originally opted monthly installment amount.
Minimum period of the deposit is 6 months and Maximum is 60 months.
Amount of Installment: In multiples of Rs.100/- subject to a maximum of Rs.1,00,000/- The depositor can choose the “Core Installment’ at the time of opening the account. The monthly installment cannot be below the core amount chosen at the time of opening the account.
Tenure of the Scheme- 5 years which can be extended by 3 more years
Rate of interest- 9.2% per cent per annum Frequency of computing interest- Quarterly Taxability- Interest is fully taxable Investment to be in multiples of Rs. 1000/- Maximum investment limit Rs. 15 lakh Minimum eligible age for investment- 60 years (55 years
for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to invest irrespective of the age limits subject to the fulfillment of other specified conditions
Premature withdrawal facility- Available after one year of holding but with penalty
SENIOR CITIZEN SAVINGS SCHEME(SCSS)
Nationalised banks
6 months (in %)
1 - 2 year (in %)
2 - 3 Years (in %)
3 - 5 years (in %)
5 - 10 years (in %)
Tax Saver FD (in %)
Allahabad Bank 8.5 9 9 9.05 8.75 8.75
Andhra Bank 9 9 8.75 8.75 8.75 8.75
Bank of Baroda 7.75 9.05 9.05 9.05 9.05 9.05
Bank of India 8 9 9 9 9 9
Bank of Maharashtra
8.5 9 9 8.75 8.75 9
Comparitive Analysis
Canara Bank 7 9.05 9.05 9.05 9.05 8.75
Central Bank of India
8.25 8.75 8.75 8.5 8.5 9
Corporation Bank 8.5 9 9 9 8.75 8.75
Dena Bank 8.25 9 9 8.5 8.75 8.5
IDBI Bank 8.5 9 9 9 8.5 9
GP Parsik Bank Andhra Bank5
5.56
6.57
7.58
8.59
9.510
Series 1
Series 1
Comparison of Interest Rates of beyond 5 years FD.
Thank You!!!
Questions?