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 the deposit, is called a cumulative deposit. The interest accrued is added back
to the principal amount on quarterly intervals. In other words, the interest earned gets compounded on a quarterly basis.
The salient points of our deposit schemes w.e.f 03/02/2020 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 03/02/2020.
- Additional interest of 0.50% for senior citizens (aged 60 years and above) will continue to be available only for deposits up to
- Rs.1 crore on all deposits. Interalia, the said additional interest is not available for bulk deposits.
- For Fixed deposits, the 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, the minimum amount for acceptance/renewal is Rs.20,000/- (interest compounded quarterly and payable on maturity).
- Minimum Period of deposits is 12 months and the 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.
- The minimum period of deposits is 12 months and the 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 up to
- Rs.1 crore. Interalia, the said additional interest is not available for the bulk deposit.
- Additional interest of 1% paid on deposits of our staff members (who are on rolls or retired).