Money is deposited in this type of account for a fixed period of time; it can't be withdrawn before the expiry of the period. The sales of the interest given to fixed deposit higher than other type of deposit is long currently periya service co-operative bank provide 7% interest to fixed deposit and for senior citizens. They provide 5% or more ie .7.5% on their fixed deposit.
This type of deposit is suitable for business man. current account holders should be keep a minimum balance of rupees 500 to the keep account running, any amount can be deposited can withdraw by using cheques, They can be withdraw any amount for their current account at any time of without any prior notice.
It is mainly done to encourage the saving habits of the people. These accounts are / mean for middle income groups, certain restriction are imposed on number of times for withdrawal of money from deposit account and period of deposit withdrawal within the period. The rate of interest paid is less than that of interest paid in fixed deposit Periya service co-operative bank provides 4% interest to saving accounts.
The purpose of this account is to be encouraging the public to save regularly a fixed sum. The amount is paid in total after the stipulated period with the interest. Periya service co-operative bank provides 7-12% of interest, on recurring "B" class minideposit it is a deposits primary means to cultivate thrift and saving mentally among the general public. Every depositor will be given to a mini box at original cost and pass the book. The minimum amount required to open a mini deposit is Rs25.The amount in the box shall be collected by collection agent in every week and certain percentage of commission is given to him as his remuneration. The interest Will be7.8%.
Group deposit is kind of deposit same as chitty. As the names specified, it is made by a group and this group include more than 1 or persons.
This is another type of deposit maintained by the bank Under this scheme the depositor deposit an amount daily with the bank is called daily deposit . the bank paid 2% commission to the collection of agent his remuneration
Another important function of service co-operative bank Periya is lending various agriculture loans and non-agriculture loan provided by members. Following are the various types of loan provided by Periya service co-operative bank
Agriculture loans provides for farmers for the purpose of increasing and motivate agriculture production and economic betterment of members. Agriculture loan implanted by Periya service co-operative bank, by the way of purchases of seeds, fertilizes, purchases of machinery etc. . . Agriculture loan are classified by in 3 ways
(A) To provide long term agriculture loan provided:
Long term loan are provided by for long period of time it issued for the period of 5 to 15 years on the basis of sufficient property. Following are the long term loans provided by Periya service co-operative bank; ICDP MNP
(B) Medium term agriculture loan
Medium term loans are provided the period of 3 to 5 years allowed for the purchase of cattle, pump sets, small trading activities and agriculture implements. The medium term agriculture loan helping the customers for the economic betterment.
(C) Short term agriculture loan
Short term loans are provided by short period of time, Periya service cooperative bank for the period of 1 year. These loans are utilized the customers for buying seeds, fertilizes, cattle etc.
Non agriculture loans are those types of loans, which are provided for non- agriculture purpose such as education, trading purpose etc. .. These types of loans are available to farmer's bailment. Non agriculture loans are including the following:
(A) Long term non agriculture loan
Long term non agriculture loan include non-using land, it also included the industindustrial loan and EMS housing loan.
Medium term non agriculture loan
Medium term non agriculture loan Medium term non agriculture loan include are provided of purchase of furniture, educational purpose of children, house works, digging wells etc... it includes
Know The Features Of A Savings Account
A savings account is a deposit account held at a financial institution that provides principal security and a modest interest rate.
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It is also known as Demand Deposit Account. Current account can be opened in co-operative bank and commercial bank.
A fixed deposit provides high interest on the amount invested/deposited. Open FD account online with SCB Bank to enjoy the attractive interest rates.
