Deposits

Our Society provides 4 types deposit options to its members.

Compulsory Deposit

As the name suggests this deposit is mandatory for all members of the society. At least Rs.1,500 (for Steel grade emplyees) and Rs. 1150/- (for NS Grade ) is deducted from the members every month. At the end of the financial year interest is credited to the members account. No withdrawal is allowed from this head. A member can withdraw the entire amount in this deposit when he resigns from the society. The rate of interest paid is 5.50% annually.

Savings Deposit

This is an optional deposit scheme for the members. Members can opt for deduction on this head every month. In this head also interest is credited at the end of the financial year. A member can withdraw from this head as and when he wishes. The rate of interest paid is 5.25% annually.

Fixed Deposit

Members can only renew existing FDRs at the society till 31.03.2022. The minimum amount of FDR will be Rs.10,000/- and Maximum limit is Rs. 1,25,000/-. The current interest rate is 6.50% p.a. for a period of six months only.

However new Fixed Deposit can be opened from 01.04.2022, The maximum limit will be increased to Rs.1,50,000/-. The R.O.I. for both new and renewed FDR will be 6.00%. The tenure will be six Months.

Recurring Deposit

Recurring Deposit accounts can be opened for a minimum Rs.100/- p.m. and multiple of Rs.100 thereoff to a maximum Rs.20,000 p.m. A member can open maximum 4 RDs simultaneously. The tenure of RD is 12 months only. Rate of interest is 7.00% p.a. The installment of the RD will be deducted in the recovery amount.