Our Society provides its customers with a wide range of facilities to meet their needs. Every facility has been meticulously planned and provided to ensure that they make the most of them. Not to mention the efficiency with which these facilities are provided and implemented. Take a look at the services we provide:
Group Deposit & Credit Scheme
Our Society was founded with the goal of instilling in the people the virtues of saving habits and making the most of the financial services that are available to them. The Group Deposits and Credit Scheme was created with this concept in mind by the Bank. Customers can benefit from this by investing a significant amount and receiving the best returns possible.
Customers can use the Group Deposit initiative to deposit for 20 to 60 months amounts worth Rs.10,00,000/-, Rs. 5,00,000/-, Rs. 2,00,000/-, Rs. 1,00,000/-. Customers can deposit as a group in amounts ranging from small to large, depending on their individual capacities. This venture also comes with the added benefit of a Credit Scheme. You can borrow up to 80% of the total amount deposited under this scheme. This amount can also be repaid through our daily collection agents.
Savings Bank
A savings bank account is one of the most fundamental deposit options available to anyone. It emphasizes and emphasizes the importance of saving money for future benefits. It’s not a big deal because anyone with a basic income can own one. Customers are required to set aside a portion of their liquid assets in order to earn a monetary return.
One such scheme is the Kannur Dist. Ex-servicemen Multipurpose Co-op: Society Ltd Savings’s Bank scheme. One can be started by anyone, regardless of income level. All you need is Rs. 100 to get started saving. Unlike many other banks, we do not burden you with excessive paperwork for the same. You will be able to open an account with everything necessary for stress-free banking. Each day, interest is calculated based on the account balance. We provide 4% interest for Savings Bank Deposits.
Flexi Savings Bank Deposit
We have introduced a new Savings Bank account called Flexi Savings Bank Account in which a minimum balance of Rs.5,000/- has to be kept in account and a 6% interest is given. Students’ Savings Bank Deposit. Students who have attained an age of 10 years can start an account.
Fixed Deposits
A Fixed Deposit provides more benefits than a standard savings bank account. It is a fixed amount of money that you deposit for a set period of time until maturity at a higher interest rate. Fixed deposits are generally very safe investments, and the term is used to refer to a broader class of investments with varying levels of liquidity. Typically, it cannot be withdrawn before the maturity date, ensuring that the money is completely safe and will reach its full potential by the maturity date. We have an option for premature withdrawal from fixed deposit accounts in select cases. *
We provides its customers with long-term and short-term fixed deposits. Customers can choose what and how much to invest in order to receive guaranteed and consistent returns on investment. Customers can select from a variety of duration periods to determine what is most convenient and best suited to their needs.
Given below are the details:
Present ROI w.e.f : 10-02-2022
| Duration | General |
|---|---|
| 15 Days – 45 Days | 5.5 % |
| 46 Days – 90 Days | 6 % |
| 91 Days – 179 Days | 6.5 % |
| 180 Days – 364 Days | 6.75 % |
| 12 Months | 7.75 % |
| 12 Months – 23 Months | 7.75 % |
| 24 Months and above | 7.75 % |
Current Account
Here’s something truly unique for business owners. Our current accounts are specially designed for business people and enterprises of all sizes, including sole proprietors, partnership firms, public and private companies, trusts, associations of persons, and so on. These come with a variety of special features and facilities to help you manage your financial activities in a more convenient and smooth manner, especially if you have a high volume of regular transactions such as deposits, withdrawals, and contra transactions.
The benefit of a current account is that money can be deposited and withdrawn at any time without notice. Furthermore, it is appropriate for making payments to creditors using cheques. Cheques received from customers can also be deposited in a current account for collection.
Daily Deposits
We have created a special scheme called Daily Deposits in an effort to promote saving habits among common people. This is a daily deposit scheme in which customers can keep adding small or large amounts of their choice to their bank balance. This scheme is especially beneficial for people who work on a daily wage and for people with low incomes. They can keep their bank accounts active by contributing even small amounts less than Rs. 100.
The most significant benefit of the Daily Deposit Scheme is that customers do not need to visit any of our bank branches to deposit their funds. They can give it to our pigmy collection agents, who will go to them and collect the money, allowing them to focus entirely on their work. These agents will collect the money in hard cash or digitally through our Collection App in their mobile and use them to regulate the transactions of these customers. The receipts are send through text message.
Recurring Deposits
Recurring deposits are term deposits that, by definition, are similar to fixed deposits. They are made for specific time periods, such as a year or more. The interest rates on them are the same as those on fixed deposits. You simply add fixed amounts of money (multiples of Rs. 500) to it on a monthly basis for periods of 12, 24, 36, or 60 months. The difference is that you will not have to wait until the deposit reaches maturity to withdraw it. You will also receive interest until the date of withdrawal.
Recurring deposits are beneficial in a variety of ways. The important thing is that you get good interest rates on your deposits. Furthermore, whenever you require funds, you can always withdraw the deposit with guaranteed interest calculated until the date of withdrawal. It gives customers the opportunity to save money by making regular monthly deposits of a fixed amount over a set period of time.