Fixed Deposits
Fixed deposits are more Popularly known as FD account, it is a type of financial instrument that is provided by banks which offers an even higher rate of interest on the deposits made by an account holder, as compared to a regular savings account, until the period of maturity. Fixed Deposit account can also be called ‘Term Deposits’ / Bonds. A customer deposits his/her money in these types of accounts for a fixed period and cannot withdraw it until the maturity period. If he/she withdraws the money before the maturity time-period then a fine is to be paid which varies bank to bank.
Kanakamahalakshmi Co-Operative Bank Ltd., offers several term deposit schemes for various durations
The period of an FD can vary from 15 days to 10 years.
- MINIMUM PERIOD : 15 Days
- MAXIMUM PERIOD : 10 Years
Interest Rates on Term Deposits
| TIME PERIOD | GENERAL | SENIOR CITIZEN | SUPER SENIOR CITIZEN |
| 15 DAYS TO 90 DAYS | 5.00% | 5.00% | 5.00% |
| 91 DAYS TO 180 DAYS | 5.50% | 6.00% | 6.00% |
| 181 DAYS TO BELOW 1 YEAR | 6.00% | 6.50% | 6.50% |
| 1 YEAR TO UPTO 3 YEARS | 8.00% | 8.50% | 8.75% |
| ABOVE 3 YEARS UPTO 10 YEARS | 7.50% | 8.00% | 8.25% |
Double the Amount of Deposit (Period For Doubling Deposit Amount)
- FOR SENIOR CITIZEN : 106 MONTHS
- FOR GENERAL PUBLIC : 112 MONTHS
Deposit Insurance on Deposits up to Rs. 5 Lakh is Applicable through DICGC, India.
The Deposit Insurance System in India is subject to the Provisions of Deposit Insurance Act (enacted in 1961). Deposit Insurance and Credit Guarantee Corporation (Wholly owned subsidiary of the Reserve Bank of India) is the body that operates the deposit insurance system.
