Fixed Deposit

Udyama Hagu Kaigarika Abhivruddhi Credit Co-operative Society Fixed Deposit Scheme (FD)

A fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account.

Terms & Conditions

• ➢ Minimum FD would be of Rs.1,000 and further in multiple of Rs.1,000.
• ➢ Interest calculation Quarterly compound.
• ➢ Loan available against deposit up to 70% of deposited amount after one month from the date of deposit.
• ➢ Rate of Interest on loan against FD would be 6% higher than applicable rate of interest to your deposit.

Pre Mature Closure Of Deposits

• ➢ Foreclosure of deposits will not be permitted until completion of 3 months from the date of deposit.
• ➢ Deposits foreclosed after 3 months but before 6 months from the date of deposit no interest will be paid.
• ➢ Deposits foreclosed after 6 months, interest at 2% shall be deducted from the normal rate of simple interest for the period of deposit.