Deposits
Deposits are the best way to grow your savings. Having a bank deposit stresses and highlights the importance of having to save money for future benefits.
The Calicut Town Service Co-operative Bank offers various types of deposit options that suit customers’ requirements with interest.
The various types of term deposits available are:
Savings Bank
A Savings Bank Account is a multi-faceted scheme of the Bank with an aim to improve the savings habit among people. The scheme is one of the very basic deposit ideas. These accounts make customers set aside a portion of their liquid assets while earning a monetary return. Anyone with even basic income levels can own a Savings Account.
The depositor can deposit small or large amounts and also can withdraw money as per convenience any time during working hours through cheque and always a minimum balance has to be maintained. There is no maximum limit for SB account. The savings bank deposits are mainly aimed for individuals. Very little paperwork is involved for the same. Interest is calculated based on the account balance on each day. ATM cards, Mobile Passbooks SMS Banking services will be provided free of charge. Students Savings Bank Account is offered for students.
Current Deposit
This deposit scheme is specially intended for businesses and enterprises like sole proprietorships, large-scale and small-scale partnership firms, public and private companies, trusts, organisations etc. Having a Current Account helps you to deal with your financial activities in a convenient and smooth manner; especially in cases when you have a higher number of regular transactions like deposits, withdrawals and contra transactions. The current account can be started by depositing ₹1,000.
The main advantage of a current account is that money can be deposited and withdrawn at any time without giving any kind of notice. In addition to this it is also suitable for making payments to creditors using cheques. In a current account, cheques received from customers can be deposited for collection too. ECS facilities can also be available for current accounts.
Fixed Deposit
Fixed Deposits are safe investments which give high returns on investment with an attractive high rate of interest together with an insurance cover. These deposits signify a larger class of investments with varying levels of liquidity. Interest is paid to investors at regular intervals in this scheme. Simple formalities are there to open the fixed deposit and the Bank pays a high rate of interest which can be fixed for monthly or trimonthly periods.
The Calicut Town Service Co-operative Bank offers long-term and short-term fixed deposits for its customers from 15 days to long periods. The customers can select how much to invest and get assured of solid returns on investment. The customers also get to choose from a number of duration periods and decide on what is convenient and most suited for their requirements.
Usually Fixed Deposits cannot be withdrawn before the date of maturity and this ensures that the money is fully safe and would achieve its full range of potential by the date of maturity. 0.50% higher interest is paid to senior citizens. Deposit loan facility can be availed against your deposit.
Fixed Deposit Interest Rate
| Period | General | Senior |
|---|---|---|
| 15 – 45 Days | 6.25% | 6.75% |
| 46 – 90 Days | 6.75% | 7.25% |
| 91 – 179 Days | 7.00% | 7.50% |
| 180 – 364 Days | 7.75% | 8.25% |
| 1 Year – Below 2 Years | 8.00% | 8.50% |
| 2 Years & Above | 8.10% | 8.60% |
Cumulative Deposit
The Calicut Town Service Co-operative Bank Ltd provides Cumulative Deposit Schemes for customers. In a cumulative deposit scheme, the interest is payable at the time of maturity along with the principal. These schemes are suitable for persons who do not require periodical interest payments, and are looking for money multiplier schemes. The amount deposited under this scheme for a particular period earns compound interest calculated on a quarterly basis. It is a cumulative deposit scheme ensuring more income to customers. In a fixed deposit scheme, the interest is payable at specified frequencies. The scheme will be convenient for customers, such as pensioners, who require periodical interest payments. The deposit period is from 1-5 years.
Cumulative Deposit Interest Rate
| Period | General | Senior |
|---|---|---|
| 1 Year | 8.24% | 8.77% |
Recurring Deposit
It is a monthly deposit savings scheme from Calicut Town Service Co-operative Bank in which a fixed amount is deposited monthly for a fixed period. On completion of a particular period the principal amount along with an attractive interest, compound interest included will be refunded. With this deposit you can have regular savings on a monthly basis. A minimum of ₹50 or multiples thereof can be paid monthly either through our agents or personally to the bank. The term period ranges from 1 year to 5 years. This scheme gives you financial security as well as encourages savings habit.
Daily Deposit
A small savings scheme introduced to encourage thrift habit in people. In this daily deposit scheme the customers can keep adding to their bank balance small or big amounts of their choice and it is particularly beneficial for people who work on a daily wage basis and also among small income groups. They can keep their bank accounts alive and active by contributing even amounts below ₹100. Loans of up to 90% of the deposit amount can also be availed.
The customers needn’t even come to any of our bank branches to deposit the money as they can hand it over to our collection agents who would go to them and collect the amount. Every day the bank’s agent will come to collect the deposit and issue a on the spot deposit receipt. The deposit is to be maintained for a minimum period of one year and no withdrawal or closing of account is permitted within one year of opening the account. A minimum interest is paid to the daily deposit schemes.