*Please note quotes shown will be from Our Partners

Fixed Deposit

The Abhyudaya Co-operative bank limited offers a range of fixed deposit schemes to individuals who wish to earn a higher rate of return on their savings. Below is the detailed explanation of each deposit account offered by the bank along with the respective features:
 

Abhyudaya Bank FD Rates 2018

Every scheme of deposit is eligible to earn a rate of interest on the amount of deposit made. The rate depends on the tenure selected for holding the money with the bank and the amount deposited. Below are the tabulated rates of interest on the above scheme of deposit
 

FD Tenure

Interest Rates (in %)

General Public, Trusts, N.R.O depositors,Co-op. Societies including Housing, Credit, etc. and Bulk Deposits Senior Citizens

7 Days and above up to & inclusive 90 days

6.00 6.00
91 days & above up to and inclusive of 180 days 6.50 6.75
181 Days and above up to & inclusive of 15 months 6.75 7.00
Above 15 months and up to and inclusive of 120 months 7.00 7.25

Note: Interest rates applicable on deposits with effect from March 1st 2017. Above rates are subject to change without prior information.

Abhyudaya Bank Monthly Income Deposit Scheme

A deposit scheme which has the following characteristics:
 

  • Rs.500 is the minimum amount of deposit which is required to open this scheme
  • Interest on these deposits is paid monthly either by crediting the customer’s bank account or in cash
  • A deposit certificate is issued to depositors which shows the amount of deposit, the tenure opted for, the applicable rate of interest and the maturity value
  • Customers can avail a loan of 90% of the deposit amount.

Eligibility Criteria: The following can open the account:
 

  • Any individual approved by the bank
  • Any co-operative society, registered trust, institution or association.
  • Two or more individuals on a joint basis
  • A father of mother can open the account as a guardian for the minor

Abhyudaya Bank Quarterly Interest Deposit Scheme

A scheme having the following characteristics:
 

  • A minimum deposit of Rs.500 is required to open the scheme
  • Interest on this scheme of deposit is paid quarterly either by crediting the respective account of the depositor or through cash
  • A deposit certificate is issued with the deposit and in case of loss of this certificate, a duplicate certificate would be issued.
  • Loan can be availed against the deposit up to a maximum of 90%

Eligibility Criteria – The following can open the account:
 

  • An individual approved by the bank either singly or on a joint basis with two or more individuals
  • Any parent on behalf of the minor
  • A co-operative society, registered trust, institution or association.

Abhyudaya Bank Fixed Deposit Receipt

A scheme with the following benefits:
 

  • It can be opted for with a minimum contribution of Rs.500 only
  • Interest on the deposit is paid at the time of maturity along with the principal amount
  • A certificate of deposit is issued the loss of which would involve issue or a duplicate certificate.

Eligibility Criteria – The following can opt for this scheme of deposit:
 

  • An individual on a single basis or two or more individuals on a joint basis
  • Any co-operative society, association, institution or registered trust
  • A parent on behalf of the minor child.

Abhyudaya Bank Quarterly Interest cum Reinvestment Plan

A scheme of deposit having the below-mentioned characteristics:
 

  • The deposit can be opened with a minimum initial deposit of Rs.500
  • Interest on the deposit is calculated quarterly and paid in lumps um on maturity
  • A certificate of deposit is issued in the name of the depositor. If the certificate is lost, s duplicate certificate would be issued
  • Loan of up to 90% on the balance in the deposit account can be taken against the deposit

Eligibility Criteria – The following are eligible to open the account:
 

  • Any individual who is approved by the bank
  • A parent on the behalf of the minor child
  • Two or more individuals if they are opting for a joint account
  • Any registered trust, co-operative society, association or institution.

Abhyudaya Bank Recurring Deposit Scheme

A scheme of monthly deposits which has the following characteristics:
 

  • The deposit is made at monthly intervals and the amount of monthly deposit is fixed at inception.
  • A minimum monthly deposit of Rs.50 can be made to open the account.
  • Interest on the deposit made would be payable on maturity
  • A passbook is issued to the depositor free of cost which shows the particulars of the deposit made
  • A loan to the maximum value of 90% of the deposit amount can be taken against the deposit made

Eligibility Criteria – The following can open the account:
 

  • Any individual can open the account on a single basis if approved by the bank
  • Two or more individuals can also open the account jointly in their names
  • A parent can open the account in the name of his minor child
  • Any registered trust, institution, association or co-operative society can open the account

Abhyudaya Bank Abhyudaya Tax Saving Scheme (ATSS)

A scheme which effectively saves tax and has the following characteristics:
 

  • Interest on these deposits are paid after the end of every quarter
  • The minimum amount of deposit required to opt for the scheme is Rs.5000 and thereafter in multiples of Rs.100 up to a maximum of Rs.1.5 lakhs
  • Nomination can be made under the deposit
  • The deposit would be locked-in for a minimum tenure of 5 years during which it cannot be closed or withdrawn
  • The deposit cannot be pledged as a collateral security to avail a loan
  • If the deposit is made on a joint basis, only the first holder of the deposit would be entitled to claim tax exemption.