Deposits are payable on demand by the customers. It is main source of fund for bank. The management can acquire deposits from members and non members, The following are the main types of deposits.
• Savings Bank Account
• Current Account
• Term Deposit
Fixed Deposits
A fixed deposit is one where customer is required to keep a fixed amount with the bank for a specific period. The rate of interest is higher that of the rate allowed on the other deposits.
There is no limit on the maximum amount that can be deposited in these accounts. The total amount of fixed deposit of quilon Co-operative Urban bank as on 30/09/2020 is 593.57 crore
Savings has been essential part of all of the earnings, we agree The Quilon Co-operative Urban Bank help you earn more on your savings by offering schemes which comes with suitable tenures and attractive interest rates.
Term Deposits
A term deposit is an interest pay out savings scheme which offers interest at half yearly, quarterly and monthly basis.
Nithya Vardhana
The Nithya Vardhana scheme is a cumulative interest scheme, this means that interest earned at the end of every quarter is invested along with the principal helping you make the most of your money.
Features & Benefits:
TDS is applicable form
• 15 H / 15G required submitted for exemption of TDS.
• If you are exempted from paying tax, you need to present Form 15H when you are open Fixed Deposit are subsequently at the beginning of the following financial year.
Eligibility:
Individual, Minor by guardian, Organizations, Co-operative Societies
Recurring Deposits
Recurring deposit is a deposit which is accumulated over an agreed period of deposits and are withdrawals only at the end of the specified period. Under recurring deposit scheme a
person can deposit a fixed sum every month for a period of 12, 24,36,48,60, months.
In a Recurring Deposit scheme see your small investment every month turn into the huge amount at the maturity.
Features and Benefits:
• Invest little sums every month.
• Facility of standing instructions through which the amount can be debited from your savings account..
• Highest Interest Rate.
• Recurring Deposits accepted equal monthly installments.
Eligibility:
Individual, Minor by guardian
Charges:
Penalty for delayed monthly installment
Savings Deposit
Savings deposit is a deposit which is intended to promote the habit of savings among the depositros.Any person can open savings deposits account even with a minimum deposit of Rs.100 and for cheque facility there should be a minimum amount of Rs.500.If a person withdraws the full amount in his account that account will be closed.
Features & Benefits:
• All Branch Banking (Cash Remittance & Withdrawals)
• CTS Cheque Facilities
• Passbook Facilities
• RTGS/NEFT
1. Official Valid Documents
a. Passport
b. Driving License
c. PAN Card
d. Voters ID Card
e. Adhar Card
2. Latest Passport Size Photo and any one of the officially valid documents as identity and address proof.
Current Deposits
Current deposit or demand deposit is a deposit which is repayable on demand. Any person can open current account even with a minimum deposit of Rs.1000.
Features & Benefits:
• Minimum Balance Requirement of 1,000/-
• All Branch Banking (Cash Remittance & Withdrawals)
• CTS Cheque Facilities
• Passbook Facilities
• RTGS/NEFT
Eligibility:
You can open a current account with us if you are a
i. Public & Pvt. Ltd. Company
ii. Partnership firm
iii. Proprietorship Concerns
iv. Trusts
v Clubs
1. Official Valid Documents
i. Passport
ii. Driving License
iii. PAN Card
iv. Voters ID Card
v. Adhar Card
2. Latest Passport Size Photo and any one of the officially valid documents as identity and address proof.
