The Kodinar Taluka Co. Operative Banking Union Ltd. has an exclusive range of deposit accounts with features to make banking a pleasure for you. Whatever be your profile, we have the right kind of account that suits your financial requirements and lets you enjoy the benefits of easy banking and greater transaction power. Open an account with us and enjoy banking!
Saving account
Desicription:
Savings Bank Account is the most common type of demand deposit. The depositor can open the account, deposit and withdraw money as and when required. There is a minimum balance required to be maintained and a cheque book is also given to the customer to enable withdrawals. The customers can withdraw money using the withdrawal forms prescribed by bank and available at the branch Office.
Minimum balance amount:
Rs 1000 with cheque book facility and Rs 500 without cheque book.
Interest rate:
3.0%
Effective Date: 01/06/2022
Nomination facility:
Nomination facility is available only for the individual accounts.
Current account
Desicription:
Current Account is a running account which may be operated upon any number of times during a working date. There are no restrictions imposed on the amount of withdrawals from a Current Account.
Minimum balance amount:
Minimum Balance Rs 2500/- will be maintained by Depositor
Nomination facility:
No clean overdraft is allowed and overdraft is allowed against liquid security i.e.
duly discharged Term Deposit Receipts.
Fix Deposit
Desicription:
Fixed deposit accounts which are also called term deposit also includes the deposits reveived by the bank for a fixed period and a fixed rate of interest specified in advance. Such deposits are repayble on the expiry of a specified period as indicated by the depositor. The periodicity of such deposits is generally fixed for period of 12 months and above. Any deposit received in the nature of fixed deposits for the period less than 12 months is called “SHORT TERM DEPOSITS”.
Minimum balance amount:
Minimum Balance Rs 500/- will be maintained by Depositor
Interest rate:
Effective Date: 01/12/2022
| Duration | Interest rate |
|---|---|
| 5 days to 45 days | 3.75% |
| 46 days to 90 days | 4.50% |
| 91 days to 179 days | 5.00% |
| 180 days to 364 days | 6.10% |
| 1 to 2 years | 7.00% |
| more than 2 years | 7.25% |
| Special scheme to double your deposit in just 116 months individual and 114 month for senior citizens. |
Facility:
1. Loan against this deposit is allowed.
2. Senior citizens extra 0.50% extra interest on all above fixed deposit plans.
Reurring Deposit
Desicription:
A Recurring Deposit or cumulative deposit account is a variation of Savings Bank account. It is an account intended to develop habits of savings on regular basis by the depositor with limited means. In this account type the depositor commits to deposit a fixed amount for a fixed period of time (for example Rs 100 every month for 12 months) and gets a lump-sum amount at the end of such period. The depositor does not get any interest in the intervening period. The terms i.e. fixed amount, interval and fixed time period that is decided at the time of opening the deposit can not be altered.
Minimum amount:
Minimum Balance Rs 100/- will be maintained by Depositor
Interest rate:
Effective Date: 01/06/2022
| Duration | Interest rate |
|---|---|
| 1 year | 7.5% |
| 2 years | 8.5% |
| 3 years | 8.5% |
| 4 years | 8.5% |
| 5 years | 8.5% |
