Cumulative Deposit
A lump sum amount, accepted for a fixed period, at an agreed rate of interest where interest is paid along with principal amount on maturity of deposit, is called as cumulative deposit. The interest accrued is added back to the principal amount on quarterly intervals. In other words, the interest earned gets compounded on quarterly basis.
The salient points of our deposit schemes w.e.f 01/09/2023 are as under:
- Bulk deposits are those deposits of Rs.1,00,00,001/- and above.
- The above interest rates are applicable on all deposit products (as indicated above), accepted / renewed on or after 01/09/2023.
- Additional interest of 0.50% for senior citizens (aged 60 years and above) will continue to be available only for deposits upto Rs.1 crore on all deposits, except for the Cumulative Deposits accepted for 36 months from 01/09/2023, where the ROI is 7.75% for deposits upto Rs.1 crore. Interalia, the said additional interest is not available for bulk deposits.
- For Fixed deposits, minimum amount eligible for acceptance/renewal shall be 10,00,000/- for payment of monthly interest.
Minimum deposit amount: Rs. 2 lakh for payment of quarterly, half yearly or yearly interest (not eligible for monthly interest).
- For Cumulative deposits, minimum amount for acceptance/renewal is Rs.20,000/- (interest compounded quarterly and payable on maturity).
- Minimum Period of deposits is 12 months and maximum is 60 months.
- Interest is paid only on maturity along with the principal amount.
- Additional interest of 1% paid on deposits of our staff members (who are on rolls or retired).
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Cumulative Deposit Scheme
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Period of deposits in months
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Deposits upto Rs.1 cr
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Bulk deposits: >Rs.1 cr to Rs.5 cr
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Bulk deposits:
>Rs.5 cr
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General Public
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Senior Citizen
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12
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6.50%
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7.00%
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5.00%
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4.50%
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13-35
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6.75%
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7.25%
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5.50%
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5.00%
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36
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7.50%
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7.75%
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5.50%
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5.00%
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37–48
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6.75%
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7.25%
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5.50%
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5.00%
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48–60
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6.75%
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7.25%
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5.50%
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5.00%
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