Product Overview
Fixed Deposit Account is an investment account where money is deposited for a specific period of time which attracts negotiable and very attractive interest. Fixed Deposit Account offers higher interest rates than ordinary savings accounts and is an ideal way for customers to save for a specific goal or a long-term project
Account Opening Requirements
- The fund provider must first be a member of the Society.
- The amount to be deposited shall not be more than 20% of total assets of the Society.
Benefits of the Account
- Very attractive and negotiable interest rates
- Fixed deposit can also be used as collateral for loan
- Qualifies a member to guarantee a loan facility for another member
- Easy accessibility of funds when needed
- Safety and reliability of funds.
Available Maturity Periods of Fixed Deposit
- a) 3 months or quarterly - 91 days
- b) 6 months or semi-yearly – 182 days
- c) 12 months or yearly – 365 days
