Savings Bank Account
Any person or persons and associations of individuals like Co-op. Societies, Institutions and Associations approved by the bank. Account may be opened individually by one person or by two or more persons in their joint names. Natural guardian i.e. father or mother can open account on behalf of a minor child/ward. Initial Deposit for opening SB A/C with cheque book – Rs.500/- without cheque book – Rs.100/- . This is also the minimum balance requirement for respective accounts.
Current Account is primarily meant for businessmen, firms, companies, public enterprises etc. that have numerous daily banking transactions. Current Accounts are cheque operated accounts meant neither for the purpose of earning interest nor for the purpose of savings but only for convenience of business hence they are non-interest bearing accounts. In a Current Account, a customer can deposit any amount of money any number of times. He can also withdraw any amount as many times as he wants, as long as he has funds to his credit. Generally, a higher minimum balance as compared to Savings Account is required to be maintained in Current account.
Fixed Deposit AccountFixed Deposits are safe investments which give high returns on investment with an attractive high rate of interest together with an insurance cover. These deposits signify a larger class of investments with varying levels of liquidity. Interest is paid to investors at regular intervals in this scheme. Simple formalities are there to open the fixed deposit and the Bank pays a high rate of interest which can be fixed for monthly or trimonthly periods. The Thirumittacode Service Co-Operative Bank offers long-term and short-term fixed deposits for its customers from 15 days to long periods. The customers can select how much to invest and get assured of solid returns on investment. The customers also get to choose from a number of duration periods and decide on what is convenient and most suited for their requirements. Usually Fixed Deposits cannot be withdrawn before the date of maturity and this ensures that the money is fully safe and would achieve its full range of potential by the date of maturity. Half % higher interest is paid to senior citizens. Deposit loan facility can be availed against your deposit. 1. No Frill Savings Bank Account 2. Recurring Deposit Account
|Sl No.||Duration||Rate||Senior Citizen|
|1||15 Days to 45 Days||6.00%||6.50%|
|2||46 Days to 90 Days||6.50%||7.00%|
|3||91 Days to 179 Days||7.00%||7.50%|
|4||180 Days to 364 Days||7.25%||7.75%|
|5||1 Year to Below 2 Year||8.25%||8.75%|
|6||2 Year and above||8.00%||8.50%|
At TSCB, we offer Recurring Deposits (RDs) as an excellent savings option for our customers. Similar to Fixed Deposits in nature, RDs are made for specified periods like 12, 24, 36, or 60 months, with the same attractive interest rates applicable to fixed deposits.
With RDs, you have the flexibility to add fixed amounts (in multiples of Rs. 50) on a monthly basis. This regular savings habit helps you steadily build up your savings over time, ensuring financial security for the future.
One of the major advantages of RDs is the ease of withdrawal. Unlike traditional fixed deposits, you don’t need to wait until the maturity period to access your funds. In times of need, you can withdraw the deposit along with the accrued interest until the date of withdrawal, providing you with both convenience and liquidity.
Daily Deposit Account
A small savings scheme introduced to encourage thrift habit in people. In this daily deposit scheme, the customers can keep adding to their bank balance small or big amounts of their choice and it is particularly beneficial for people who work on a daily wage basis and also among small income groups. They can keep their bank accounts alive and active by contributing even amounts below Rs. 100. Almost 90% of the deposit can be availed as loan.
The customers needn’t even come to any of our bank branches to deposit the money as they can hand it over to our collection agents who would go to them and collect the amount. Every day the bank’s agent will come to collect the deposit and issue a on the spot deposit receipt. The deposit is to be maintained for a minimum period of one year and no withdrawal or closing of account is permitted within one year of opening the account. A minimum interest is paid to the daily deposit schemes.