Mahalakshmi cooperative Bank offers high interest rate on fixed deposit savings. Below are the featured of the fixed deposit account:

Info Details
Who can open fixed deposit ✓ Individual in his own name.
✓ Two or more individuals in their joint names with suitable repayment.
✓ A guardian on behalf of a minor.
✓ In the name of clubs, societies, associations, educational institutions, trusts, firms, partnership concerns, joint stock companies, executors and administrators.
Repayment on Maturity The deposit is repayable on the maturity date as indicated on the deposit receipt
Premature Closure For premature closure interest will be paid at 1% less than the rate applicable for the period of deposit remained with the bank.
Renewal of matured Deposits The total amount of matured deposits or part thereof can be renewed from the date of its maturity till some future date provided the renewal must be for a minimum of 15 days, beyond the date on which it is renewed and the renewal is made within 15 days from the date of maturity. The interest is payable at the appropriate operative rate on the date of maturity of original deposit and is payable only on the amount of the deposit so renewed.
Documents required for opening the account ✓ Identity Proof and Address Proof: Passport/Aadhar card/ Driving Licence/voter ID card
✓ PAN card
✓ Photographs
Note : Aadhar card is mandatory to open account
Loan against deposit Depositor can avail a loan up to 90% of the deposit amount. Interest on loan will be levied at a rate 2% higher than the rate of interest paid on the deposit.
Transfer of Deposit Account The fixed Deposit account can be transferred from one branch of bank to the other at the request of the depositor after maturity only.

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February 26, 2024

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