Deposits and Interest Rates
‘A’ Class Members
| Type |
Effective Date |
Rate of Interest |
Nature of Interest |
Maturity Terms |
| Thrift Deposit |
16/12/2019 |
7.50% p.a |
Cumulative |
On closure of Membership |
| Recurring Deposit |
16/12/2019 |
7.50% p.a |
Cumulative |
One Year |
| Fixed Deposit |
16/12/2019 |
7.50% p.a |
Monthly |
One Year |
| Cash Certificate |
16/12/2019 |
7.50% p.a(Yield 7.71% p.a) |
Cumulative |
One Year |
Interest income from the society is taxable in the hands of the members, while filling their Individual Income Tax Returns.
Loan and Interest Rates
‘A’ Class Members
| Type |
Effective Date |
Rate of Interest |
Nature of Interest |
| Ordinary Loan |
16/12/2019 |
9.75% p.a |
Floating Rate on Monthly Diminishing Balance |