Fixed Deposit Account

Fixed deposits for a sum not less than Rs.100/- are received by the society from members and registered bodies for a fixed period at such rates of interest fixed by the board of management from time to time. Every depositor is required to give a specimen signature and application in prescribed form to open the fixed deposit account. Every depositor is presumed to have read and accepted the fixed deposit rules of the society as kindly on him and his heirs. Depositors opening a joint account are further required to declare that the deposit amount will be payable to either of the depositors or the survivors or the legal heirs or the nominees as the case may be. The application form to open an account will be supplied by the society on requisition by the depositor. The interest on fixed deposit shall be paid quarterly/ half/ yearly and also may be paid in every month if the depositor so desires. The society may on application grant loan on the security of the fixed deposit to the extent of 80% of such deposits