Monthly Recurring Scheme Interest rates are applicable as per rates of Fixed Deposits and tenure.
Daily Recurring Scheme Interest rate @4.00% for 1 Year.
Loan Facility up-to 90% of Daily Recurring Balance @8.00%
Customer will get interest on Monthly / Quarterly interval on Fixed Deposits.
01.00 % Penal interest shall be attracted on premature withdrawal of any deposit on the applicable Rate of interest (Which means 01.00% less interest will be paid than the prevailing interest rate at the time of premature).
TDS will be applicable @10.00%, if interest paid on Fixed Deposits / Recurring Deposits equal to or more then Rs. 10,000.00 in a financial year and PAN card submitted.
If PAN card is not submitted TDS will be deducted @ 20.00%
Customer may submit form 15G / 15H along with PAN card for no deduction of TDS, if total taxable income of the customer does not exceed basic limit of Income Tax.
TDS is applicable from June 1, 2015 for financial year 2015-16 (For Depositors of Co-Operative Banks).