Deposit Policy - Sukh Samriddhi
- 1. The society will open accounts only for the members
- 2. All the members has to purchase at least 1 share to be eligible for the members of the society. Entry fee for membership will be Rs. 10/- and purchase value of one share will be Rs. 100/-
- 3. Society offers schemes like saving, fixed deposits, monthly income scheme, recurring deposit, different type of bonds.
- 4. Society will offer additional interest to senior citizen and women at 1% more than normal interest rate applicable to society's member in case of fixed deposits.
- 5. Any deposit cannot be withdrawn before 6 months . After 6 months premature withdrawal charges will be 2% and payment will be 2% less than the actual interest rate applicable for the term of deposit at the time of making the deposit.
- 6. Saving deposit interest rates will be calculated on daily balance. It will be credited in the accounts on quarterly basis.
- 7. The society will not deduct any TDS on the interest paid to the depositors / members. It will be responsibility of members to file their IT returns appropriately with due consideration of interest earned from the society.
- 8. Interest calculation will be done on quarterly basis in fixed deposit.
- 9. Penalty for non-payment of monthly interest in case of any loan against deposit will be 5%, which will be charged over and above the agreed loan interest rates.
