LONG TERM DEPOSIT SCHEMES OF

INTRODUCTION

• Punjab & Maharashtra Co-operative Bank, one of the leading Multi-State Scheduled Urban Co-operative Bank presently operates from the States of Maharashtra, Delhi, Karnataka and Goa.

•  The Bank stands among top 10 co-operative banks of the country.

• The Bank started its operations on 13th February,1984 in a humble room at Sion as single branch Bank. 

• The Bank was conferred with Scheduled status by Reserve Bank of India in the year 2000.It is the Youngest Bank to achieve the ‘Scheduled Bank’ status.

• LONG TERM DEPOSIT POLICY OF PUNJAB AND MAHARASTRA BANK

TYPES OF DEPOSIT SECHEME

• Fixed Deposit

• Recurring deposits

• Anant Recurring Deposit Scheme

• Bal bhavishya yojna

• Fleximoney deposit scheme:

Fixed deposit

Who can open an account?• Individuals

• Two or More individuals in their joint names

• Minors represented by the natural guardians

• Proprietory concerns/ partnership firms/companies

• Associations or any body corporates

• Hindu Undivided Families

• Trusts

Fixed deposit

• Minimum amount for Fixed Deposit is Rs. 1000/-.

• Minimum period for deposits is 12 months and Maximum is 120 months.

• Interest can be paid on deposits periodically monthly/quarterly/half yearly & yearly.

• Pre maturity: Penalty clause as applicable.

• TDS applicable

• Addition/deletion of names possible

Recurring deposits:

• Minimum amount of monthly installment is Rs. 100/- and in multiples of Rs. 100/- thereafter.

• The deposit is accepted for minimum period of 12 months and thereafter in multiples of 3 months subject to maximum of 120 months.

• Monthly installment amounts can not be changed and TDS is not applicable on recurring deposits.

• The depositor can give standing instructions for the transfer of periodical monthly installments from an operative account

Anant Recurring Deposit Scheme :

• The “ Anant Recurring Deposit Scheme” enables customers to save a fixed monthly amount over a stipulated period. In addition to double benefits viz., insurance cover & higher rate of interest, the depositor gets the benefit of exemption of TDS on the interest earned.

• Eligibility : Only Individuals in the group of 18 – 40 years.(Joint account - permitted)

• Period of Deposit : 60 Months and 120 Months only.

• Minimum Amount of monthly installment : Rs. 250/-

• Effective Yield : For 60 Months : 9.70% p.a. For 120 Months : 11.00% p.a.

• The amount of insurance cover available to the depositor will be the maturity value of the deposit or Rs. 10.00 lakh whichever is lower. It also covers accidental death. 

Bal bhavishya yojna :

In Bal Bhavishya Yojna, Lump sum one time deposit is required to be deposited by the depositor. Period of deposit will depend on Date of Birth of child. Bal Bhavishya Yojna contains four schemes for deposits, as mentioned below:

• Lakhpati scheme: Lump sum amt will be calculated as per DOB of child and maturity will be on the 18th birthday of the child.

• Money back: Deposit 10,000 today and after 5 yrs of deposit bank will give Rs.1500 every year to the child till maturity & on maturity a certain lump sum amt.

• Yearly RD: Fixed amountt on fixed date. Penalty clause as applicable.

• Monthly RD: Same as Recurring Deposit but period is longer till majority of child.

Fleximoney deposit scheme:

• ADD FLEXIMONEY ADVANTAGE TO CUSTOMER’S SAVING & CURRENT A/C BY INVESTING CUSTOMER MONEY IN FLEXI ADVANTAGE SCHEMES

• Now earn FD Interest in Saving & Current A/c upto 9.25%.

• This is a specially designed FD Scheme wherein the amount deposited carries FD Interest but at the same time the customer has access to money deposited.

• Advantages Advantage of Personalised Cheque Book, Tele-Banking , ATM Card, Internet Banking etc.

• Advantage of withdrawing money on the very first day of opening Fleximoney Deposit Account.

• Advantage of drawing any amount at any time without dismantling the entire edifice of your Fixed Deposit.

• A Fixed Deposit Scheme structured to permit you to use your own money whenever you need it, without-Losing on returns

• Breaking the entire deposit

• Availing any loan there again

  Flexi Advantage Schemes  Flexi Saving Flexi Current

Minimum Balance Rs.10,000/- Rs. 50,000/-Add on amount Rs.1000/- Rs. 5,000/-

Conversion / breaking of units Rs.1000/- Rs. 5,000/-Period of Deposit 12 months 12 months

Interest on units kept for less than 14 days 4% NilInterest on units kept for more than 14 days Applicable Term Deposit rate

Features

• This account can be opened as normal SB or C/A wherein on withdrawal units will be broken as indicated in table above. The rate of interest payable on these broken units shall be the one prevailing on the day the units were made, for the period for which the units remained with the Bank. The balance deposits /units continue to earn the original contracted interest. The scheme ensures liquidity & higher returns 

Rate of Interest on Term Deposits

Period Rate ( For General Depositors)

Rate ( For Senior Citizen)

7 days to 90 days 6.00 % p.a 6.00 % p.a

91 days to 180 days 6.00 % p.a 6.00 % p.a

181 days to 270 days 7.50 % p.a. 7.50 % p.a.

271 days to 12 months 9.25 % p.a 9.25 % p.a

13 months to 24 months 10.00 % p.a. 10.25 % p.a.

25 months to 36 months 10.00 % p.a. 10.50% p.a. 

37 months to 60 months 9.50 % p.a. 9.75 % p.a.

61 months to 120 months

9.00 % p.a. 9.25 % p.a.

Special Schemes

Scheme Period Rate Of Interest

PMC 18 18 Months 10.50% pa

PMC 232 (Up to 15 lakh) 232 days 9.75% pa

PMC 232 (above 15 lakh) 232 days 10% pa

Term Deposit under BAL BHAVISHYA SCHEME

121 months and above 8.00 % p.a..

Types of Long Term Deposit Scheme

• MAHABANK – Term Deposit Scheme

• Recurring Deposit Scheme Maha Millionaire

Maha LakhpatiMaha Sanchay Systematic Deposit Plan

• Cumulative Deposit Scheme

• Mahasaraswati Scheme• Maha-Double Deposit Scheme

• Maha Labh (666 Days) Term Deposit Scheme

• Maha Bank Trust Deposit Scheme

MAHABANK – Term Deposit Scheme

• Eligibility

Individual or HUF

• Amount of Deposit

Minimum Rs 100/- Or in multiple thereof with maximum of Rs. 1 lakh in one Year i. e. from 1st April to 31 st March.

• Tenure of the Deposit

Not less than 5 Years - Maximum up to 10 Years.

• Interest Rate

Subject to change by the Bank from time to time.

Recurring Deposit Scheme

• Eligibility :

An Individual, firm, partner & company, can open recurring deposit account. Even a minor can open Recurring deposit account with us. It is ideal for Doctors, Engineers, Businessmen, students, household women etc.

• Amount of Deposit :

Monthly installment with a minimum Rs.50/- and in multiples of Rs.10/- thereafter

• Period of Deposit :

Minimum 6 months to maximum 120 months.

• Rate of Interest

Attractive rate of interest paid on deposit as decided by the bank from time to time on maturity patterns. Penalty for late payment of monthly instalments.

Recurring Deposit Scheme

• The salient features of RD scheme, which can be highlighted to attract new customers, include the following:

1. No TDS on interest earned by the depositor in Recurring deposits.

2. Loan facility is available against the security of the deposit – upto 90% of deposit and interest accrued.

3. Bank deposits are liquid investments and can be en-cashed at any time.

Maha Millionaire Recurring Deposit Scheme (MMRD)

• Under the Maha Millionaire RD scheme, the depositor will receive at least one Million Rupees (i.e., Rs.10 lakh) on maturity.

• Accounts can be opened for minimum period of one year and in multiples of years. Maximum period is 10 years.

• Free life insurance cover of Rs.1 lakh to individuals (sole/ first depositor) in the age group of 18-50 years for first term year.

• Rate of interest will be same as that on retail term deposits, as decided by the Bank from time to time.

• Senior citizens, members of staff and senior citizen retired members of staff will be eligible for additional interest as applicable to term deposits.

Maha Sanchay Systematic Deposit Plan

• Basic feature: RD scheme with a Core Monthly Installment (fixed) and Flexi Installments.

• Eligibility: The Account can be opened by individual/s (singly/jointly), Firms,Clubs, Associations and Corporate Bodies etc complying with KYC norms.

• Min/ Max Core Monthly Installment Amt: Minimum core installment Rs.100 and in multiples of Rs.100/- thereafter. Maximum core monthly installment Rs.10,000/-.

• Flexi/ Variable Monthly Installment: 10 times of core installment in multiples of Rs.100 subject to Maximum of Rs.50, 000 p.m. including core component.

• Period of Deposit: Minimum: 12 months and in multiples of 3 months thereafter.

Maximum: 60 Months.

Maha-Double Deposit Scheme

• Maha-Double Deposit Scheme offers attractive interest rate on retail term deposits .

Features of the new deposit scheme are as under:

• Under the scheme, deposits will be doubled in 92 months for depositors other than senior citizens, which would offer interest rate of 9.15 p.a. compounded quarterly.

• For senior citizens, under the scheme deposits will be doubled in 87 months, which would offer interest rate of 9.68% p.a. compounded quarterly.

Time Period Rate of Interest ( General)(Amount upto Rs. 1 Crore)

Rate of Interest for Senior Citizen (Amount upto Rs. 1

Crore)Amount Rs. 1 Crore to

5 Crore

7 to 14 Days 6.50 6.50 6.50

15 to 30 Days 6.50 6.50 6.50

31 to 45 days 6.50 6.50 6.50

46 to 90 days 7.50 7.50 7.50

91 days to 180 days 8.50 9.00 9.00

181 days to 363 8.60 9.10 9.00

364 days 8.60 9.10 9.10

365 days/ One year 9.00 9.50 9.10

Mahanidhi (444 Days) 9.10 9.60 ---

Maha Labh(666 Days) 9.16 9.66 ---

Above 1 year to less than 3 years (except 444 days)

9.10 9.60 9.00

3 years Mahalaximi 9.15 9.65 9.00

Over 3 years to 10 years 9.00 9.50 8.75

Comparison of Interest rates of PMC Cooperative Bank & Bank of Maharasthra

upto 90 days upto 180 days upto 12 months

upto 2 years upto 3 years upto 5 years upto 10 years0%

200%

400%

600%

800%

1000%

1200%

600% 600%

750%

920%1000%

950%900%

750.00%850.00%

900.00% 910.00% 910.00% 900.00% 900.00%

PMC Cooperative bank Bank of Maharasthra

Comparison of other services & benefits provided by the banks

PMC Bank• Withdrawal is allowed only after

maturity period.

• Provides more option with different lock-in periods.

• Special Deposit Schemes for 18 month days providing high interest of 10.50%.

• Same interest rate for any amount of deposit

Bank of Maharasthra• Withdrawal is allowed even

before the expiry of the maturity period, but with penalties.

• Provides comparatively less option with different lock-in periods.

• Different slabs of interest rate for different amount of deposits.