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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 Any deposit cannot be withdrawn before 6 months .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.