Fixed deposit terms

The deposit

• A fixed deposit is one amount placed for the period chosen at opening, at the rate in force on the day the deposit is approved. The rate does not change for the period.
• The Society issues a fixed deposit receipt once the deposit is approved. It is not transferable and cannot be pledged except with the Society.
• A senior citizen may receive the additional rate the Society publishes, on proof of age.

Interest

• Interest is either added to the deposit and paid at maturity, or paid monthly or quarterly into your savings account with the Society, as chosen at opening.
• Tax is deducted at source where the law requires, unless you give the branch the form that exempts you.

Maturity

• At maturity the Society acts on the instruction you gave: hold the amount until you call, pay it into your savings account, or renew it for the same period at the rate then in force.
• An amount held after maturity earns interest only as the Society's rules provide.

Closing early

• You may ask to close a deposit before maturity. Interest is then paid at the rate for the period the deposit actually ran, less the premature-closure penalty the Society publishes, and never more than the agreed rate.
• A deposit pledged as security for a loan cannot be closed until the loan is repaid.

Nomination

You may nominate a person to receive the deposit on your death, and change the nomination at the branch.

The Society and these terms

Yashodhan Co-operative Credit Society Limited (the Society) is registered under the Maharashtra Co-operative Societies Act, 1960. These terms sit alongside that Act, the rules made under it and the Society's bye-laws; where they differ, the Act, the rules and the bye-laws prevail. The Society may change these terms; a change is published here as a new version and applies from the date shown, except that the interest rate agreed on a term deposit does not change for its term.

Your details

• Keep your address, mobile number, email address and nominee up to date with your branch.
• The Society relies on the KYC documents you give it, and may ask for them again as the law requires.
• The Society sends alerts, receipts and statements to the mobile number and email address it holds for you. Tell your branch within 30 days if an entry looks wrong.

Disputes

Disputes are settled as the Maharashtra Co-operative Societies Act, 1960 provides. Courts at the place of the Society's registered office have jurisdiction.