Recurring deposit terms
A fixed monthly instalment for an agreed period, with interest paid on maturity.
Version 1, in force from 3 November 2026.
This wording is awaiting the Society’s legal review and may change. Any change is published here as a new version, and the interest rate agreed on a term deposit never changes for its term.
The deposit
- You agree a monthly instalment and a period at opening. The rate in force on the day the first instalment is approved applies for the whole period.
- Instalments are due each month by the date the branch tells you. They may be paid at the branch, to the Society's collection agent, or from your savings account with the Society.
Missed and late instalments
- A late instalment may attract the default charge the Society publishes.
- If several instalments are missed, the Society may close the account and repay what was paid in, with interest at the rate its rules allow for the period run.
Maturity and early closure
- At maturity the Society pays the instalments with interest as you instructed: hold, pay into your savings account, or renew.
- You may close the account early; interest is then paid at the reduced rate the Society publishes for premature closure.
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.