DEPOSITE SCHEMES

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Deposit Schemes


At Kotachery Service Co-operative Bank, we’ve worked towards greater banking standards and customer satisfaction for over 63 years. It is this unwavering focus that inspires banking solutions that are convenient, value-added and customer-friendly. A full range of deposit schemes, loans and services combined with personalized service and computerized efficiency. Featured herein are the entire range of loan products and services with key details to help you choose the solution that’s right for you.Agricultural and Commercial Loans such as Overdraft & Cash Credit, Term Loan, Retail Loans



Deposit Shemes

Sl No Deposit Period Kotachery Service Co-operative Bank
1. 15 days to 45 days 6.00%
2. 46 days to 90 days 6.75%
3. 91 days to 179 days 7.25%
4. 180 days to 364 days 7.75%
5. 1 year to below 2 Year 8.25%
3. Above 2 year 8.00%
NB: For Senior Citizen deposit interest will increase 0.5%.



Savings Account

Savings Bank Accounts Are Meant To Promote The Habit Of Saving Among The Citizens While Allowing Them To Use Their Funds When Required. The Main Advantage Of Savings Bank Account Is Its High Liquidity And Safety. On Top Of That Savings Bank Account Earn Moderate Interest Too. The Rate Of Interest Is Decided And Periodically Reviewed By The Government Of India. Presently, The Rate Of Interest Is 3.5% Compounded Half Yearly. Savings Bank Account Can Be Opened In The Name Of An Individual Or In Joint Names Of The Depositors. Savings Bank Accounts Can Also Be Opened And Operated By The Minors Provided They Have Completed Ten Years Of Age. The Minimum Balance To Be Maintained In An Ordinary Savings Bank Account Is Rs. 100. In Accounts Where Cheque Books Are Issued, A Minimum Balance Of Rs. 500/- Has To Be Maintained.

A Savings Account Can Be Opened By :
-Individuals
-Karta Of HUF
-Minors
-Regd. Co-Op. Societies
-Regd. Public Trusts
-Clubs And Associations
-Students(SSB).


Features:
-Open A Savings Bank Account With Us And Avail Cheque Book Facility
-Nomination Facility
-Demand Draft (Local And Outstation)
-Remittance
-Any Branch Banking (ABB)


Document Required For Opening A Savings Account:
-Passport Size Photograph Which Can Be Photographed By The Bank
-ID Proof: Passport/Driving License/Ration Card/Voters Identity Card/PAN Card
-Proof Of Residence: Gas Conn. Book/Telephone Bill/Electricity Bill/Bank Pass Book Etc
-An Introduction Of The Person From An Existing Account Holder
-PAN Number / Declaration In Form No.60 Or 61 As Per The Income Tax Act 1961

Current Account

Current Account Is Primarily Meant For Businessmen, Firms, Companies, Public Enterprises Etc. That Have Numerous Daily Banking Transactions. Current Accounts Are Cheque Operated Accounts Meant Neither For The Purpose Of Earning Interest Nor For The Purpose Of Savings But Only For Convenience Of Business Hence They Are Non-Interest Bearing Accounts. In A Current Account, A Customer Can Deposit Any Amount Of Money Any Number Of Times. He Can Also Withdraw Any Amount As Many Times As He Wants, As Long As He Has Funds To His Credit. Generally, A Higher Minimum Balance As Compared To Savings Account Is Required To Be Maintained In Current Account.

A Current Account Can Be Opened By :
-An Individual Who Has Attained Majority.
-Two Or More Individuals In Their Joint Names.
-Sole Proprietorship Concerns
-Partnership Concerns.
-Hindu Undivided Family (HUF).
-Public & Private Limited Company
-Clubs & Societies. .
-Trusts, Executors And Administrators.
-Private Limited Company
-Others - Govt. And Semi Govt. Bodies, Local Authorities Etc.


Documents Required For Opening A Current Account:
-Two Passport Size Photographs Which Can Be Photographed At The Bank Counter Itself
-ID Proof: Passport/Driving License/Ration Card/Voters Identity Card/PAN Card
-Proof Of Residence: Gas Conn. Book/Telephone Bill/Electricity Bill/Bank Pass Book Etc
-An Introduction Of The Person From An Existing Account Holder
-PAN Number / Declaration In Form No.60 Or 61 As Per The Income Tax Act 1961
-Different Set Of Documents Are Required As Per Bank's Norms If The Account Is Opened By Partnership Firms, -Private And Public Limited Companies, HUFs / Specified Associates, Societies, Trusts Etc.