We Accept Deposits from members as well as general public and offer 0.5% extra Rate of interest for senior citizens.
Deposits can be renewed automatically upon customers interest on maturity.
Deposits can be renewed from the date of maturity if the request is received to renew before 14 days after the date of Maturity. Interest provided to such Renewals will be the rate applicable as prevailing on the maturity Date.
If the request is raised 14 days after the maturity Date, based on the tenure of the Deposit the applicable Interests will be provided as following:
a. Interest for the period on Maturity Date
b. Interest for the period on the date of Renewal.
Whichever is lower from the above two. For these types of Deposits bank has the discretion to decide the minimum tenure of the Deposit.
The tenure can be either same as the previous deposit or a minimum tenure of 6 months from the date of Maturity.
Closure of Deposits on or before 14 days from the Maturity will be paid only the Mature Amount
Closure of Deposits after 14 days from the date of Maturity will be paid the Maturity Amount along with the Overdue Interest for the period from date of Maturity to date of Closing.
Pre-Mature Closing of Deposits will attract penal interest of 1% for all deposits having the tenure of above 1 year.
Loan/Overdraft facility up to 90% of deposit amount is available on principal value+ accrued interest calculated up to the last quarter.
Loan against Deposits which are already opted for Auto-Renewal will be entertained only after removal of Auto-renewal and lien against the corresponding Deposit.
Deposits against which loan had been availed and loan balance remaining unpaid as on the deposit maturity date, will be closed on the date of maturity. Firstly loan account will be adjusted and closed from the proceeds of the deposit and balance deposit amount will be credited to the Savings/Current account.
Deposits are of the following types based on duration:
Short term Deposits
Short term Deposits are those which are having a deposit period of less than one year.
Long Term Deposits
Long term Deposits are those which are having the deposit period of one year and above
Deposits are of two types based on Interest provided/paid: a) Cumulative Monies invested in this type of deposit provide the accrued interest at the end of term of the deposit only, which will be calculated on quarterly compounding basis. The maturity proceeds will be paid by crediting depositor’s individual savings/current account. These deposits can be opened in the name of individuals or institutions, operated by singly or jointly when there are more than 1 depositor. b) Non-Cumulative Monies invested in this type of deposit provide the Monthly/Quarterly/Half-yearly/Yearly Payouts to their Savings/Current account of the Depositors whichever is mentioned as Interest transfer Account at the time of Opening of the Deposit. These deposits can be opened in the name of individuals or institutions operated by singly or jointly when there are more than 1 depositor.
Recurring Deposits
Recurring Deposit(R.D) is a special type of deposit account which enables a depositor particularly in fixed income group to save by paying into the account an agreed fixed sum of money monthly over a stipulated period. The deposits in this type of account earn compound interest on quarterly basis maximum period permitted for the R.D. is 5 years.
Savings Deposits
KYC norms for opening of account is applicable for these accounts. Under KYC proof of residence & proof of personal identification will be required along with recent photograph of the depositor/s. The Bank is paying interest on Saving Deposit Accounts on the basis of end-of-day balance in the account. If the end-of-day balance is below 1,00,000/- the R.O.I provided will be 4.00% and if the Balance is 1,00,000/- and above the R.O.I is 5%. Only self-withdrawals are permitted on slips/Vouchers.
Special Savings Deposits
This type of Deposit is same as the saving account but if the depositor opted for Special Savings account, CTS cheque book will be provided and withdrawals will not be permitted on slips/vouchers.
Daily Deposit
Any individual singly in his own name and jointly with any other person can open the account. The initial minimum deposit for opening the account is Rs. 100/- thereafter the depositor can deposit any amount in the multiples of opening amount daily. The lock in period of the deposit is 100 days and in case of premature withdrawals, No interest will be paid.
The Jampeta Co-Operative Urban Bank Limited No. 46/B Rajamahendravaram
Interest Rates on Deposits w.e.f. 17-10-2023
We accept Deposits from members as well as general public and offer 0.5% extra Rate of Interest for senior citizens and 0.75% extra rate of interest for super senior citizens (80 years above age)
