Deposit Schemes
TERM DEPOSITS
Now you can earn a higher income on your surplus funds by investing those with us. We provide security, trust and competitive rate of interest.
Flexibility in period of term deposit from 30 days to 10 years.
Affordable Low Minimum Deposit Amount: You can open a term deposit with Hubli Urban Co-op Bank for a nominal amount of Rs.1000/- only.
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Flexibility in choosing the amount you wish to invest and the maturity period.
HIGHLIGHTS
Safety - We understand the value of your hard earned money and continue to deliver on our promise of safety and security over 100 years.
LIQUIDITY
Loan / overdraft facility : You can avail a loan/overdraft against your deposit. THE HUBLI URBAN CO-OP BANK LTD. provides you loan / overdraft up to 85% of your deposit amount at nominal cost. So you continue to earn interest in your deposit and still can meet your urgent financial requirements.
PREMATURE WITHDRAWAL
Interest to be charged on premature withdrawal of term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank.
- Transferability - Transfer of Term Deposits between our branches without any charge.
- Compounding / Flexible / Timely Payment of Interest - Under our Special Term Deposit Scheme, interest accrues in your account and gets compounded quarterly. Besides, we assure timely delivery of the proceeds of your deposit with interest, on maturity. Flexibility of payment on maturity through Cash (subject to prevalent Income Tax Act), Banker's Cheque, Credit in Savings Bank/Current account.
- Term Deposits are available at all THE HUBLI URBAN CO-OP BANK LTD. Branches
- Nomination Facility - Available.
TAX IMPLICATIONS.
Tax Deductible at Source, as per Income Tax Act.From 01.04.2010, the rate of TDS will be higher of 20% or the applicable rate in all cases where valid PAN is not quoted by the recipient. The declaration filed in 15G and 15H shall not be valid unless the person filing the declaration furnishes his/her PAN in such declaration.
Flexibility to covert your Special Term Deposit to Term Deposit and vice versa
- You can convert your special Term Deposit to a Term Deposit to receive monthly/quarterly interest payments to match your financial requirements.
- You can also convert your Term Deposit to a Special Term Deposit, which provides compounded rate of interest to multiply your money faster.
RECURRING DEPOSIT
Want to create a fund for your children's education or marriage or to buy a car or for a dream holiday? Whatever may be your financial goals, through our Recurring Deposit Scheme you can save a little every month so that at the time of need you have sufficient funds to achieve your financial goals. Recurring Deposit provides you the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access that savings any time. So set aside a small amount every month and earn at compounded rates of interest.
Wide Choice in Period of Deposit
Flexibility in period of deposit with maturity ranging from 12 months to 120 months.
Low minimum monthly deposit amount.
You can start a Recurring Deposit with THE HUBLI URBAN CO-OP BANK LTD. for a monthly installment of Rs.100/- only.
Highlights
- Safety: We understand the value of your hard earned money and continue to deliver on our promise of safety and security over century.
- Liquidity
- Loan : You can avail a loan against your deposit. THE HUBLI URBAN CO-OP BANK LTD. provides you loan up to 85% of your deposit amount at rate applicable on deposit plus 2%. So you continue to earn interest in your deposit and still can meet your urgent financial requirements.
- Regular Installments to your Account: Now you have motivation/compulsion to save a chosen amount every month and create a fund, which helps you to meet your future financial needs.
- Recurring Deposits are available at all THE HUBLI URBAN CO-OP BANK LTD. Branches
Other Benefits
Nomination Facility - Available
Regular Installments to your Account
–Save in your account through Fixed Monthly Installments.
–Monthly Installments can be deposited on any working day of the month.
–Delayed monthly installments attract penalty.
–Installments payable in multiples of Rs.100/-
Free Fund Transfer
Free transfer of your funds through standing instructions from your Current or Savings Bank Account to your Recurring Deposit Account every month for the payment of your installments, so that you do not have to worry about regular payments.
Regular Updates
You can monitor your deposit through a passbook issued to you.
REINVESTMENT PLAN
Platinum Jubilee Reinvestment Plan
This plan helps you to earn interest on interest, thus giving you a two-fold income. You deposit your money with us for any period between Fifteen months to 10 years, and we pay you interest on your deposited money plus on the interest you earn. Thus your interest gets compounded every quarter giving you higher returns.
Affordable/Very Low Minimum Deposit Amount
You can open a Platinum Jubilee Reinvestment Term Deposit with THE HUBLI URBAN CO-OP BANK LTD. for a nominal amount of Rs. 1000/- only.
Highlights
Safety - We understand the value of your hard earned money and continue to deliver on our promise of safety and security over 100 years.
Liquidity
Loan facility : You can avail a loan against your deposit. THE HUBLI URBAN CO-OP BANK LTD. provides you loan up to 85% of your deposit amount at rate applicable on deposits plus 2%. So you continue to earn interest in your deposit and still can meet your urgent financial requirements.
Premature Withdrawal
Interest to be charged on premature withdrawal of special term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank.
Others
- Platinum Jubilee Reinvestment Term Deposit Plan is available at all THE HUBLI URBAN CO-OP BANK LTD. Branches
Tax Implications.
Tax Deductible at Source, as per Income Tax Act.
Flexibility to covert your Term Deposit to Special Term Deposit and vice versa
- You can convert your Term Deposit to a Platinum Jubilee Reinvestment Term Deposit, which provides compounded rate of interest to multiply your money faster.
- You can also convert your Platinum Jubilee Reinvestment Term Deposit to a Term Deposit to receive monthly/quarterly interest payments to match your financial requirements
Pigmy Deposit
Little drops of water make a mighty ocean - This deposit scheme suits the needs of everyone viz. businessmen, professionals, wage earners, teachers, salaried personnel, traders, housewives etc. You can save money with the Bank regularly depending on your convenience. And you need not visit the Bank for doing so. The Bank's authorised Agent collects your savings at your doorsteps at regular intervals. And your money silently grows into a lump sum for meeting your future commitments e.g. daughter's marriage, children's education, family functions, house purchase etc.
Salient features of the scheme are:
- Period of the scheme is 6 months.
- Amount as low as Re.50/- per day can be saved daily / weekly / monthly.
- No penalty even if depositor is unable to pay installments regularly.
- Deposit account can be closed prematurely subject to certain conditions.
- Loans up to a maximum of 75% of the balance in the Pigmy account available.
- Nomination facility available.
Conversion :
- The deposit can be converted in to a Term Deposit at the customer’s option after 6 months of opening the account provided the balance outstanding in account is Rs.1000/ or more.
- Interest as on other Domestic Term Deposits of corresponding maturities will be applicable on converted deposit.
- Loan will be available up to 75 % of the outstanding balance of the converted Term Deposit on the usual terms and conditions as are applicable to other term deposits
- TDS rules in force as applicable to other term deposits will be applicable to the converted term deposit also.