Deposit Schemes
Since 1952, the deposits of members and neighbours in and around Thondiyil have been the foundation of every rupee this bank lends back into the community. Whether you prefer to set aside a small amount each day or to place a lump sum for a fixed term, there is a scheme here to suit it. Accounts can be opened at the Head Office in Thondiyil or at our Nedumpoyil and Poolakkutty branches.
Savings Bank Account
A day-to-day savings account for individuals, joint holders, minors, self-help groups and institutions. It comes with a passbook, counter service at every office, and access to our ATM & CDM counter at the Head Office. Interest is paid at the rate shown in the table below.
Fixed Deposit
Place a lump sum for a fixed term — from a few weeks to several years — and earn interest at the rate applicable to that term. The rate for each tenure slab is listed in the table below. Senior citizens are eligible for an additional rate over the card rate. The conditions for premature closure, and for a loan against your own deposit, are explained at the counter.
Recurring Deposit
Set aside a fixed amount every month for a chosen term and receive the accumulated savings with interest at maturity. It is a steady way for a household to build a lump sum for a wedding, an education or house repairs without straining the monthly budget.
Daily Deposit Scheme
Built for shopkeepers, traders, vendors and daily-wage earners who find it easier to save a small amount each day than a larger sum once a month. Small amounts can be deposited on any working day, and the accumulated balance earns interest at the rate shown below.
Group Deposit & Credit Scheme (GDCS)
A scheme that brings a group of members together to save regularly and, on the strength of that shared saving, to borrow from the bank as members of the group.
Save as a Group
Members come together as a group and each contributes to the scheme at regular intervals. The deposit is held in the group’s name and earns interest at the GDCS rate.
Borrow on That Strength
Alongside the savings side, the scheme carries a credit facility. Instead of each member arranging outside security on their own, a loan can be availed through the group.
Made for Local Groups
Well suited to neighbourhood groups, self-help groups, workplace circles and family groups who already save together and would like that saving to open up a line of credit as well.
Scheme terms pending. The contribution amount, group size, tenure, loan limit and security norms for GDCS are to be confirmed by the bank’s Board and will be published here. Until then, please ask at the Head Office, Thondiyil, on 0490 2444 438.
Interest Rates
| Scheme / Tenure | Interest Rate (% p.a.) |
|---|---|
| Savings Bank Account | 4.00 |
| Fixed Deposit — 15 to 45 days | 6.25 |
| Fixed Deposit — 46 to 90 days | 6.75 |
| Fixed Deposit — 91 to 179 days | 7.00 |
| Fixed Deposit — 180 to 364 days | 7.75 |
| Fixed Deposit — 1 year to 2 years | 8.00 |
| Fixed Deposit — Above 2 years | 8.10 |
| Recurring Deposit | — |
| Daily Deposit Scheme | — |
| Group Deposit & Credit Scheme (GDCS) | — |
| Senior citizens — additional rate over the card rate | 0.50 |
Rates are as sanctioned by the bank’s Board and are subject to change. Please confirm the rate applicable on the day before you make a deposit.
How to Open a Deposit Account
You can open an account by visiting any of our offices in person. The documents ordinarily required are:
- Proof of identity
- Proof of address
- Recent passport-size photographs
- A completed account-opening form, available at the counter
- For a group or an institution — the group’s resolution or letter of authorisation, together with identity proof of the authorised signatories
Amounts pending. The minimum opening amount, the minimum instalment and the tenure options for each scheme are not yet published here. They will be added to this page once the bank supplies them; until then, please ask at the counter.
Working hours: Monday to Friday, 9.30 am to 5.30 pm; Saturday, 9.30 am to 2.00 pm; closed on Sunday. For anything else, call 0490 2444 438 or see Contact Us.