Revised Interest Rate w.e.f. 1st April 2023
| Sr. No. |
Particulars |
Rate of Interest |
| Prevailing |
Revised |
| 1 |
15 days to 2 Months i.e. up-to 60 days |
7.00% |
Pa |
6.50% |
Pa |
| 2 |
61 days to 180 days |
7.25% |
Pa |
6.75% |
Pa |
| 3 |
From 181 days to less than one year |
7.25% |
Pa |
6.75% |
Pa |
| 4 |
One year only |
7.50% |
Pa |
7.00% |
Pa |
| 5 |
Above one year and less than two years |
7.50% |
Pa |
7.00% |
Pa |
| 6 |
Two year and less than five years |
7.50% |
Pa |
6.75% |
Pa |
| 7 |
Five years and above |
7.00% |
Pa |
6.50% |
Pa |
| 8 |
MRBS Deposits |
7.50% |
Pa |
7.00% |
Pa |
| 9 |
Cumulative Deposits |
6.00% |
Pa |
6.00% |
Pa |
| 10 |
Recurring Deposit |
7.50% |
Pa |
7.00% |
Pa |
| 11 |
Premature FDR withdrawal |
2.00% less than FDR Interest |
Pa |
2.00% less than FDR Interest |
Pa |
| 12 |
Festival Advance Rs. 5000/- |
Rs. 50/- for 5 months |
Pa |
Rs. 50/- for 5 months |
Pa |
Our Deposit Schemes
Thrift / Cumulative Deposit Scheme
A deduction of Rs. 300/- shall be deducted per month from the
member of the Society from his salary of the parent institution i.e.
The Goa State Co-op. Bank Ltd. And shall be credited to Share
Account as per the practice / Bye Laws of the Society till the total
Share Capital Account of the particular member reaches Rs.40000/-.
Then Rs. 300/- per month of the particular member shall be credited
to Thrift / Cumulative Deposit Scheme.
Fixed Deposit Scheme
The Society has implemented Fixed Deposit schemes on simple
and compounding interest beneficial to the members of the society at
an attractive rate of interest.
A member can invest in the Fixed Deposit Schemes of the Society
from the period of 15 days to till his retirement or maximum 10 years.
The Rate of Interest is as per chart attached here below.
In a Fixed Deposit, you put a lump sum in your Society for a fixed
tenure at an agreed rate of interest. At the end of the tenure, you
receive the amount you have invested plus compound interest.
Recurring Deposit Scheme
A Recurring Deposit, commonly known as RD, is a unique term-
deposit that is offered by the Society. It is an investment tool which
allows members to make regular deposits and earn decent returns
on the investment.
Designed to save any amount over a period of time, RDs are an
advanced version of the fixed deposit. This is because a recurring
deposit understands that you may not be able to save all the money
in one go. So, it allows you to save bit by bit, and get interest for the
outstanding balance.
Lakhapati Deposit Scheme
The Society has introduced two Lakhapati Deposit Schemes w.e.f.
1 st January 2022 which has been approved in the Annual General
Body Meeting of the Society held on 23 rd October 2021.
The details of the Lakhpati Deposit Scheme are as under:
Lakhapati Scheme No. 1
| Year |
Rate of Interest |
Deposit Amount |
| 1 |
7.50% |
92850.00 |
| 2 |
7.50% |
86200.00 |
| 3 |
7.50% |
80050.00 |
| 4 |
7.50% |
74300.00 |
| 5 |
7.00% |
70685.00 |
| 6 |
7.00% |
65945.00 |
| 7 |
7.00% |
61525.00 |
| 8 |
7.00% |
57400.00 |
| 9 |
7.00% |
53551.00 |
| 10 |
7.00% |
49965.00 |
Lakhapati Scheme No. 2
| Years |
Initial
Deposit
|
Monthly
Installments
|
No. of
Months
|
Total Deposit |
Interest |
Maturity
Amount
|
| 1 |
5000.00 |
8295.00 |
11 |
96245.00 |
3755.00 |
100000.00 |
| 2 |
5000.00 |
3807.00 |
23 |
92561.00 |
7439.00 |
100000.00 |
| 3 |
5000.00 |
2400.00 |
35 |
89000.00 |
11000.00 |
100000.00 |
| 4 |
5000.00 |
1730.00 |
47 |
86310.00 |
13690.00 |
100000.00 |
| 5 |
5000.00 |
1325.00 |
59 |
83175.00 |
16825.00 |
100000.00 |
| 6 |
5000.00 |
1057.00 |
71 |
80047.00 |
19953.00 |
100000.00 |
| 7 |
5000.00 |
867.00 |
83 |
76961.00 |
23039.00 |
100000.00 |
| 8 |
5000.00 |
726.00 |
95 |
73970.00 |
26030.00 |
100000.00 |
| 9 |
5000.00 |
617.00 |
107 |
71019.00 |
28981.00 |
100000.00 |
| 10 |
5000.00 |
531.00 |
119 |
68189.00 |
31811.00 |
100000.00 |
Membership Retirement Benefit Scheme (MRBS)
Members Retirement Benefit Scheme (MRBS) is like a Thrift /
Cumulative Deposit Scheme wherein a deduction on written request of the Members shall be deducted
per month from the member of the Society from his salary of the
parent institution i.e. The Goa State Co-op. Bank Ltd. and shall be
credited to his Members Retirement Benefit Scheme Account which
is to be withdrawn after his / her retirement from the parent institution
or to be credited to his / her loan at their own request which is kept
as security.
Members Benefit Death Assurance Scheme (MBDA).
The Society has introduced MBDA (Members Benefit Death
Assurance Scheme) and was amended on 28 th February 2014 & 15 th
December 2015 and the details are as under:
| For Age up to 48 Years |
For Age above 48 Years |
| 1 |
1/- to 100000/- |
200/- |
400/- |
| 2 |
100001/- to 200000/- |
300/- |
600/- |
| 3 |
200001/- to 300000/- |
400/- |
800/- |
| 4 |
300001/- to 400000/- |
500/- |
1000/- |
| 5 |
400001/- to 500000/- |
600/- |
1200/- |
| 6 |
500001/- to 600000/- |
700/- |
1400/- |
| 7 |
600001/- to 700000/- |
800/- |
1600/- |
| 8 |
700001/- to 1000000/- |
1000/- |
2000/- |
| 9 |
1000001/- to 1300000/- |
1300/- |
2600/- |
| 10 |
1300001/- to 1500000/- |
1500/- |
3000/- |
- MBDA Instalment to be deducted through Salary of every
month till closure of loan Account is credited to MBDA
Insurance Fund A/c.
-
If the borrower member dies during the currency of the loan
then his / her outstanding loan amount will be cleared from
MBDA Insurance Fund A/c.
-
MBDA Instalment collected from the borrower is refunded
back to the him / her with a gap period of six months on
closure of loan A/c and on a request letter from the
concerned borrower OR on the date of retirement whichever
is earlier.
-
The MT / LT Loan Outstanding with the Society of the
principle Borrower will be cleared under MBDA scheme only
in case of his / her natural death / accidental death and if he
/ she is regular in paying the MT / LT Loan of the Society.
