Fixed Deposits

A fixed deposit is the deposit of a fixed amount of money for a fixed period of time.No fixed deposit shall be received for a sum less than Rs.100/- for a period of less than 46 days. Interest shall ordinarily be calculated on fixed deposits at a rate to be decided by the Board of Directors from time to time as per directions from the Registrar and financing bank. The interest for a fixed deposit shall cease on the expiry of the period for which the deposit was made unless notice in writing of the intention to renew the deposit for a
further period of not less than 3 months has been received in the office of the society before the expiry of the original period.The Society is not however,bound to renew a fixed deposit after the expiry of the period for which it was made but in case of such refusal interest shall be payble at the former rate until the rate of such refusal.