Deposit
 

Fixed Deposit

Fixed deposit is an investment instruments offered by our bank, where you can deposit money for a higher rate of interest than savings accounts. You can deposit a lump sum of money in fixed deposit for a specific period, which varies for every financier.
Once the money is invested with a reliable financier, it starts earning an interest based on the duration of the deposit. Usually, the defining criteria for FD is that the money cannot be withdrawn before maturity, but you may withdraw them after paying a penalty. Ranni Service Co-operative banks offers additional services to FD holders such as loans against FD certificates at competitive interest rates.

Sreevardhini Deposit

Sreevardhini Deposit is a scheme similar to that of FD with same interest rates. Only difference is in Sreevardhini the interest for each quater is added to the existing Principal and after that quater new principal amount is accumulated and the interest for next quater is based this new prinicipal.

Recuring Deposit

Recurring Deposit is a special kind of Term Deposit offered by banks which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate of 8.25% It is similar to making FDs of a certain amount in monthly installments for a certain period, for example Rs 1000 every month.
This deposit matures on a specific date in the future along with all the deposits made every month. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time. Minimum Period of RD is 12 months and maximum is 10 years. The Recurring Deposit can be funded by [Standing instructions] which are the instructions by the customer to the bank to transfer the monthly instalments from his Savings/ Current account to the Recurring Deposit every month.