Navashakthi Flexi Term Deposit

Flexi Term Deposit is a long term deposit open for customers 18 years and above. The depositor has to remit a minimum amount of Rs. 1000 per month and a maximum of Rs. 1 lakh. Remittance can be made weekly, daily, or monthly.

The deposit may be withdrawn only after three years for the following purposes

Hospital Expenses

House Improvement

Children Education

Foreign Travel

Any Domestic Expenses

Benefits of the scheme

Higher interest rates compared to other small savings on par with RD account. Flexibility in depositing the amount can accumulate more savings at any intervals and the money can be used anytime for emergency purposes.

Terms and Conditions

Minimum Term Deposit is Rs. 10,000 for a period of one year.

Interest is annual compounding.

No Term Deposit shall be made for Members of NavaShakthi Souhardha Credit Co-Operative Limited.

Term Deposit is not transferable.

No pre-closure is allowed for deposits less than three years.

Depositors can avail a loan against Term Deposits.

In case of the death of the customer, the Term Deposit will be automatically transferred to the Nominee as per the mandate.

Interest is payable monthly, quarterly and yearly depending on the term agreed.