Fixed Deposits (FDs) are a popular and secure investment option offered by Sri Ganapathi Urban Co-Operative Bank Ltd. They are designed to help you grow your savings with assured returns over a specific period.
Key Features and Benefits
- Assured Returns: Fixed Deposits provide a guaranteed rate of interest, ensuring that your principal amount and accrued interest are protected from market fluctuations.
- Higher Interest Rates: The interest rates on FDs are typically higher than those offered on savings accounts, allowing your money to grow at a better rate.
- Senior Citizen Benefits: The bank offers an additional interest rate for senior citizens (60 years and above) and even higher rates for super senior citizens (75 years and above), providing them with greater returns on their investments.
- Flexible Tenure Options: The bank offers various tenure options, ranging from short-term to long-term periods, allowing you to choose a duration that aligns with your financial goals.
- Loan Against FD: You can avail a loan against your fixed deposit, providing liquidity in case of urgent financial needs without having to prematurely break the deposit.
- Nomination Facility: The bank provides a nomination facility, allowing you to nominate a beneficiary for your deposit.
- Premature Withdrawal: While FDs are meant for a fixed term, premature withdrawal is possible, though it may be subject to a penalty on the interest rate.
How to Open a Fixed Deposit Account
To open a Fixed Deposit account with Sri Ganapathi Urban Co-Operative Bank Ltd., you will generally need to submit the following documents:
- Duly filled and signed application form.
- Recent passport-sized photographs.
- Proof of Identity (e.g., PAN Card, Aadhaar Card, Passport, Voter ID, Driving License).
- Proof of Address (e.g., Aadhaar Card, Passport, Voter ID, Utility Bills).
- For existing customers with a Savings Bank account, the process may be simpler as KYC documents are already on file.
Disclaimer: The interest rates and schemes mentioned are for informational purposes and may have been updated since the time of this publication. For the most accurate and current information, please visit the official website of Sri Ganapathi Urban Co-Operative Bank Ltd. or contact a bank representative.
