In RMCL, a Fixed Deposit Account is a savings instrument offered by cooperative institutions where members can deposit a lump sum amount for a predetermined period at a fixed interest rate. Here are the key features and facilities of a Fixed Deposit Account:
- Fixed Term Deposits : Fixed Deposit Accounts require members to deposit a specific amount of money for a fixed period, which can range from a few months to several years. The member agrees to keep the funds in the account for the entire duration of the deposit term.
- Competitive Interest Rates : RMCL offers fixed interest rates on Fixed Deposit Accounts, which are typically higher than those offered on regular savings accounts. The interest rate is predetermined at the time of opening the account and remains constant throughout the deposit term with the following defined interest rates.
| Years | Rate |
| ½ Years | 9% |
| 1 Year | 10% |
| 2 Years | 11% |
| 3 Years | 12% |
- Flexible Deposit Amounts : Members have flexibility in choosing the amount they want to deposit into their Fixed Deposit Account, although there may be minimum deposit requirements set by the cooperative institution. Larger deposits often attract higher interest rates.
- Automatic Renewal Options : Upon maturity, members may have the option to automatically renew their Fixed Deposit Account for another term at the prevailing interest rate unless they specify otherwise. This helps members continue to grow their savings without interruption.
- Penalties for Early Withdrawal : Fixed Deposit Accounts typically come with penalties for early withdrawal before the maturity date. This encourages members to keep their funds deposited for the entire duration of the fixed term to maximize the interest earned.
- Interest Payment Options : RMCL may offer various options for interest payments on Fixed Deposit Accounts, including monthly, quarterly, semi-annually, annually, or upon maturity. Members can choose the payment frequency that best suits their financial needs.
- Accessibility Restrictions : Unlike regular savings accounts, Fixed Deposit Accounts may have restrictions on withdrawals before the maturity date. Members may only access their funds in case of emergencies or by paying early withdrawal penalties.
- Security and Safety : Fixed Deposit Accounts provide a secure way for members to invest their money, as cooperative institutions adhere to strict security measures and regulatory requirements to safeguard members’ deposits and personal information.
- Member Benefits : Fixed Deposit Account holders may be eligible for additional benefits offered by RMCL, such as preferential interest rates on loans, discounts on other financial products or services, and participation in profit-sharing arrangements.
- Community Development : By investing in Fixed Deposit Accounts, members contribute to the overall financial stability and development of their communities. RMCL often utilizes the funds mobilized through such accounts to support community-based projects and initiatives that benefit members and their families.
In summary, Fixed Deposit Accounts offered by RMCL provide members with a secure and reliable savings option with competitive interest rates and various facilities tailored to their financial needs. These accounts encourage long-term saving and investment while promoting financial stability and community development.
| Facilities | Requirements |
| Free Any Branch Banking Service (ABBS) | Account Opening Form |
| Free Account Statement | Copy of Citizenship Certificate |
| Smart Mobile Banking | 2 Passport Size Photos |
| SMS Banking Service | Copy of Citizenship/Identification Certificate of the beneficiary |
| 90% Loan against Deposit | Single Passport Size Photo of the beneficiary |
In summary, Fixed Deposit Accounts at RMCL offer members a secure and reliable savings option with competitive interest rates and tailored facilities. These accounts promote long-term saving and investment, contributing to financial stability and community development.