There are many co-operative banks that offer very competitive and high rates of interest on fixed deposits (FDs). In fact, when compared to other types of banks, co-operative banks, offer a much better rate of interest, in some cases. It is a wise option to invest a certain pool of savings into these types of fixed deposits than conventional term deposits. Co-operative banks offer a wide range of financial services and products, including fixed deposits.
| Co-operative Bank FD Interest Rates 2018 | |||
|---|---|---|---|
| Bank | Regular Interest Rates (per annum) | Senior Citizen Interest Rates (per annum) | Tenure |
| Mahaveer Bank | 9.50% | 10.00% | More than 2 years to 5 years |
| Mahaveer Bank | 9.00% | 9.50% | More than 5 years |
| Repco Bank | 7.25% | 7.75% | 1 year and more than 2 years |
| Andaman & Nicobar State Co-operative Bank | 8.00% | 8.50% | 8 years to 10 years |
| Andhra Pradesh State Co-operative Bank | 6.80% | 7.40% | 271 days to 364 days |
| Bombay Mercantile Co-operative Bank Limited | 6.25% | 6.50% | More than 1 year to 3 years |
| Bharat Co-operative Bank | 7.65% | 8.10% | More than 5 years |
| Bharat Co-operative Bank (Senior Citizen Scheme) | – | 8.50% | 3 years |
| Saraswat Bank | 6.75% | 7.00% | More than 1 year to 3 years |
| Kapol Bank | 8.00% | 8.25% | 1 year to 2 years |
| Janata Sahakari Bank | 7.25% | 7.50% | 1 year to 3 years |
FD rate highlights
- At present, Mahaveer Bank pays the highest rate of interest, which is 9.50% p.a. for greater than 2 years to 5 years
- Senior citizens can expect a lucrative bank rate of 10.00% p.a. for greater than 2 years to 5 years from Mahaveer Bank
- Andaman & Nicobar State Co-operative Bank also offers a good rate of return at 8.00% p.a. and 8.50% p.a. for senior citizens
- Bharat Co-operative Bank deposits offer customers 7.65% p.a. and an interest rate of 8.10% p.a. for senior citizens
Online Fixed Deposits From Co-Operative Banks
With all other banks offering internet banking and online services, co-operative banks have also stepped up their game and have begun to offer such services. Fixed deposits from co-operative banks can be easily purchased online without any hassle in a matter of minutes. Most fixed deposits from such banks can be purchased with minimal documentation, and by providing basic personal details.
Let us take a look at the procedure to open a co-operative bank fixed deposit account:
- Step 1: Log on the website of the respective co-operative bank
- Step 2: Click on the fixed deposit option and choose the term deposit plan
- Step 3: Click on the ‘Buy Now or Purchase’ option
- Step 4: Fill in basic details by downloading the fixed deposit application form
- Step 5: Proceed and make payment online
Advantages of co-operative bank FDs
- These banks tend to offer a higher rate of interest on fixed deposits when compared to other types of banks. This provides investors a good option to earn more interest in a short span of time
- Most co-operative banks do not have stringent eligibility criteria rules and hence it is easy to apply for a fixed deposit account in these banks
- The easy application procedure and the ease of opening a fixed deposit account online makes these types of banks a good choice
- Co-operative banks are built with the aim to serve the public. The main objective of co-operative banks is to create financial inclusion and serve.
List of Co-operative Banks in Metros
- New India Co-operative Bank Limited – Mumbai, Pune
- The National Co-operative Bank Limited – Mumbai, Bangalore
- Punjab and Maharashtra Co-operative Bank Limited – Mumbai
- Noble Co-operative Bank Limited – Noida
- Sir M Visvesvaraya Co-operative Bank Limited – Bangalore
- West Bengal State Cooperative Bank Limited – Kolkata
- The Delhi State Cooperative Bank Limited – Delhi
- Mahaveer Co-operative Bank – Hyderabad
- Peoples Urban Co-operative Bank Limited – Kochi
- Gujarat State Co-operative Bank Limited – Ahmedabad