Co-operative Bank Fixed Deposits
There are several co-operative banks that offer competitive interest rates on Fixed Deposits. The interest rate from different banks ranges from 5.40% p.a. to 8.00% p.a. for regular citizens with senior citizens getting up to 0.60% higher interest rate.
Co-operative banks offer a wide range of financial services and products, including fixed deposits.
Best Fixed Deposits by Co-operative Banks
Bank | Regular Interest Rates (per annum) | Senior Citizen Interest Rates (per annum) | Tenure |
Repco Bank | 7.50% | 8.00% | 18 Months - 24 Months |
Andhra Pradesh State Co-operative Bank | 6.00% | 6.60% | 1 Year |
Bombay Mercantile Co-operative Bank Limited | 5.40% | 6.20% | 5 years to 10 years |
Bharat Co-operative Bank | 7.30% | 7.80% | 1 year to 18 months |
Saraswat Bank | 7.25% | 7.75% | 16 months 26 days to 2 years |
Janata Sahakari Bank | 7.25% | 7.75% | 12 months to 36 months |
Tamilnadu State Apex Co-operative Bank | 6.75% | 7.25% | 12 months to less than 24 months |
*Banks tend to revise interest rates from time to time. These rates are applicable as of October 2023.
FD Rate Highlights
- Currently, the highest rate of interest being offered among these cooperative banks is 7.50% p.a., which is by Bharat co-op Bank for a tenure of 1 year and above to 18 months
- Senior citizens can expect a lucrative bank rate of 8.00% p.a. for a tenure of 1 year and above to 18 months from Bharat co-op Bank
- Andhra Pradesh State Cooperative Bank also offers a good rate of return for senior citizens that is 0.60% higher than the regular interest rates.
Online Fixed Deposits from Co-Operative Banks
- Step 1: Log on to 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
Note: The process may slightly vary from bank to bank.
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 Bank's Fixed Deposit in Metros
New India Co-Operative Bank FD
Tamilnadu State Apex Co-operative Bank FD
Ahmedabad Mercantile Co-operative Bank FD
Akola Urban Co-operative Bank FD
Andaman and Nicobar State Co-operative Bank FD
Bharat Co-operative Bank (Mumbai) Ltd. FD
The Cosmos Co-operative Bank FD
Dombivli Nagari Sahakari Bank FD
Nagpur Nagarik Sahakari Bank FD
FAQs on Co-operative Bank Fixed Deposit
- What are the tenure options for FDs in co-operative banks?
Different banks offer different tenure options. The maximum tenure at most banks is usually 10 years.
- What is a co-operative bank?
A co-operative bank is formed by a community or group on a cooperative basis. Their main aim is to serve the weaker sections of society and provide access to banking for all.
- Do they provide the same interest rates?
No. The interest rate provided by each co-operative bank varies and therefore it is not the same.
- Who governs these banks?
The RBI issues guidelines for these banks. The banks are governed by the Banking Regulation Act.
- Do co-operatives banks provide the option to open an FD account online?
Yes, co-operatives banks provide the option to open an FD account online.
- Do co-operative banks provide an additional interest rate for senior citizens on an FD account?
Yes, most co-operative banks provide an additional interest rate for senior citizens on an FD account.
- What is the maximum tenure of an FD account offered by co-operative banks?
The maximum tenure of an FD account offered by co-operative banks may be up to 10 years.
- Do co-operative banks offer higher FD interest rates than regular banks?
Yes, co-operative banks usually offer higher FD interest rates than regular banks.
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