long term deposit policy of gopinath patil parsik

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Long Term Deposit policy of Gopinath Patil Parsik Janata Sahakari Bank vis a vis Andhra Bank Gargi Bohra 862 B.B.A. LL.B.

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Page 1: Long term deposit policy of gopinath patil parsik

Long Term Deposit policy of Gopinath Patil Parsik

Janata Sahakari Bank vis a vis Andhra Bank

Gargi Bohra862

B.B.A. LL.B.

Page 2: Long term deposit policy of gopinath patil parsik

Founded on 21st May 1972, in a remote village in Kalwa (Thane District, Maharashtra)

Scheduled Bank Status – 30th January, 1998.

Currently operating through 42 fully-equipped branches alongwith Core Banking

Urban Co-operative Bank

INTRODUCTION

Page 3: Long term deposit policy of gopinath patil parsik

Long Term Deposit Policy

Page 4: Long term deposit policy of gopinath patil parsik

Period of Deposit

3months- 1 year (in %)

1 - 5 year (in %)

2 - 3 Years (in %)

3 - 5 years (in %)

5 - 10 years (in %)

Tax Saver FD (in %)

Rate of Interest 9 9.5 9.5 9.5 9 9.5

Fixed Deposit Scheme

Page 5: Long term deposit policy of gopinath patil parsik

Deposits of Co. Op. Societies is 0.50% extra Deposits of Staff I Retired Staff1.00% Extra.  For senior citizen - 0.50% additional

Interest (On all Fixed Deposits above 1 year)    Tax Saving Scheme (Excluding RI & RD

Deposit) : Deposit of an Individual / HUF for 5 years eligible for exemption under Sec. 80C of the Income Tax Act, 1961,  Maximum Deposit of Rs. 1 Lac.  9.50% p.a.

A special Deposit Scheme for Fixed Deposits is currently being formulated.

Special Interest of Fixed Deposit Scheme

Page 6: Long term deposit policy of gopinath patil parsik

Recurring Deposits – A Profitable Scheme1. Monthly installment should be minimum of Rs.

5/- and in the multiple of Rs. 5/-.2. Period for deposit is atleast 12 months and

maximum to 120 months.3. Monthly installment can be paid on any working

day of the month.4. Vital Deposit scheme for the future plans such

as Children Education, Marriage etc.5. Maturity would be after one month of the last

installment or maturity date whichever is later.

Recurring Deposit

Page 7: Long term deposit policy of gopinath patil parsik

Interest Rate1. 1 Year to 5 Years - 9.50%  2. 5 years & above -  9.00%

Page 8: Long term deposit policy of gopinath patil parsik

 Reinvestment Deposit Interest Rate per annum

  1 Year to 5 Years    9.50%

  5 years & Above    9.00%

Reinvestment Deposit

Page 9: Long term deposit policy of gopinath patil parsik

Monthly / Quarterly Interest Deposit Interest Rate per annum

  1 year to 5 years    9.50%

  5 years & above    9.00%

Monthly / Quarterly Interest Deposit Scheme

Page 10: Long term deposit policy of gopinath patil parsik

Urban Cooperative Banks

6 months (in %)

1 - 2 year (in %)

2 - 3 Years (in %)

3 - 5 years (in %)

5 - 10 years (in %)

Tax Saver FD (in %)

Abhyudaya Co-op Bank

9.5 9.75 9.25 9.25 8.5 9

Ahmedabad Mercantile Co-op Bank

8.00 9 9 8.75 - 9

AP Mahesh Co-op Urban Bank

8 9 9.5 9.5 9 9.5

Comparative Analysis

Page 11: Long term deposit policy of gopinath patil parsik

Citizen Credit Co-op Bank

8 8.75 8.75 9 - -

Goa Urban Co-op Bank

7 9 9.25 8.5 8 8

Gopinath Patil Parsik Janata Sahakari Bank

7.5 9.5 9.5 9.5 9 9.5

Greater Bombay Co-op Bank

7 9 9 8 - 8

Page 12: Long term deposit policy of gopinath patil parsik

Long Term Deposit Policy

Page 13: Long term deposit policy of gopinath patil parsik

Medium-sized Public Sector Bank The bank now operates in 25 states and

three Union Territories. Andhra Bank" was founded by the eminent

freedom  fighter and a multifaceted genius, Dr. Bhogaraju Pattabhi Sitaramayya.

The Bank was registered on 20th November 1923 and commenced business on 28th November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs.

Introduction

Page 14: Long term deposit policy of gopinath patil parsik

Who can open Children upto the age of  18 years (only minors) Minors who have completed 10 years  i.e., children in the

age group of 10-18 years can open these accounts in their names to be operated by themselves on production of proof of date of birth

Doll   At the time of opening the account, an attractive doll will be given free of cost to each account holder for pul1ing their savings in the doll.

Doll contains a secret lock which can be opened only at the branch where the account is held.

   Minimum balanceRs.100/-   Interest Payable4.00 % p.a.  w.e.f.,  03.05.2011. 

AB Kiddy Bank Account

Page 15: Long term deposit policy of gopinath patil parsik

This is a Term Deposit Minimum Amount to be deposited is Rs.100

There is no maximum ceiling The minimum period is 6 months and maximum is 10 years Simple interest is paid on maturity of the deposit Interest will be paid on monthly basis (at discounted rate)

or quarterly basis as desired by the depositor Prevailing Interest rates are as follows:   

AB Fixed Deposits

Page 16: Long term deposit policy of gopinath patil parsik

Sr.No.

Maturity Period

Rates of interest (%) per annum

Less than Rs.1.00 crore

Rs.1.00 Crore to Rs.10.00 Crore 

Above Rs.10 Crore to Rs.50 Crore *

Above Rs.50 Crore to Rs.100 Crore *

Above Rs.100 Crore *

1 7 days to 14 days 

6.00   7.80   7.80   7.80   7.80  

2 15 days to 45 days

6.00   7.80   7.80   7.80   7.80  

3 46 days to 90 days

7.80   7.80   7.80   7.80   7.80  

4 91 days to 179 days

8.00   7.80   7.80   7.80   7.80  

Page 17: Long term deposit policy of gopinath patil parsik

5 6 months to < 9 months

8.50   8.50   8.50   8.50   8.50  

6 9 months to < 1 year

8.50 8.50 8.50 8.50 8.50

7 1 year to 443 days 9.00 9.00         

       9.00 9.00 9.00

8 444 days 9.05 9.00 9.00 9.00 9.00

9 445 days to 2 years 9.00 9.00 9.00 9.00 9.00

10 Above 2 years to 3 years

9.00   8.75   8.50   8.50   8.50  

11 Above 3 years to 10 years

8.75   8.75   8.50   8.50   8.50  

Page 18: Long term deposit policy of gopinath patil parsik

Recurring deposit scheme is meant for steady and gradual saving for individuals to build-up savings through regular monthly deposit of a fixed sum over a fixed period and mobilizing savings of those who get income on monthly basis and can afford to set apart a portion of their income.

Another major advantage in the scheme is the deposit amount carries rate of interest as in the case of other term deposits (as per the period of the deposit) while the interest accrued is not subjected to any TDS. This specific advantage provides a clear edge to Recurring Deposits over other forms of Term Deposits

AB Recurring Plus

Page 19: Long term deposit policy of gopinath patil parsik

Step up option- The salient feature of Recurring Plus’ Deposit is that the depositor can step up installment amount upto 10 times of originally opted monthly installment amount.

Minimum period of the deposit is 6 months and Maximum is 60 months.

Amount of Installment: In multiples of Rs.100/- subject to a maximum of Rs.1,00,000/- The depositor can choose the “Core Installment’ at the time of opening the account. The monthly installment cannot be below the core amount chosen at the time of opening the account.

Page 20: Long term deposit policy of gopinath patil parsik

Tenure of the Scheme- 5 years which can be extended by 3 more years

  Rate of interest- 9.2% per cent per annum   Frequency of computing interest- Quarterly   Taxability- Interest is fully taxable   Investment to be in multiples of Rs. 1000/-   Maximum investment limit Rs. 15 lakh   Minimum eligible age for investment- 60 years (55 years

for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to invest irrespective of the age limits subject to the fulfillment of other specified conditions

  Premature withdrawal facility- Available after one year of holding but with penalty

SENIOR CITIZEN SAVINGS SCHEME(SCSS)

Page 21: Long term deposit policy of gopinath patil parsik

Nationalised banks

6 months (in %)

1 - 2 year (in %)

2 - 3 Years (in %)

3 - 5 years (in %)

5 - 10 years (in %)

Tax Saver FD (in %)

Allahabad Bank 8.5 9 9 9.05 8.75 8.75

Andhra Bank 9 9 8.75 8.75 8.75 8.75

Bank of Baroda 7.75 9.05 9.05 9.05 9.05 9.05

Bank of India 8 9 9 9 9 9

Bank of Maharashtra

8.5 9 9 8.75 8.75 9

Comparitive Analysis

Page 22: Long term deposit policy of gopinath patil parsik

Canara Bank 7 9.05 9.05 9.05 9.05 8.75

Central Bank of India

8.25 8.75 8.75 8.5 8.5 9

Corporation Bank 8.5 9 9 9 8.75 8.75

Dena Bank 8.25 9 9 8.5 8.75 8.5

IDBI Bank 8.5 9 9 9 8.5 9

Page 23: Long term deposit policy of gopinath patil parsik

GP Parsik Bank Andhra Bank5

5.56

6.57

7.58

8.59

9.510

Series 1

Series 1

Comparison of Interest Rates of beyond 5 years FD.

Page 24: Long term deposit policy of gopinath patil parsik

Thank You!!!

Questions?