The Biggest Multi State Co-Operative Bank in South India           

  • Fixed Deposit Short Term (FDST)

      The scheme is designed to meet the needs of people who want to deposit for a short period ranging from 7 days to one year. The minimum period for which the deposit is accepted is 7 days.  The breakup of the period of deposit and rate of interest is as mentioned in the column interest rates. The interest along with the principal is paid at the end of the period for which the deposit is made.

      The deposits can be opened in the name of individuals or institutions operated by singly or jointly where there is more than 1 depositor.

      KYC ( Know Your Customer) Norms for opening account are applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s and submission of pan no.is must for any remittence equal to and above Rs. 50000/-

      Minimum amount of deposit: Rs. 100/-

      Interest Rate: Click here to see

      Range of term of the deposit: 7 days-1 year

      Nomination facility is available to these deposits

      Loan/Overdraft facility up to 85% on the face value of the deposit will be allowed.

      Renewal policy of the term deposit:


      Bank has introduced Auto renewal system in case of matured term deposits matured on or after15/8/2014.However, in case of term deposits matured prior to the above period and opted for further renewal, Bank has adopted its' own policy as "to allow the interest rate prevailing on the date of transaction as applicable for the minimum period between the lapsed and further renewal period, where the lapsed period= date of transaction-date of maturity. 


      Penalties

      Premature closure of Deposit allowed at 1%below the rate applicable for the period the deposit remained with the bank

      No interest shall be paid on prematurity of term deposit, if the period from the date of deposit to closure of deposit is less than 7 days.

      For Application download : Click here

  • Daily Deposit Scheme

      Any individual singly in his own name and jointly with any other person can open the account. The initial deposit for opening the account is Rs. 100/- thereafter the depositor can deposit any amount in the multiples of Rs. 10/- daily or with intervals at his/her convenience. The lock in period of the deposit is 100 days. However a loan can be availed up to 85% of the amount lying in his account. The terms of loan are as applicable to any other loan against deposits.  The daily deposits can be made either by the depositor himself or he can handover the amount of  deposit to our representative who calls on him every day.

      KYC(Know your customer) norms for opening account is applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s. 

      Initial Deposits: Minimum Rs. 100/-

      Interest Rate: 6%

      Range of term of the deposit:100 days

      Penalties

      No interest will be paid on Pre-closure of the deposit.

      For application download : Click here

  • Visakha Triple Scheme

      It is a closed ended scheme and Bank has winded up the scheme with effect from 20-9-2007

  • Quarterly/Monthly Interest Scheme (QIS)

      Moneys invested in this type of deposit (Quarterly/Monthly Income Certificate) provide fixed monthly/quarterly income by way of interest to the depositor for a specified period leaving the deposit amount intact. The Quarterly/ monthly interest will be credited to the savings or current account of the depositor according to the given instructions. 

      These deposits can be opened in the name of individuals or institutions operated by singly or jointly where there is more than 1 depositor.


      KYC ( Know Your Customer) for opening account is applicable for these accounts also. Hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s and submission of pan no. is must for remittences equal to or more than Rs.50000/-

      Minimum Deposit: Rs. 100/-

      Interest Rate: Click here to see

      Range of term of the deposit: 1 year-10 years

      Nomination facility is available to these deposits

      Interest payment of MIS Deposits

      The monthly installment payable is, however, at the discounted rate. While crediting interest, TDS as applicable should be realised. As in the case of Term Deposit repayment for Rs.20,000 & above should not be paid in cash.

      OTHER FEATURES

      Ordinarily no advance will be permitted against the deposit account opened under the monthly Income Plan Scheme. However, in exceptional circumstances, finances may be allowed to needy customer, on his/her request in writing, to the tune of 85% of the principal amount. The amount of Monthly Income will be applied for liquidation of the loan and will not be paid to depositor(s)

      Renewal policy of the term deposit:

      Bank has introduced Auto renewal system in case of matured term deposits matured on or after15/8/2014.However, in case of term deposits matured prior to the above period and opted for further renewal, Bank has adopted its' own policy as "to allow the interest rate prevailing on the date of transaction as applicable for the minimum period between the lapsed and further renewal period, where the lapsed period= date of transaction-date of maturity. 

      Penalties

      Premature closure of Deposit attracts penal rate of  interest @ 1% deductable to the applicable rate for the period for which the deposit remained with the bank

      No interest shall be paid on prematurity of term deposit, if the period between the dates of deposit to closure of deposit is less than 7 days.

      Under MIS deposits interest is paid monthly at the discounted value(Please check with the following table  to know about the monthly interest payables on your term deposits)

                                                             TABLE

                                             MONTHLY INCOME PLAN

                                                 (Discounted Interest)

                                                (Deposit Amount: Rs.100/-)

                                                Interest Rates:6.00 to 15.00% p.a.                                          

                                                 (Compounded Quarterly)                        

      Interest Rate(%p.a). Rs.P.
      5.50 0.4562
      6.00 0.4975
      6.50 0.5387
      7.00 0.5799
      7.50 0.6211
      8.00 0.6622
      8.50 0.7033
      9.00 0.7444
      9.50 0.7854
      10.00 0.8264
      10.50 0.8674
      11.00 0.9083
      11.50 0.9492
      12.00 0.9901
      12.50 1.0309
      13.00 1.0717
      13.50 1.1124
      14.00 1.1532
      14.50 1.1938
      15.00 1.2345

      EXAMPLE : The interest for higher deposits should be calculated as a multiple of monthly interest for Rs.100/- for the specific Period.

      For example, the monthly interest for a deposit of Rs.5000/- for 5 years and above at the interest rate of 8.50% will be Rs.35/-(0.7033*500/100=35.165 rounded off to the nearest rupee=Rs.35/-

      For application download : Click here

  • Half Yearly/Yearly Interest Scheme

      Moneys invested in this type of deposit (Half yearly/Yearly Interest scheme) provide fixed half yearly/yearly income by way of interest to the depositor for a specified period leaving the deposit amount intact. The Half yearly/ Yearly interest will be credited to the depositor savings or current account according to the instructions given. 

      The deposits can be opened in the name of individuals or institutions and can be operated by singly or jointly where there is more than 1 depositor.


      KYC ( Know Your Customer) for opening account is applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s and submission of pan no. is must for any remittence equal to or more than Rs.50000/- 

      Nomination facility is available to these deposits

      Minimum amount of Deposit: Rs. 100/-

      Interest Rate: Click here to see

      Range of term of the deposit: 1 year-10 years

      These deposits can be opened in the name of individuals or institutions operated by singly or jointly where there is more than 1 depositor

      Loan/Overdraft facility up to 85% on the face value of the deposit will be allowed.

      Renewal policy of the term deposit:


      Bank has introduced Auto renewal system in case of matured term deposits matured on or after15/8/2014.However, in case of term deposits matured prior to the above period and opted for further renewal, Bank has adopted its' own policy as "to allow the interest rate prevailing on the date of transaction as applicable for the minimum period between the lapsed and further renewal period, where the lapsed period= date of transaction-date of maturity. 

      Penalties

      Premature closure of Deposit attracts penal rate of interest @ 1% deductable to the applicable rate for the period for which the deposit remained with the bank

      No interest shall be paid on prematurity of term deposit, if the period between the dates of deposit to closure of deposit is less than 7days.

      For application download : Click here

  • Cumulative Deposit

      Moneys invested in this type of deposit (C.T.D certificate) provide the accrued interest at the end of term of the deposit only, which will be calculated on quarterly compounding basis. The maturity proceeds will be paid by crediting depositor’s individual savings/current accounts or by way of Banker's cheque/pay order.

      KYC ( Know Your Customer) for opening account is applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s.
      Bank has introduced Auto renewal system in case of matured term deposits matured on or after15/8/2014.However, in case of term deposits matured prior to the above period and opted for further renewal, Bank has adopted its' own policy as "to allow the interest rate prevailing on the date of transaction as applicable for the minimum period between the lapsed and further renewal period, where the lapsed period= date of transaction-date of maturity. 

       

      Nomination facility is available to these deposits.

      Loan/Overdraft facility up to 85% on the face value of the deposit or amount equivalent to 75% of principal value+ accrued Interest calculated up to the last quarter, whichever is higher, will be allowed

       Minimum amount of Deposit: Rs. 100/-

       Interest Rate:  Click here to see

      Range of Term of deposit:9 months-10 years

      These deposits can be opened in the name of individuals or institutions operated by singly or jointly when there are more than 1 depositor.

      Submission of pan no. is must for any remittence equal to or more than Rs.50000/-

       Renewal policy of the term deposit:


      Penalties

      Premature closure of Deposit allowed at 1% below the rate applicable for the period the deposit has remained with the bank

      No interest shall be paid on prematurity of term deposit, if the period between the dates of deposit to closure of deposit is less than 7 days (i.e. less than the minimum required days for a term deposit to reckon interest)

      For application download : click here

  • Recurring Deposit

      Recurring Deposit is a special type of deposit account which enables a depositor particularly in fixed income group to save by paying into the account an agreed fixed sum of money monthly over a stipulated period. The deposits in this type of account earn compound interest on quarterly basis. Longer the period for which monthly deposits are agreed to be made higher is the rate of interest subject to rules. 

      KYC ( Know Your Customer) Norms for opening account are applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s. A Recurring Deposit account where the compounding of interest is to be done on quarterly basis shall be accepted for periods in multiples of three months only up to the maximum period of ten years.

       Installments of any calendar month should be paid on or before last working day of that calendar month and if it is not so paid penalty will be charged on the installments in arrears at the following rates :

      Rs.1.50 for every Rs.100/- p.m. for deposits of 5 years and less 
      Rs.2.00 for every Rs.100/- p.m. for deposits of over 5 years.

      Where installments in the account are deposited in advance, penalty payable in respect of delayed installments may be waived by the Bank if the equal number of advance installments are deposited.

      However,the maturity proceeds of the deposit shall be paid on the date of Maturity, or on completion of 1 month from the date of last installment paid, whichever is later.


      NO TDS is applicable in these accounts
      Eligibility:
      Only individuals are eligible to open accounts under the scheme. 
      Thus, the Recurring Deposit Accounts can be opened in the names of: 
      (i) Individual — Single Accounts 
      (ii) Two or more individuals — Joint Accounts 
      (iii) Illiterate Persons 
      (iv) Blind Persons 
      (v) Minors

      Nomination facility is available to these deposit accounts

      Initial Deposits:Minimum Rs. 100/- and multiples of Rs. 10/- and there is no maximum limit .

      Loan/Overdraft up to 85% available against the balance in Recurring Deposit account.

      Interest Rate :Click here to see

      Range of term of the deposit:1 year-10 years

      Penalties

      Premature closure of Deposit allowed at 1% below rate applicable for the period the deposit has remained.

  • Savings Deposits

      Presently Bank is paying interest at 6.00% on all Domestic Saving Bakn Deposits irrespective of the amount on the basis of end-of-day balance in the account.

      For appalication download : Click here

       

  • Current Deposits

      Current Accounts are basically meant for businessmen and are never used for the purpose of investment or savings.  These deposits are the most liquid deposits and there are no limits for number of transactions or the amount of transactions in a day.  Most of the current accounts are opened in the names of firm / company accounts.  Cheque book facility is provided and the account holder can deposit all types of the cheques and drafts in their name or endorsed in their favour by third parties.  No interest is paid by bank on these accounts. Moreover, Bank charges certain service charges, on these accounts.   

      For application download : Click here

  • Centernary Day Deposit Certificate

      It is a closed ended scheme and Bank has winded up the scheme with effect from 05-02-2016

  • Special Scheme for SENIOR CITIZENS

      VCB Senior Citizen Special Deposit : Period:5 Years, Rate of Interest:8.25%


      Premature Cancellation : 2% PENALTY. i.e 6.25% will be paid for the period actually run, irrespective of the date when deposit is cancelled


      •For Deposit Loans, incase of Cumilative Deposit 85% of the face value or 75% of the outstanding including the accrued interest can be given as deposit loan.


      •In case of periodical interest payments 85% of the face value of the deposit can be given as loan and future interest payable on deposit should be credited to loan account


      •For the Deposits placed for above 1 year to less than 5 years and above 5 years interest should be applied i.e  8.05%

  • VCB Diamond Deposit(Due Date 11.01.2019)
      1

      Name of the Scheme

      VCB Diamond Deposit

      2

      Period

      Deposit will be placed with maturity date 11.01.2019

      3

      Rate of Interest

      7.75%

      4

      Premature Cancellation

      2% Penalty

      5

      Deposit Loan

      Not allowed

      6

      Senior Citizen and Staff

      No Special Rate

      7

      TDS

      As Per Rules

      8

      Nomination

      Avilable

      9

      Deposit Type

      To be issued for discounted value

      10

      Amount

      with maturity value of Rs.1000 and in multiples of Rs.1000.00. Depositor has to be deposit corresponding discounted value.

      11

      Disposal of the proceeds on maturity or on cancellation

      Amount will be credited to party's Savings or Current account

      12

      Date of Commencement of the scheme

      15.07.2018

  • VCB Platinum Deposit(Due Date 11.04.2019)
      1

      Name of the Scheme

      VCB Platinum Deposit

      2

      Period

      Deposit will be placed with maturity date 11.04.2019

      3

      Rate of Interest

      8.00%

      4

      Premature Cancellation

      2% Penalty

      5

      Deposit Loan

      Not allowed

      6

      Senior Citizen and Staff

      No Special Rate

      7

      TDS

      As Per Rules

      8

      Nomination

      Avilable

      9

      Deposit Type

      To be issued for discounted value

      10

      Amount

      with maturity value of Rs.1000 and in multiples of Rs.1000.00. Depositor has to be deposit the discounted value.

      11

      Disposal of the proceeds on maturity or on cancellation

      Total amount will be credited to party's Savings or Current account

      12

      Date of Commencement of the scheme

      15.07.2018