Fixed deposits (FDs) are a great investment tool, especially with so many banks offering lucrative interest rates. It is also important that we look at the attractive cooperative bank FD interest rate in 2023. Read on to know more…
Cooperative bank fixed deposit interest rates vary between 5.40% p.a. and 6.25% p.a. for regular depositors looking to open an FD account in 2023. As for senior citizens, all the cooperative bank interest rates are 0.60% p.a. higher than the equivalent rates for general individuals.
There are two types of cooperative bank FD schemes that are widely popular. These are:
The salient features of the domestic schemes are:
- Great investment opportunity that helps save less than Rs 15 lakh over time
- The cooperative bank FD interest rate for senior citizens ranges between 4% and 8.10%
The salient features of the tax-saving schemes are:
- The tenure of these FDs ranges from 1 year to 2 years
- The cooperative bank FD rates for these schemes range between 7.25% and 7.35%
The key features of schemes offered by cooperative banks include:
- The highest interest rate that depositors can currently get is 7.30% p.a., which is offered by Bharat Co-op Bank for a tenure between 1 year and 18 months.
- The highest cooperative bank FD interest rate that senior citizens can expect is 7.70% p.a. and is offered by Bharat Co-op Bank for deposits with a tenure between 1 year and 18 months.
- Senior citizens can also invest in an FD by Andhra Pradesh State Cooperative Bank which offers an interest rate that is 0.60% p.a. higher than the regular rates of interest.
Out of the numerous cooperative banks available, the table mentions the seven best cooperative bank FD rates. You can also check out the interest rates offered by other cooperative banks if the policies and rules do not suit your needs.
|Bank||Regular Interest Rate (p.a.)||Senior Citizen Interest Rate (p.a.)||Tenure|
|Repco Bank||7.05%||7.55%||18 months to 24 months|
|Andhra Pradesh State Cooperative Bank||6.75%||7.35%||1 year|
|Bombay Mercantile Cooperative Bank Limited||6.00%||6.50%||5 years to 10 years|
|Bharat Cooperative Bank||7.30%||7.70%||1 year to 18 months|
|Saraswat Bank||7.25%||7.75%||16 months and 26 days to 2 years|
|Janata Sahakari Bank||7.00%||7.50%||12 months to 36 months|
|Tamilnadu State Apex Cooperative Bank||6.80%||7.30%||12 months to < 24 months|
Follow these steps to open an account and take advantage of the lucrative cooperative bank interest rates offered:
- Sign in to the official website of the cooperative bank where you want to open an FD account
- Select the fixed deposit option and click on your preferred term deposit plan
- Click on the Buy Now or Purchase option to proceed
- Download the FD application form and fill it with the correct details
- Click on Proceed to get redirected to the Payment page
- Fill in the payment details and complete the payment process
That’s it! You have successfully created an FD account to benefit from attractive cooperative bank fixed deposit interest rates. Note that the process might slightly differ from bank to bank, but the core process remains the same.
Cooperative bank FD rates are generally higher than FD rates offered by regular banks which is why they are a great investment option. Moreover, these banks do not have stringent eligibility criteria and rules making it easier to invest in an FD with them.
Cooperative Bank FD Interest Rates FAQs :-
The Reserve Bank of India (RBI) and its regulations administer cooperative banks and institutions. Moreover, they are governed by the Banking Regulation Act.
No, the cooperative bank FD interest rate differs from one bank to another, which is why we recommend checking out their official websites.
Yes, they do offer repayment terms, but the policies applicable vary from bank to bank. Hence, we recommend getting in touch with their official team for more details.
These FD schemes have a simple application process along with few regulations which makes them an accessible investment option.
All cooperative banks offer different tenure options for their FD schemes, but most of them have a maximum tenure of 10 years.