Cosmos Bank is a reputable financial institution known for offering people safe and successful investment choices. In this guide, we will discuss the Cosmos Bank FD rates, its requirements, and the process to open an FD account.
Cosmos Bank FD Interest Rates 2023
Period | Rate for General Citizens | Rate for Senior Citizens |
7 days to 14 days | 4.00% | 4.00% |
15 days to 45 days | 4.00% | 4.00% |
46 days to 60 days | 4.00% | 4.00% |
61 days to 90 days | 4.00% | 4.00% |
91 days to 181 days | 5.00% | 5.25% |
182 days to 12 months | 6.00% | 6.10% |
Above 12 months to 18 months | 7.05% | 7.30% |
Above 18 months to 24 months | 7.25% | 7.50% |
Above 24 months to 36 months | 7.30% | 7.55% |
Above 36 months to 10 years | 7.35% | 7.60% |
Note: The interest rates listed are updated as of 01 August, 2023.
Cosmo TAX Saver Deposit Scheme
General | Senior Citizen |
7.35% | 7.60% |
Flexi Fixed Deposit Scheme
Savings Deposit | Current Deposit |
3.25% | 2.00% |
Saving Deposit
Particulars | Revised Rate Applicable |
Balance upto Rs. 25.00 Lakhs | 2.75%* |
Balance above Rs. 25.00 Lakhs | 3.50%* |
Cosmos Bank NRE Term Deposit
Period | Rate of Interest |
Only 1 year | 6.00 |
Above 12 months to 18 months | 7.05% |
Above 18 months to 24 months | 7.25% |
Above 24 months to 36 months | 7.30% |
Above 36 months to 10 Years | 7.35% |
Cosmo FCNR (B) and Cosmo FCNR(B) Royale Deposits with effect from 01.09.2023
Period | USD | GBP | EURO | JPY |
1 year 1 day | 5.51 | 4.26 | 1.76 | 0.95 |
Cosmo FCNR (B) Premium and Cosmo FCNR (B) Double Bonanza Scheme with effect from 01.09.2023
Period | USD | GBP | EURO | JPY |
1 year 1 day | 5.51 | 4.26 | 1.76 | 0.95 |
Cosmo Monsoon Bonanza Deposit Scheme for NRE Depositors w.e.f 1st August 2023 For Fixed Deposit & Recurring Deposit
Period | Rate of Interest |
15 months | 7.75% p.a. (Monthly, Quarterly & Cumulative Interest Options) Limited Period Offer. |
Different Types of Cosmos Banks FD Rates
Fixed Investment Scheme
- The minimum investment in this scheme is Rs. 1000, and the sum should be in multiples of Rs. 100.
- There is no highest limit for investment.
- You can choose between monthly, quarterly and cumulative interest options.
- Cosmos Bank FD rates for senior citizens are higher than for regular citizens.
- You can avail auto-renewal facility with this deposit.
Cosmos Tax Saver Investment Scheme
- The minimum deposit in this scheme is Rs. 100.
- The maximum deposit in this scheme is Rs. 1.5 lakhs per year.
- The time period for this scheme is 5 years.
- Cosmos Bank FD rates for senior citizens are higher than for regular citizens.
- You cannot avail of a loan in this scheme.
Cosmos Bank Flexi Fixed Investment Scheme
- The bank transfers excess funds to the Flexi FD account if the stipulated limit of funds surpasses.
- A 90% overdraft facility is available on this investment.
- The bank credits the interest in your operational bank account after 30 days.
Cosmos Care Investment Scheme
- This scheme allows a minimum deposit of Rs. 25,000.
- This scheme is available to both, the regular people and the senior citizens.
- An early withdrawal provision is only available at the time of hospitalisation.
- An overdraft facility is available in this scheme.
Benefits of Cosmos Co-operative Bank Fixed Deposits
You can avail of significant benefits while opening an FD account in Cosmos Bank. These benefits include the following.
Tenure
The period for FD with Cosmos Co-operative Bank starts from seven days to ten years.
Convenience
It is convenient for everyone to open an FD account with Cosmos Bank. It is trouble-free and can be easily accessed.
Minimum Investment
The FD account at Cosmos Bank requires a minimum investment of only Rs. 1000.
Opening FD Account
You can open the FD account online through Internet banking, or you can visit your closest Cosmos Co-operative Bank Limited branch.
Cosmos Bank FD Rates Calculator
You can calculate the Cosmos Bank FD interest rates for various tenures in the manner given below:
- Simple interest is financed at maturity for an FD period of 6 months.
- For six months and above, the interest is earned every quarter.
- Cumulative interest is a type of interest that is assessed every quarter and is combined into the principal amount. It works in a way that the interest payments are calculated on the interest earned in the last quarter.
- The interest shall be earned quarterly and financed each month at a discounted rate over the expected FD rate in the scenario of monthly investment.
Prerequisites for Cosmos Bank FD
There are some points that you should keep in mind before you take a step toward opening an FD account in Cosmos Bank. It would ensure a smooth process without any hindrances. These prerequisites are:
- Individuals from India who are above 18 years can apply to Cosmos Bank FD.
- Organisations are eligible to apply.
- Minors are allowed but under the guidance of a parent.
- Non-Resident Indians (NRIs) can also apply for Cosmos Bank FD.
- Local authorities are eligible for Cosmos Bank FD.
Documents Required for Cosmos Bank FD Account
- Aadhaar card, Voter ID, or any other documents for age verification
- Pan card, telephone bill, electricity bill or any other documents for address certification
- Recent passport-size photographs
Process to Open an FD Account in Cosmos Bank
Below are a few simple steps to opening a fixed deposit account in Cosmos:
- Visit your closest Cosmos Bank branch.
- Ask for a form for opening an account.
- Fill in the details required and attach all the documents and the cheque for the amount you want to invest.
- Take your FD receipt.
You can also open your FD account online with the help of net banking by logging in to your details.
Conclusion
Investors looking for steady earnings will find Cosmos Bank FD rates a compelling investment option. But before investing, it is crucial to do extensive research, evaluate your financial goals, and comprehend the terms and circumstances. You may maximise your investment with Cosmos Bank FDs and work towards realising your financial goals by utilising this method and making wise decisions.
Cosmos Bank FD Rates FAQs
How do you determine the right time to invest in an FD?
Is it possible for me to get a credit card against the Cosmos Bank FD?
What are the steps to break my Cosmos Bank FD?
1. Go to the nearest bank branch.
2. Take the term deposit closure form and fill in the details.
3. Submit all the documents along with the FD receipt or certificate.