Monthly income plan is another investment plan that investors can look
at. The fund has generated good returns of 10.24 per cent in the last
one year. Taking these needs into consideration some banks offer
specific fixed deposits that are known as monthly income plans and help
augment their monthly income. What a monthly income fixed deposit is
basically a fixed deposit that can be created and earns an interest in
much the same way a regular fixed deposit does with a few differences.
The being that with a monthly income plan the investors either have
access to the amount deposited or are paid the interest earned on a
monthly basis. Some banks even let depositors withdraw the interest
every month from regular fixed deposits at discounted interest rates.
The monthly income plans are generally linked to a bank account and the
interest earned is credited into that account.
Bank accepts deposits from general public and others from 7 days to a
maximum period of 10 years. Deposits for a period of 7 days and above
but not exceeding 179 days are classified as Short Deposits.Minimum
amount that can be deposited under this scheme is Rs.5 lacs for a period
of 7-14 days.
Special Deposit Scheme (SDS) was launched by the Central government on
July 1, 1975. However, no fresh depositswere allowed under the scheme
from March 1997.The purpose of the scheme was to provide better returns
to non-government provident funds, superannuation and gratuity funds,
surplus funds of the Life Insurance Corporation (LIC) and Employees
State Insurance Corporation, etc. The organisations which invested in
SDS were Employees Provident Fund Organisation (EPFO), General Provident
Fund (Central Services), Contributory Provident Fund (India), All India
Services Provident Fund, State Railway Provident Fund and General
Provident Fund (Defence Services).
Recovery 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. Recovery Deposit
is a special kind of Term Deposit offered by banks in India which help
people with regular incomes to deposit a fixed amount every month into
their Recovery Deposit account and earn interest at the rate applicable
to Fixed Deposits.
An individual of the Age of 60 years or more may open the account. An
individual of the age of 55 years or more but less than 60 years who has
retired on superannuation or under VRS can also open account subject to
the condition that the account is opened within one month of receipt of
retirement benefits and amount should not exceed the amount of
retirement benefits. Maturity period is 5 years. A depositor may operate
more than one account in individual capacity or jointly with spouse
(husband/wife). In case of Cheque, the date of realization of Cheque
in Govt. account shall be date of opening of account. Nomination
facility is available at the time of opening and also after opening of
account. Account can be transferred from one post office to another Any
number of accounts can be opened in any post office subject to maximum
investment limit by adding balance in all accounts. Joint account can be
opened with spouse only and first depositor in Joint account is the
investor. Interest can be drawn through auto credit into savings account
standing at same post office, through PDCs or Money Order. In case of
SCSS accounts, quarterly interest shall be payable on 1st working day of
April, July, October and January. It will be applicable at all CBS Post
Offices.
An individual of the Age of 60 years or more may open the account. An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits. Maturity period is 5 years. A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife). In case of Cheque, the date of realization of Cheque in Govt. account shall be date of opening of account. Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts. Joint account can be opened with spouse only and first depositor in Joint account is the investor. Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or Money Order. In case of SCSS accounts, quarterly interest shall be payable on 1st working day of April, July, October and January. It will be applicable at all CBS Post Offices.
The scheme is applicable for the purchase of Diamond Jewellery /
Gemstone Studded Jewellery Customers would be required to deposit
Rs.1000/- (or multiples thereof) every month for a period of 12
months.The scheme can be started on any day of the month. On maturity,
we shall give the 13th installment in the form of discount equal to
single installmentamount of the scheme. Customer will be given a Card
which will bear the record of payments made by him/her which will be
updated every month. Any member wishing to terminate the Membership may
do so by asking for a refund. The scheme is applicable for the purchase
of Diamond Jewellery / Diamond/Studded Jewellery only. Gold ornaments,
gold coins, wali etc. are not covered under scheme. Customers would be
required to deposit Rs.1000 /- (or multiple thereof) every month for a
period of 12 months.The scheme can be started on any day of the month.
The Senior Citizen Savings Scheme (SCSS) offers regular income, highest
safety and tax saving, making it a popular product for those over 60
years of age. Post retirement, people are looking for investment avenues
to park their retirement corpus in. An individual of the age of 55 years
or more but less than 60 years who has retired on superannuation or
under VRS can also open account subject to the condition that the
account is opened within one month of receipt of retirement benefits and
amount should not exceed the amount of retirement benefits. Maturity
period is 5 years. A depositor may operate more than one account in
individual capacity or jointly with spouse (husband/wife). It will be
applicable at all CBS Post Offices.
A Fixed Deposit Receipt (FDR) is nothing but a document provided by the
bank after the applicant procures a fixed deposit scheme from their
bank. This document contains details such as the individual’s name, age,
address, details of the scheme chosen by them such as deposit amount,
tenure and interest rate applicable on the deposit and so on. As one of
the most common savings and investment options used by individuals,
fixed deposits are risk free and offer guaranteed returns. Fixed
deposits provide investors with an interest rate that is higher than
what is offered on normal savings accounts. Applicants can procure Fixed
Deposits by visiting their bank or even on their bank’s website as many
banks have enabled the facility of providing fixed deposits online. Once
applicants apply for their fixed deposit scheme and all formalities are
complete, they will receive a fixed deposit receipt as an
acknowledgment. This is an important document and should be kept safely.
The Quarterly Interest Deposit Receipt is a fixed deposit offering from
Janata Sahakari Bank Ltd, Amravati which has been specially designed to
provide financial solutions to individuals. A depositor can earn
interest every quarter under this scheme, with no impact on the initial
principal amount whatsoever, making it a great source to supplement
income. Longer tenures generally attract higher interest rates, with the
bank offering rates in the range of 5% per annum and 7.25% per annum.
The current rates are as of January 2016 and are at the discretion of
CBI. The bank can change the rates without prior intimation and
investors should check the rates before they apply under this scheme.
This scheme offers you a complete range of services to meet your banking
requirements. It comes with an International Debit Card and access to
one of the most advanced and secure Net Banking and Mobile Banking
services all free of charge.
Quarterly interest of SCSS accounts standing at CBS Post offices can be credited in any savings account standing at any other CBS post offices. After maturity, the account can be extended for further three years within one year of the maturity by giving application in prescribed format. In such cases, account can be closed at any time after expiry of one year of extension without any deduction. Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007..
