Abhyudaya Bank Fixed Deposit

Fixed deposits remain a favoured investment option for many due to their stability and assurance of returns. The Abhyudaya Co-operative Bank, rooted in a rich history of serving economically weaker sections, offers an array of FD schemes tailor-made for diverse needs. Let's delve deeper into what the bank has in its pouch for potential depositors.

• Monthly Income Deposit Scheme
• Quarterly Interest Deposit Scheme
• The Fixed Deposit Receipt
• Quarterly Interest cum Reinvestment Plan
• Abhyudaya Tax Saving Scheme (ATSS)

• The bank allows premature withdrawal of deposits subject to penalty.
• If the depositor does not want to withdraw a fixed deposit prematurely, they can also consider taking a loan/overdraft against fixed deposits as an alternative funding option. This facility is not available for the Abhyudaya Tax Saving Scheme.
• Deposit Insurance and Credit Guarantee Corporation (DICGC) will grant insurance coverage for fixed deposits. The maximum amount of insurance coverage is ₹5 lakhs.
• Depositors can invest in Abhyudaya Tax Saving Scheme and claim a deduction of up to ₹1.5 lakhs under section 80C of the Income Tax Act of 1961. However, there is a lock-in period of 5 years.
• One can easily make a fixed deposit by using internet banking.
• They offer additional interest to senior citizens higher than rates for regular citizens.
• You can open the FD with a minimum deposit of as low as ₹500.

• Monthly Income Deposit Scheme: You can open this deposit by investing as low as ₹500. The Minimum tenure for a deposit under this scheme is 7 days, and you can invest a maximum of up to 10 years. The interest payout is monthly. Depositors can avail of a loan against FD to the extent of 90%.
• Quarterly Interest Deposit Scheme: Minimum investment of ₹500 with quarterly interest payout.
• The Fixed Deposit Receipt: Minimum deposit of ₹500 with interest paid at maturity.
• Quarterly Interest cum Reinvestment Plan: Minimum investment of ₹500 with interest paid at maturity. Loans are available for up to 90% of the deposit.
• Abhyudaya Tax Saving Scheme (ATSS): Tax deductions are available under section 80C with a 5-year lock-in period.

• Any person in an individual capacity or more than one person in their joint names.
• Any minor jointly with a guardian.
• Sole proprietary concerns.
• Partnership firms.
• Limited companies.
• Associations, clubs, societies, etc.
  Trusts.
• Joint Hindu Families (accounts of non-trading nature only).
• Municipalities.
• Government and Quasi-Government Bodies.
• Panchayats.
• Religious institutions.
• Educational institutions (including Universities).
• Charitable institutions.

Identity proofs:

• PAN card
• Driving licence
• Passport
• Voter ID card
• Aadhaar card
• Government/Defence ID card

Address proofs:

• Aadhaar card
• Electricity bill
• Telephone bill
• Ration card
• Bank account statement
• Letter from statutory authority/ local body
• Income Tax Order

By Login into Internet banking 

Step 1: Visit the Abhyudaya Co-operative Bank website and navigate to the “Personal Login” tab. Provide username and password to log in.
Step 2: Go to the “Fixed Deposit Tab”
Step 3: Enter all the details.
Step 4: Verify details and click confirm. A confirmation message will be displayed on the screen.

By using a Mobile App

Step 1: Download the Abhyudaya Co-operative Bank Mobile App and log in using your credentials.
Step 2: Select the 'Open FD' option from the app's main menu.
Step 3: Choose the type of deposit account you want to open based on your preferences and requirements.
Step 4: Provide all the necessary details, including your personal information, nominee details, and payment and maturity instructions.
Step 5: After you have verified all the details, click on the 'Confirm' button to complete the transaction. 
Once the transaction is completed, you should receive a confirmation message on the screen indicating that your FD account has been opened.

Offline Mode 

Step 1: Visit the nearest branch of Abhyudaya Co-operative Bank.
Step 2: Ask for a fixed deposit application form and complete all the details.
Step 3: Submit all the documentary proofs. 
Step 4: Deposit the money.
Step 5: Collect the Fixed Deposit Receipt.

Abhyudaya Co-operative Bank allows premature withdrawal of all FDs. The penalty for premature withdrawal is 1%.