The Cosmos Co-operative Bank , an UCB headquartered in Pune has announced the launch of Long Term (Subordinated) Deposits Scheme-2. Cosmos bank happens to be the fastest growing bank in the cooperative sector in the country
The scheme is effective from January 1, 2013 catering to the growing business needs and strengthening the capital base of the Bank.
The Reserve Bank of India permits only financially strong Urban Cooperative Banks to raise Long Term Deposits. The RBI has allowed the Cosmos Bank to do so as a result of its sound financial background.
The Long Term (Subordinated) Deposits Scheme-2 offers a 11.00% p.a. fixed rate of interest (For General Depositors) and 11.25% p.a. fixed rate of interest (Senior Citizen), which is payable quarterly.
Tenure of the Long Term (Subordinated) Deposits Scheme will be up to 5 years and 6 Months. Initially deposits will be accepted for minimum of Rs.10,000/- and in multiples of Rs.1,000/- thereafter. Nomination facility is also available to depositors.
The Cosmos Bank has business worth more than Rs.22,000 crores and presence across six states through 119 branches and extension counters.