The Chairman Cosmos Bank, Krishnakumar Goyal stated that, Reserve Bank of India (RBI) has recently granted permission to The Cosmos Co-operative Bank Ltd., to accept Long Term (Subordinated) Deposits.
Goyal informed that the Long Term {Subordinated} Deposits (LTD) Scheme – 3 has started from Tuesday, 5th May 2015 for all customers. All customers will get ten percent rate of interest for their deposits under this scheme.
The term for this deposit scheme will be for 66 months (five years & six months) and interest will be paid per quarter. The quarterly interest amount will be credited to customer’s account. The minimum deposit to be kept in the Bank under this scheme is Rs. 10,000/- (Rs. Ten thousand only) and thereafter in the multiples of Rs.1,000/- (Rs. One thousand only).
Nomination facility is available for this scheme. Goyal requested the customers to contact Cosmos Bank’s nearest branch for further details of this scheme.
The Cosmos Co-operative Bank Ltd., is multi-state scheduled co-operative bank with a legacy of 109 years, having 140 branches in 7 states. The present set-up of Cosmos Bank is Rs.26,600 crore.
