Pune headquartered Cosmos Co-operative Bank received a tremendous response on the new long term deposit scheme it launched earlier, underlining the power of brand once again as also the trust people deposit in the bank, said the leading UCB in a press release.
The scheme aimed at securing targeted deposit had to be closed in just six days as there was a gold rush of customers, as it were , on the lucrative offer, claims the Bank.
Cosmos Bank had launched Long Term Deposit (LTD) Scheme – 5, on 21st March, 2017 with the approval of Reserve Bank of India and Central Registrar of Co-op Societies – New Delhi.
The said scheme was for a limited time period till the collection of deposits worth Rs. 150 crore as per the approval of RBI. The said amount was collected within the record time of 6 working days hence closing the LTD Scheme from 29th March 2017.
The tenure of this Long Term Deposit was 63 months with rate of interest at 8.35% p.a.
The complete faith of depositors in our Bank has made it possible to achieve the target in just a few days – informed Cosmos Bank’s Chairman, CA Milind Kale.
