The Chairman of the Cosmos Co-op Bank Milind Kale announced that, Cosmos Bank has recently launched The Long Term {Subordinated} Deposits Scheme on approval of Reserve Bank of India, for limited amount for limited time-frame.
Kale informed that the Long Term {Subordinated} Deposits (LTD) Scheme – 4 has started from Monday, 8th February 2016 for the investors. All investors will get 9.75% p.a. rate of interest for this financial instrument.
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 investor’s account. The minimum amount to be invested under this scheme is Rs. 10000/- (Rs. Ten thousand only) and thereafter in the multiples of Rs.1000/-(Rs. One thousand only).
Nomination facility is available for this scheme. The Offer Document for this scheme is available with all branches of Cosmos Bank.
The Cosmos Co-operative Bank Ltd., is multi-state scheduled co-operative bank with a legacy of 110 years, having 140 branches in 7 states.