Cosmos Co-operative Bank is a leading banking and financial services provider in Western India. In the last 117 years, this bank has spread across seven different states within India, with 152 branches, most of them being in Maharashtra and Gujarat. This is the first Multi-state Co-operative Bank to start its centralised banking system, where all the branches are connected to the head office via a data centre.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||4.75%||4.75%|
|15 days to 45 days||4.75%||4.75%|
|46 days to 60 days||4.75%||4.75%|
|61 days to 90 days||4.75%||4.75%|
|91 days to 181 days||5%||5.25%|
|182 days to 12 months||5.15%||5.25%|
|Above 12 months to 18 months||7.05%||7.3%|
|Above 18 months to 24 months||7.05%||7.35%|
|Above 24 months to 36 months||7.1%||7.4%|
|Above 36 months to 10 years||7.1%||7.5%|
|Note: All interest rates are updated as of 18th May 2023|
Fixed Deposit Scheme
Cosmo Tax Saver Deposit Scheme
If you invest in this FD, you are eligible for a tax deduction of up to ₹1.5 lakhs under Section 80C of the Income Tax Act of 1961.
Cosmos Bank Flexi Fixed Deposit Scheme
Current accounts in any scheme or savings accounts in premium and royal schemes will be eligible for this deposit.
Cosmo Care Deposit Scheme
Cosmo Care Deposit Scheme offers medical facilities in over 100 hospitals. It has facilities for immediate withdrawal and facilitates hospital bill payments via SMS. Apart from the account holder, their family and friends can avail the medical benefits.
The eligibility criteria for opening a fixed deposit account at Cosmos Co-operative Bank are as follows:
The Cosmos Co-operative Bank has a minimum documentation requirement for opening FDs. They are as follows:
Here are the steps to follow to open an FD at Cosmos Co-operative Bank:
Step 1: Visit your nearest Cosmos Bank branch.
Step 2: Take an account opening form for the term deposit.
Step 3: Fill in the details and add all the documents and the cheque. You can also transfer the funds via internet banking.
Step 4: Collect your FD receipt.
Conversely, you can also open an FD with Cosmos Co-operative Bank online using internet banking.
The penalty charges for premature withdrawal at Cosmos Co-operative Bank are similar to the standard charges. The bank charges a penalty of 1%, levied on the rate applicable for the tenure for which you have kept the deposit with the bank.
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
The right time to invest in a fixed deposit depends on the investor's financial goals, risk appetite, and prevailing interest rates. Generally, it is advisable to invest in fixed deposits when the interest rates are high and are expected to remain stable for the investment period.
The simple answer for this is that none of the other investment options offers such safe and secured returns as FDs. The DICGC insures them, and their fixed interest rates provide assured return on maturity.
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on Cosmos Co-operative Bank FD.
Follow the steps to break Cosmos Co-operative Bank FD:
* Visit the nearest branch.
* Collect the term deposit closure form and duly fill in all the areas.
* Submit all the documents, including the FD receipt or certificate.
You can also break your FD via Cosmos Co-operative Bank’s internet banking facility.
No, Cosmos Co-operative Bank does have the facility of providing credit cards against their FD schemes.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.