Cosmos Bank FD Interest Rate
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.
Interest Rates Chart 2023
| 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 | ||
Explore corporate bonds offering 9-11% fixed returns with lesser risk than
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Calculate FD returns
Cosmos Bank@7.05% p.a
₹1,15,001
All you need to know about Cosmos Bank FD Interest Rate
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Types of Cosmos Co-operative Bank Fixed Deposits
Fixed Deposit Scheme
- Minimum investment: ₹1,000 and in multiples of ₹100.
- Maximum investment: No Upper Limit
- Scheme tenure: 7 days to 10 years
- You can opt for monthly, quarterly & cumulative interest payout options.
- The auto-renewal facility is available with this deposit.
- The bank allows premature withdrawal with an applicable penalty.
- Senior citizens enjoy higher interest rates than regular citizens.
- A nomination facility is also available.
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.
- Minimum investment: ₹100
- Maximum investment: ₹1.5 lakhs per annum.
- Scheme tenure: 5 years
- Lock-in period: 5 years
- Senior citizens enjoy higher interest rates than regular citizens.
- A loan against this deposit is not available.
- Premature withdrawal is not allowed except in the case of depositor’s death.
- A nomination facility is also available.
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.
- If the current or savings account balance exceeds the predefined limit, the bank will transfer the excess amount to the Flexi fixed deposit account.
- In case of a requirement of funds in a current or savings account, the amount will be transferred from a flexi fixed deposit account adhering to the Last In, First Out (LIFO) method.
- The bank will pay the interest after 30 days, and the amount of interest will be credited to your operative account.
- You can avail 90% overdraft facility on 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.
- Minimum investment: ₹25,000 and maintenance of an average quarterly balance of ₹5,000 on your savings account.
- Scheme tenure: 7 days to 10 years
- This deposit is available to all general as well as senior citizen depositors.
- You can avail the overdraft facility under this scheme.
- A premature withdrawal facility is available at the time of hospitalisation.
- A nomination facility is also available with this scheme.
Pros of investing in Cosmos Co-operative Bank Fixed Deposit
- Period: The FD with Cosmos Co-operative Bank ranges from 7 days to 10 years.
- Convenient: Open hassle-free FD using online banking in a few minutes
- DICGC insurance: The amount invested with the bank is covered by Deposit Insurance and Credit Guarantee Corporation (DICGC) for the total sum of ₹5 lakhs.
- Minimum amount: Fixed deposits with Cosmos Co-operative Bank can be opened with an investment of as low as ₹100
- Preference to senior citizens: Cosmos Co-operative Bank offers additional interest rates for senior citizens.
- Nomination facility: Depositors can nominate beneficiaries for their investments in Cosmos Co-operative Bank FDs.
Cons of investing in Cosmos Co-operative Bank Fixed Deposit
- Not dynamic: Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation.
- Fixed rate: Fixed deposits offer a fixed rate on the investment. Hence, you cannot benefit from higher returns in cases of increased market interest rates.
Cosmos Co-operative Bank FD Eligibility Criteria
The eligibility criteria for opening a fixed deposit account at Cosmos Co-operative Bank are as follows:
- Indian individuals over 18 years of age
- Organisations
- Minors under the supervision of their parents
- NRIs
Documents Required for Cosmos Co-operative Bank FD Account
The Cosmos Co-operative Bank has a minimum documentation requirement for opening FDs. They are as follows:
- Age proof: Aadhaar card, Voter ID, or any document mentioned in the bank guidelines.
- Address proof: PAN card, electricity bill, telephone bill, Aadhaar card or Voter ID.
- Photographs: Recent passport-sized photographs
How to Open an FD with Cosmos Co-operative Bank?
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.
Cosmos Co-operative Bank Fixed Deposit Premature Withdrawal
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.
Tax implications on Nainital Bank FD
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:
- Taxpayers can invest in FD either through public or private sector banks.
- Individuals and HUFs can avail tax deductions by investing in tax savings FDs.
- Bank's five-year tax saving FD offers exemptions under Section 80C.
- Investors cannot get loans against these FDs.
- In the case of joint holders, only the first holder can get tax benefits.
How to claim tax benefits?
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
- TDS will be deducted from the interest accrued on the FDs if the interest is more than ₹40,000 (₹50,000 for senior citizens) in a given financial year.
- For Resident customers, if you have submitted your PAN card details, the deduction will be 10% per year on the interest. The bank will deduct 20% of TDS annually without a PAN card.
FAQs
When is the right time to invest in an FD?
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.
Why should I invest in Fixed Deposits when other investment instruments offer better returns?
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.
Is the ₹5 lakhs DICGC insurance cover applicable on Cosmos Co-operative Bank FD?
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on Cosmos Co-operative Bank FD.
How can I break my 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.
Can I get a Credit Card against FD at Cosmos Co-operative Bank?
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.