The Thane Bharat Sahakari Bank Ltd., established in 1979, is one of the leading Co-operative Banks in Thane district. As the Bank’s name suggests it started its first operation from the Thane city. The Reserve Bank of India (RBI) granted the licence for opening the Bank on 19th April 1979 and the Bank was officially inaugurated on 29th April 1979. As on March 2022, the Bank has 30 branches, operationalised over Mumbai, Thane, Raigad and Pune districts.
Initially, the Bank was named the “Bharat Sahakari Bank” Ltd., Thane. Subsequently, the name was changed to the “Thane Bharat Sahakari Bank” Ltd. to avoid confusion in the minds of the people, as two other banks, named “Bharat Co-operative Bank” and “Bharat Sahakari Bank” were also functioning at the time.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|15 Days to 30 Days||3.25%||3.25%|
|31 Days to 90 Days||4%||4%|
|91 Days to 180 days||5%||5%|
|181 Days to Less than 12 Months||5.25%||5.25%|
|1 Year to 3 Years||6%||6%|
|Above 3 Years to less than 5 Years||6.25%||6.5%|
|5 Years to 10 Years||6.25%||6.5%|
|Tax Benefit Scheme (60 Months)||6.25%||6.25%|
|Note: All interest rates are updated as of 18th May 2023|
Fixed Deposits (FDs) are a secure way of investing wherein you can deposit your money for a fixed tenure at a predetermined fixed rate of interest which is usually higher than a savings bank account. Let's discuss the types of FDs offered by Thane Bharat SahkariBank:
Deposit Multiplier Scheme Fixed Deposit (DMS FD):
In this scheme, the Bank offers regular fixed deposit benefits. Let’s understand the features of this scheme:
Fixed Deposit - Monthly / Quarterly:
This is a scheme mainly for investors who wish to have a periodic payout from their deposits. Let’s understand the features of this scheme:
FD- Bharat Deposit
A depositor who is looking to have some investment in a fixed deposit and save tax at the same time can opt for this scheme. Let’s understand the features of this scheme:
The following are eligible to open a fixed deposit with Thane Bharat Sahkari Bank:
The following are the documents required for opening an FD account:
To open a fixed deposit in Thane Bharat Sahkari Bank below steps can be taken:
Offline by visiting the nearest Branch:
Step 1: Visit the nearest Thane Bharat Sahkari Bank’s bank branch
Step 2: Obtain and fill up the form to create a fixed deposit indicating the period, amount and other preferences
Step 3: Submit the form and a copy of your Aadhar and PAN card; the bank officials will process the form and create an FD.
Online Mode to open a fixed deposit:
Currently Bank doesnt allow for online FD creation, if you wish to open a fixed deposit, you can raise a ticket on Bank’s official website and your Bank’s official will cal you guide the process and related documentation for the same.
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 of 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 of tax benefits on FDs.
Tax Deducted at Source (TDS)
This is a tax-saving FD, which has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under this scheme. Whereas one can have a regular FD for any tenure as per an individual's choice, and they are eligible for premature withdrawals and overdrafts or loan facilities.
In case of the account holder's death, the premature withdrawal of a fixed deposit can be made by the nominee or legal heir of the deceased account holder. The nominee or legal heir must provide the bank with a copy of the death certificate and other required documents. The bank may also require the nominee or legal heir to give a succession certificate or a letter of indemnity according to its policies. The bank will pay the premature withdrawal amount to the nominee or legal heir. In most cases, the penalty for premature withdrawal is not applicable in such cases.
Yes, DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover of ₹5 lakhs is applicable on Thane Bharat Sahkari Bank FD.
Yes, you can change the renewal instructions of your active term deposit. You can get in touch with your respective branch for such instructions.
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.