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Thane Bharat Sahakari Bank FD Interest Rate

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. &n...Read More

Thane Bharat Sahakari Bank Fixed Deposit Interest Rates

Note: All interest rates are updated as of 30 Jan 2024
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
15 Days to 30 Days3.25 %3.25 %
31 Days to 90 Days4 %4 %
91 Days to 180 days5 %5 %
181 Days to Less than 12 Months5.25 %5.25 %
1 Year to 3 Years6 %6 %
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888 Days
6.5 %7 %
Above 3 Years to less than 5 Years6.25 %6.5 %
5 Years to 10 Years6.25 %6.5 %
Tax Benefit Scheme (60 Months)6.25 %6.25 %

Types of Thane Bharat Sahkari Bank Fixed Deposits

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: 

  • It is the reinvestment plan offering attractive interest rates. In this scheme, depositors can opt for not getting periodic interest and accumulate them until maturity. 
  • In this scheme, the deposit holder can earn additional interest on interest by not opting for periodic interest payments. It will help them in creating long-term wealth.
  • Under this scheme, the deposit can be created with a minimum amount of ₹1000 and there is no actual limit for the maximum amount of investment. 
  • DMS FD can be created for a minimum tenure of 12 months and maximum tenure of 120 months.
  • Under this scheme, deposit holders can avail of loan facilities on the deposit at affordable rates. The rate will be decided by the Bank at the time of loan application.
  • Premature withdrawal of the DMS FD is allowed by the Bank but it attracts penal interest. 
  • A nomination facility is available for every deposit created under this scheme with the Bank.

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: 

  • In this scheme, the depositor will have the option to choose interest payment every month or quarter. This is suitable for those investors who seek some periodic payments.
  • Under this scheme, the deposit can be created with a minimum amount of ₹1000 and there is no actual limit for the maximum amount of investment.
  • In this scheme, the depositor can create a fixed deposit for a minimum tenure of 12 months and maximum tenure of 120 months.
  • A nomination facility is available for every deposit created under this scheme with the Bank.
  • A deposit holder can avail of loan facilities on the deposit at affordable rates. The rate will be decided by the Bank at the time of loan application.
  • Premature withdrawal of the DMS FD is allowed by the Bank but it attracts penal interest. 

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: 

  • This deposit facility provides dual benefits of Interest income and Tax deduction too. 
  • Under this scheme, deposits can be created with a minimum amount of ₹50000/- and thereafter in multiples of ₹10,000/- each. 
  • There is no actual limit for the maximum amount of investment in FD - Bharat Deposit, yet a tax deduction under section 80-C of The Income Tax,1961 is allowed on the Investment up to ₹1.5 lakhs only.
  • Under this scheme deposits can be created only for the tenure of 60 months. 
  • Under FD- Bharat Deposit, premarital withdrawal is not allowed as there is a lock-in of 60 months.
  • No loan facility is available in this scheme. 
  • A nomination facility is available for every deposit created under this scheme with the Bank.
  • In this scheme, Individuals, schools, companies, clubs etc can invest ₹50,000 and above for at least 5 years to save taxes. 

Pros of investing in Thane Bharat Sahkari Bank Fixed Deposit

  • One can save tax by investing in FD - Bharat Deposits.
  • Senior citizens get additional interest rates higher than regular citizens.
  • Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover the amount invested with the Bank for the total sum of ₹5 lakhs.
  • A nomination facility is available.
  • Investors can avail of loans on FDs on the principal amount and accrued interest. However, this feature is not available in FD- Bharat Deposit scheme. 
  • One can start investing with an amount as low as ₹1,000. So it’s good for the small savings too. 
  • Auto reveal facility and part-withdrawal are also allowed by the Bank.

Cons of investing in Thane Bharat Sahkari Bank Fixed Deposit

  • Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation. 
  • Fixed deposits offer a fixed rate on the investment. Hence, you cannot benefit from higher returns in cases of increased market interest rates.
  • There is a penalty on premature withdrawals so in case of early need of funds, depositors will not get their desired interest income.

Eligibility Criteria to Open a Fixed Deposit with Thane Bharat Sahkari Bank

The following are eligible to open a fixed deposit with Thane Bharat Sahkari Bank:

  • Any resident, in an individual capacity age above 18 years,  
  • Any Minor account holder jointly with an Adult.
  • Hindu undivided family
  • Trust
  • more than one person in their joint names, 
  • Societies & corporates,
  • Organisations.

Documents required for Thane Bharat Sahkari Bank’s FD account

The following are the documents required for opening an FD account: 

  • PAN card
  • Aadhar Card
  • Voter ID Card
  • Ration Card
  • Two passport-size photographs.

How To Open A FD Account with Thane Bharat Sahkari Bank?

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.

Thane Bharat Sahkari Bank Fixed Deposit Premature Withdrawal

  • The bank may permit the withdrawal of a term deposit before the agreed period upon request by the depositor. 
  • The bank will inform depositors of the penal interest rates for premature withdrawal, informing them of the applicable rate and deposit rate. 
  • Penal charges will be based on the contract interest rate for the period the deposit remained with the bank. This applies to the deposit tenure agreed upon at the time of placement.

Tax implications on Thane Bharat Sahkari 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 of 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 of 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 of 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

How is a FD - Bharat Deposit different from a regular FD?

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.

How is premature withdrawal made in case of death?

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.

Is the ₹5 lakhs DICGC insurance cover applicable on Thane Bharat Sahkari Bank FD?

Yes, DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover of ₹5 lakhs is applicable on Thane Bharat Sahkari Bank FD.

Can renewal instructions be changed to an active fixed deposit?

Yes, you can change the renewal instructions of your active term deposit. You can get in touch with your respective branch for such instructions. 

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Thane Bharat Sahakari Bank

Calculate Thane Bharat Sahakari Bank FD Returns

₹1,00,000
888 Days
15 Days to 30 Days31 Days to 90 Days91 Days to 180 days181 Days to Less than 12 Months1 Year to 3 Years888 DaysAbove 3 Years to less than 5 Years5 Years to 10 YearsTax Benefit Scheme (60 Months)
6.5 %
Yes
No
Maturity Amount₹1,15,814

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