Our Services
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Savings Bank
A Savings Bank account is one of the very basic deposit ideas before any person. It stresses and highlights the importance of having to save money for future benefits. It's not a big deal at all as any one with even basic income levels can own one. These accounts make customers set aside a portion of their liquid assets while earning a monetary return
The Savings Bank scheme at The Elamkulam City Service Co-operative Bank too is one such. Any person, no matter what his/her income level is, can start one. All you need in hand is Rs. 100 and you can start saving. As opposed to many other banks, we don't trouble you with too many paperwork for the same. You get to start an account with everything that would enable stress-free banking. Interest is calculated based on the account balance on each day.
Interest Rate -- 4%
All transactions are done through savings bank account.
Fixed Deposits
A Fixed Deposit offers you something more than a normal savings bank account does. It is a fixed amount of money that you deposit for a fixed period of time, until maturity that offers a higher rate of interest. Fixed Deposits are generally very safe investments and are used to denote a larger class of investments with varying levels of liquidity.Usually it cannot be withdrawn before the date of maturity and this ensures that the money is fully safe and would achieve its full range of potential by the date of maturity. You have the facility to close the account at any time by paying the 1% premature closure charge additionally.
The Elamkulam Service Co-operative Bank offers long-term and short-term fixed deposits for its customers. The customers can select what and how much to invest and get assured and solid returns on investment. The customers have the option to choose from a number of duration periods and decide on what is convenient and most suited for their requirements.
| Sl No | Duration | General |
|---|---|---|
| 1 | 15 Days - 45 Days | 6 % |
| 2 | 46 Days - 90 Days | 6.50 % |
| 3 | 91 Days - 179 Days | 7.25 % |
| 4 | 180 Days - 364 Days | 7.50 % |
| 5 | 365 Days - 1 Year | 8.25 % |
Senior Citizens entitled to get 0.50% extra interest on deposits.
Recurring Deposits
Recurring deposits are term deposits more or less like fixed deposits in their very nature. They are made for specified periods of time like a year or more. Recurring deposits have lower interest rates than fixed deposits. You just need to add fixed amounts (multiples of Rs. 50) of money to it on a monthly basis for periods of 12 months 6% Interest. The difference is that you won't have to wait till a maturity period in case you wish to withdraw the deposit. You get the interest until the date of withdrawal as well.
Recurring deposits are helpful and advantagous in many ways. The important factor is that you get good interest rates for the amount deposited.
Daily Deposits
On an endeavour to promote savings habit among common people, The Elamkulam Service Co-operative Bank has given life to a special scheme called Daily Deposits. You will get 3% Interest for 180 Days. This is a daily deposit scheme wherein the customers can keep adding to their bank balance small or big amounts of their choice. This scheme is particularly beneficial for people who work on a daily wage basis and also among small income groups. They can keep their bank accounts alive and active by contributing even amounts below Rs. 100.
The biggest advantage with Nithya Nidhi Deposit Scheme is that the customers needn't even come to any of our bank branches to deposit the money. They can hand it over to our collection agents who would go to them and collect the amount, so that they can devote themselves fully to work. These agents will have mobile app with them and will regulate the transaction of these customers through it.
Group Deposit Scheme
The Elamkulam Service Co-operative Bank was established with a vision to foster among the people the idea of a good banking culture that aims to imbibe in them virtues of saving habits and making the most of the financial services offered to them. It is with this idea in mind that the Bank has given shape to Group Deposits Scheme. As per this, customers can stand to gain the advantage of investing a substantial amount and getting the best returns out of it.
Making use of the Group Deposit initiative, Customers can deposit as a group for 50 months or 25 months amounts worth Rs. 50,00,000/-, Rs. 25,00,000/-, RS. 10,00,000/-, Rs, 50,000/ small to big as per individual capacities. This venture comes to you with an added advantage of a Credit Scheme as well. By availing this scheme, you can take 75% of the total deposited amount as loan. This amount can be paid back through our daily collection agents also.
National Electronic Funds Transfer (NEFT)
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system which enables transfer of funds to other bank accounts across the country. The advantage with NEFT is that it is a secure, safe, quick and cost-effective mean to transfer funds especially for retail remittances. At The Elamkulam Service Co-operative Bank, we undertake transfer of funds up to Rs. 2,00,000 to accounts maintained by any bank branches in India instantly by NEFT. For this, we have sought the partnership of major commercial Banks like ICICI Bank. This makes our NEFT fund transfer services efficient, convenient and fast.The bank charges a small commission for this.
Real Time Gross Settlement(RTGS) refers to fund transfer systems in which the transfer of money or securities takes place from one bank to another on a 'real time' and on 'gross' basis. In Real Time settlements, payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. 'Gross settlement' means that the transaction is settled on one to one basis without netting with any other transaction. The bank charges a small commission for this. The Elamkulam Service Co-operative Bank undertakes transfer of funds with the minimum amount of transfer to the accounts maintained by you to any bank branches in India instantly by RTGS through major Commercial Banks
Locker facilities
For a bank, safety comes first. Every customer need to be assured that their valuable possessions, be it money, gold or anything else, are safe in their bank's hands. The Elamkulam Service Co-operative Bank is fully committed to the safety of the possessions of our dear customers. We treat them like our own and make sure that all necessary safety measures are in place for the same.
When the locker starts, you can get a locker by applying and paying security deposit of Rs. 2000/- or Rs. 10000/-. For Rs. 2000/-, you have to pay Rs. 300/- as rent within the month of March. There is no rent for Rs. 10000/- If you do not want a locker, you can apply and pay the rent, and the remaining amount will be refunded.
Our lockers are made in tune with all international mandates of safety and security standards. It helps us in making sure that you can remain tension-free. There are no big formalities for you to avail a locker facility and we help you get one through very many easy schemes well. you have locker room at Elamkulam, Cherukara, Muthukrussi and Evening branch with 100 lockers of different sizes for us.
Mobile App
Deposits and Loans for customers can download Copay Mobile App from Google Playstore. After that Please contact Bank for registration.
Fund Transfer to Other bank payee, Mobile Recharge, KSEB Bill Payment, Deposit, Loans
ID Caller Facility
There is a facility to call and notify any bank-related notification via computer.
Loans
Deposit Loans
Deposit Loans are fully secured loans issued against the security of the deposits kept with the Bank, meant to meet the personal immediate needs of the depositors. An additional 2% interest will be charged on the current fixed deposit interest rate.
Gold Loan Schemes
The Elamkulam Service Co-operative Bank offers various gold schemes for the benefit of customers. These become very helpful whenever you are in urgent need of cash. We also offer special interest schemes for certain schemes, which makes us a perfect choice for availing gold loans. Please find below our schemes and their details.
| 1 | Gold Loan Agriculture | 1 Year | 7% |
|---|---|---|---|
| 2 | S S G L | 6 Moths | 10% |
| 3 | G L S | 3 Moths | 9% |
| 4 | O S G L | 1 Moths | 8% |
Property Loan
Cash Credit
12 Months -- 12.25%
NAMortgage T
60 Months -- 12.50%
Housing Loan Medium
120 Months -- 10%
Staff Housing Loan
240 Months -- 9.25%
Sureties Loan
Kisan Credit Card
12 Months -- 7%
Muttathe Mulla Cash Credit
12 Moths -- 9%
Non Agriculture Short Term
12 Months -- 12%
House Hold Articles
36 Months -- 12%
Linkage Loan Kudumbasree
60 Months -- 8.25%
Mangalya Soothra Loan
36 Months -- 4.50%
M T Business
36 Months -- 12%
Vehicle M T
60 Months -- 10.50%
EMI Loans Grihasree
24 Months -- 9%
One of the most widely preferred loans today, property loans are an easy way to get instant cash for big requirements. If you have a property of your own and is in need of money, then don't wait to come to us. You can pledge your property and be eligible for a loan upto Rs. 25,00,000/-. There aren't too many formalities to get it cleared and you can feel relaxed as you would be able to quickly meet your need. Gehan registered in the bank’s name and is registered in the borrower’s name upon loan closing.
At The Elamkulam Service Co-operative Bank, not only do we help you by providing quick property loans, but also offer you attractive rates. Hassle-free and speedy approvals are the highlight here. You can pledge both residential and commercial properties. Also, you have an added benefit whereby you can re-pay the loan by handing over the amount to our daily collection agents who will be at your doorsteps for the same. You just don't have to bother about coming to a branch of ours to keep re-paying the money every month. All transactions made easy and comfortable – that's the pivotal feature of The Elamkulam Service Co-operative Bank's loan schemes