Deposit & Loans
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Deposit
Welcome to Arakkuparamba Service Cooperative Bank, where your financial growth is our priority. Our deposit schemes include Current Account, Savings Account, Students Account, Fixed Deposit, Recurring Deposit, and Daily Deposit, each designed to suit your unique needs. We offer competitive interest rates to ensure your investments grow securely and efficiently.All your deposits are secured with Deposit Gurantee Scheme . under the provisions of section 57 B of Kerala Co-operative Society Act 1969 Trust us to provide you with the best financial solutions, tailored to help you achieve your goals. When will you start investing with Arakkuparamba Service Cooperative Bank? Your prosperous future begins with us.
Current Account
A Current Account at Arakkuparamba Service Cooperative Bank is ideal for businesses, firms, companies, and public enterprises handling numerous daily transactions. Individuals can also open this account. With a Current Account, deposit and withdraw funds as often as needed, limited only by the account balance. This account is designed for transaction convenience and does not earn interest. It is perfect for those who require frequent, flexible access to their funds without the need for interest accumulation
Features
- Cheque Book facility with prescribed minimum balance
- Copay Mobile Application
- Any Branch Banking facility
- Free SMS alert on request
- Net Banking facility
- 12 hours Counter Banking
- Free Clearing collection
- Free RTGS/NEFT facility
- Cash pickup
- No folio/other charges
- No limit for cash deposit
- Auto fund transfer facility
Procedure to Open an Account
Fill up the Account Opening Form and submit to the Branch along with the KYC Form Documents required for KYC:
- Passport size color photos -2 (NOS)
- Identity Proof /Address Proof – Ration Card/Election Identity Card/Pass Port/Driving License/Aadhar Card /SSLC Certificate
Procedure to Close an Account
Submit a written request along with Pass Book, Unused cheque leaves.
Rate of Interest
- Not Interest
Minimum Balance
- Minimum Balance Rs. 250 (A/c with checkbook)
- Minimum Balance Rs. 100 (A/c without checkbook)
Savings Account
A Savings Account is an essential financial tool that offers security, flexibility, and ease of access. At Arakkuparamba Service Cooperative Bank, we provide a range of Savings Accounts tailored to meet the diverse needs of our customers. Whether you are saving for the future, managing day-to-day expenses, or simply looking for a safe place to keep your funds, our Savings Accounts are designed to support your goals. Enjoy the convenience of easy transactions, attractive interest rates, and personalized service. Open an account with us today and experience banking that truly cares.
Features
- Minimum balance Rs.100 (Without cheque book)
- Rs. 200 minimum balance with Cheque book facility
- Copay digital Pass Book facility
- Mobile Application
- Any Branch Banking facility
- Net Banking facility
- 12 hours Counter Banking
- RTGS/NEFT facility
- Free SMS alert on request
- No folio/other charges
- No limit for cash deposit
- Auto fund transfer facility
Procedure to Open an Account
Fill up the Account Opening Form and submit to the Branch along with the KYC Form Documents required for KYC:
- Passport size color photo-2 (NOS)
- Identity Proof /Address Proof – Ration Card/Election Identity Card/Pass Port/Driving License/Adhar Card /SSLC Certificate
Procedure to Close an Account
Submit a written request along with Pass Book, Unused cheque leaves and ATM card
Rate of Interest
- Normal Interest 4%
Minimum Balance
- Minimum Balance Rs. 200 (A/c with checkbook)
- Minimum Balance Rs. 100 (A/c without checkbook)
No Frill Savings Account (Student Account)
To improve and develop saving habit of the children ASCB introduce Students Saving Bank Account/No frill Saving Bank Account. The account opens and operates for Minor children under the guardianship of a Parent/ Teacher until the child is 18 years old. It will help children learn the importance of saving money. We collect the student’s thrift from schools, and maintain their accounts with the banks. The account opens with Zero balance It also help to improve the children’s banking experience for early child hood
Fixed Deposit
Secure your future with a Fixed Deposit at Arakkuparamba Service Cooperative Bank. We offer you the advantage of earning more with higher interest rates compared to a regular savings account. Fixed Deposits provide a reliable and safe investment option with flexible tenure choices to match your financial goals. While your deposit remains locked in until maturity, you enjoy the peace of mind knowing your money is growing securely. Plus, if needed, you can close your account anytime with a reduced rate of interest. Till recently, all bank deposits were insured under the Deposit Guarantee Scheme
Choose Arakkuparamba Service Cooperative Bank for your Fixed Deposit needs and watch your savings grow!
Features
- Interest normally paid monthly, quarterly, half yearly and yearly.
- Premature withdrawal is permissible but it involves loss of interest.
- Interest rate applicable for completed periods.
- Loan upto 90% of the deposit, with interest 2% above the deposit rate.
- Nomination facility available.
Rate of Interest
Duration
Rate
Senior Citizen
15 Days to 45 Days
6.25%
6.75%
46 Days to 90 Days
6.75%
7.25%
91 Days to 179 Days
7.25%
7.75%
180 Days to 364 Days
7.75%
8.25%
1 Year to Below 2 Year
8.50%
9.00%
2 Years and Above
8.75%
9.25%
Procedure to Open an Account
- Passport size color photo-1 (NOS)
- Identity Proof /Address Proof – Ration Card/Election Identity Card/Pass Port/Driving License/Adhar Card /SSLC Certificate
Recurring Deposit
Recurring deposit schemes allow customers an opportunity to build up their savings through regular monthly deposits of a fixed sum over a fixed period of time RD allows you to earn fixed interests on the amount invested at frequent intervals until the investment matures or a predetermined term ends.
Features
- Invest little sums every month
- Facility of Standing Instruction through which the amount can be debited from your SB / CA account
- Attractive Interest Rates
- The amount of installment once fixed, cannot be changed
- Recurring Deposits can be opened for monthly installments in sums of Rs. 100 or in multiples of Rs. 100.
- The account can be opened with monthly installments of 12, 24, 36, 48, 60, 72, 84, 96, and 120 months
- Depositors are at liberty to pay the deposit in advance for any number of instalments
Rate of Interest
- Normal interest 9.5%
Procedure to Open an Account
- Passport size color photo (2NOS)
- Identity Proof /Address Proof – Ration Card/Election Identity Card/Pass Port/Driving License/Adhar Card /SSLC Certificate
Daily Deposit
A small savings scheme introduced to encourage thrift habit in people. In this daily deposit scheme, the customers can keep adding to their bank balance small or big amounts of their choice and it 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. Almost 90% of the deposit can be availed as loan.
The customers needn’t even come to any of our bank branches to deposit the money as they can hand it over to our collection agents who would go to them and collect the amount. Every day the bank’s agent will come to collect the deposit and issue a on the spot deposit receipt. The deposit is to be maintained for a minimum period of 6 month and premature withdrawal is permitted with the deduction of agents commission. A minimum interest is paid to the daily deposit schemes.
Features
- Minimum duration 180 days
- Invest little sums every day
- The amount of denomination once fixed, cannot be changed
- Premature closing is allowed, subject to penalty if any
- Loanees of ASCB can avail the service of Daily collection agent for their loan repayment
- Free SMS Alert on Daily deposit
Procedure to Open an Account
- Passport size color photo (2NOS)
- Identity Proof /Address Proof – Ration Card/Election Identity Card/Pass Port/Driving License/Adhar Card /SSLC Certificate
Loans
Share Linking will be 2% of the Loan Amount
RISK FUND COVERAGE:
Risk Fund coverage up to 3 Lakhs. Principle amount need not be pay back in case of death of the borrower .Rs. 125000 for Chronic illness like , Cancer , Kidney failure, Open heart surgery (Subject to the rules and Regulation of Kerala Co-operative Risk fund Scheme)
Short-Term Agriculture Loans (KCC)
- Loan facility up to 5 lakh
- Given for Agricultural purpose
- 5 year Bond period & Loan duration 12 month
- No hidden Charges
- Risk Fund coverage up to 3 Lakhs.
- Low interest rate@ 6%
- Repayment facility through Electronic Payment System
- Free SMS alert on request
- Those who have proper repayment will get subsidies from the Central Government and State Government
- 3 %interest subsidy from the Central Government and 3% from State Government
KCC Gold Loan
- Loan facility up to 5 lakh
- Given for Agricultural purpose
- 5 year Bond period & Loan duration 12 month
- No hidden Charges
- Risk Fund coverage up to 3 Lakhs.
- Low interest rate@6%
- Repayment facility through Electronic Payment System
- Free SMS alert on request
- Those who have proper repayment will get Interest subsidies up to 3 lakh.
- 3 %interest subsidy from the Central Government and 3% from State Government
KCC JLG Loan
- Loan facility up to 2 lakh
- Given for Agricultural purpose
- 5 year Bond period & Loan duration 12 month
- No hidden Charges
- Risk Fund coverage
- Low interest rate@6%
- Repayment facility through Electronic Payment System
- Free SMS alert on request
- Those who have proper repayment will get Interest subsidies up to 3 lakh.
KCC SHG Loan
- Loan facility up to 5 lakh
- Given for Agricultural purpose
- 5 year Bond period & Loan duration 12 month
- No hidden Charges
- Risk Fund coverage up to 3 Lakhs.
- Low interest rate@6%
- Repayment facility through Electronic Payment System
- Free SMS alert on request
3 %interest subsidy from the Central Government and 3% from State Government
Agri Allied Loans
- Loan facility up to 10 lakh
- Duration 5 YEAR
- Given for Agricultural Allied purpose like poultry farming, Dairy farming , Animal Husbandry, Horticulture , Fisheries etc
- Repayment Module : Monthly(Principle+Interest)
- Risk Fund coverage up to 3 Lakhs.
- Low interest rate@9%
- Repayment facility through Electronic Payment System
- Loan Repayment can be done through NEFT From anywhere in India or Abroad directly to Loan Account
- Free SMS alert on request
Gold Loan
- Express Gold Loan within 5 Minute
- Loan facility up to 90% of Market Value
- Duration 1 month , 3 Month , 6 Month & 12 Months
- Monthly Repayment Facility available
- No hidden Charges
- Insurance coverage of your Gold Ornaments
- Low interest rate 24 Paisa/ Rs.1000
- Repayment facility through Electronic Payment System
Non-Agricultural Loans
All loans offered by Arakkuparamba Service Co-operative Bank for individuals/businesses except for the agricultural sector are non-agricultural loans. This includes personal loans, business loans, vehicle loans, Cash credit loan, Education loans, housing loans, etc… The interest rate for a non-agricultural loan varies depending on the loan tenure, borrowed principal amount, loan type, and more. Any KYC-verified members can apply for non-agricultural loans with associated documents. The loan amount is sanctioned to individuals either under the surety of ‘A’ ‘D’ class members or Govt/Aided salaried employees or by mortgaging immovable property of the loanee/guarantor.
Short-term non Agricultural Loans
- Loan facility up to 50000
- Duration 1 Year
- For principal amount up to ₹50,000, requires only the surety of 2 ’ A Class’ Members
- No hidden Charges
- Risk Fund coverage up to ₹50,000
- Low interest rate
- Share linking will be 2% of the loan amount
- Repayment facility through Electronic Payment System
- Free SMS alert on request
- Repayment Module : Monthly (Principle+Interest)
Medium-term non Agricultural Loans
- Loan facility up to 3 lakh
- Duration 3 Year
- No hidden Charges
- Risk Fund coverage up to 3 Lakhs.
- Low interest rate
- Repayment facility through Electronic Payment System
- Borrowers are free to remit more than one instalment or lumpsum at any time
- Free SMS alert on request
- Repayment Module : Monthly(Principle+Interest)
Documents Required
The following are the documents required for the principal amount above ₹ 50,000.
- Loan Application
- Land Documents ( Aadharam , Adiyadharam , Pattayam )
- Possession Certificate
- Encumbrance Certificate ( Last 30 Years)
- Land Tax Receipts
- Certified Location Map From Village Officer
- Legal Report
- ID Proof of Loanee
Long-term non Agricultural Loans
- Loan facility up to 25 Lakh
- Duration 10 year
- Interest Rate @12%
- No hidden Charges
- Risk Fund coverage up to 3 Lakhs.
- Repayment facility through Electronic Payment System
- Borrowers are free to remit more than one instalment or lumpsum at any time
- Free SMS alert on request
Eligibility
A Class /D class Membership in Arakkuparamba Service Co-operative Bank
Security
The borrower needs to pledge the immovable property of the loanee/guarantor
Documents Required
- Loan Application
- Land Documents ( Aadharam , Adiyadharam , Pattayam )
- Possession Certificate
- Encumbrance Certificate ( Last 20 years)
- Land Tax Receipts
- Certified Location Map From Village Officer
- Legal Report
- ID Proof of Loanee
- Copy of Passport Size Photo (Loanee)
Home Loans
- Loan facility up to 25 Lakh
- Duration 10year
- Interest Rate @9.9%
- No hidden Charges
- Risk Fund coverage up to 3 Lakhs.
- Repayment facility through Electronic Payment System
- Free SMS alert on request
- Repayment Module : Monthly(Principle+Interest)
- Loan Repayment can be done through NEFT From anywhere in India or Abroad directly to Loan Account
Documents Required
- Loan Application
- Land Documents ( Aadharam , Adiyadharam , Pattayam )
- Possession Certificate
- Encumbrance Certificate ( Last 20 Years)
- Land Tax Receipts
- Certified Location Map From Village Officer
- Legal Report
- Approved plan and Estimate for the proposed Home
- ID Proof of Loanee
- Copy of Passport Size Photo (Loanee)
Business Loan
Eligibility
The following are the documents required for the principal amount above ₹ 50,000.
- Loan Application
- Land Documents ( Aadharam, Adiyadharam, Pattayam)
- Possession Certificate
- Encumbrance Certificate ( Last 30 Years)
- Land Tax Receipts
- Certified Location Map From Village Officer
- Project Report for the Proposed Business
- Legal Report
- ID Proof of Loanee
- Copy of Passport Size Photo (Loanee)
Document Required
The following are the documents required for the principal amount above ₹ 50,000.
- Loan Application
- Land Documents ( Aadharam , Adiyadharam , Pattayam )
- Possession Certificate
- Encumbrance Certificate ( Last 30 Years)
- Land Tax Receipts
- Certified Location Map From Village Officer
- Project Report for the Proposed Business
- Legal Report
- ID Proof of Loanee
- Copy of Passport Size Photo (Loanee)
Cash Creadit Loan
Eligibility
Loans shall be sanctioned to the A/D Class members of the bank and the applicant should own the land or plot on which the construction is proposed
- Loan facility up to 10lakh
- Duration 12 Month
- Quarterly compound Interest application
- Cash with draw and deposit any time within the period of loan
- No hidden Charges
- Risk Fund coverage up to 3 Lakhs.
- Loan Repayment can be done through NEFT From anywhere in India or Abroad directly to Loan Account
- Low interest rate
- Repayment facility through Electronic Payment System
- Free SMS alert on request
Document Required
The following are the documents required for the principal amount above ₹ 50,000.
- Loan Application
- Land Documents ( Aadharam , Adiyadharam , Pattayam )
- Possession Certificate
- Encumbrance Certificate ( Last 30 Years)
- Land Tax Receipts
- Certified Location Map From Village Officer
- Legal Report
- ID Proof of Loanee
- Copy of Passport Size Photo (Loanee)
Vehicle Loans
- Loan facility up to 25 Lakh
- Loan Given for the Purchase of New Vehicle
- Duration 7year
- Loan up to 80% of the Price of vehicle
- Collateral security needed
- Risk Fund coverage up to 3 Lakhs.
- Low interest @ diminishing rate
- Repayment facility through Electronic Payment System
- Free SMS alert on request
- Repayment Module : Monthly (Principle+Interest)
- Loan Repayment can be done through NEFT From anywhere in India or Abroad directly to Loan Account
Kudumbashree Loans
- Loan facility up to 10 lakh
- Duration 3 year
- Repayment Module Equal Monthly Installments
- Risk Fund coverage up to 3 Lakhs.
- Low interest rate@9%
- Repayment facility through Electronic Payment System
- Free SMS alert on request
Muttathe Mulla Loans
- Loan facility up to 20 lakh
- Interest rate @9%
- Duration 1 year
- Repayment Module 52 equally weekly installments
- No hidden Charges
- Loan Distribution through Selected Members of Kudumbasree/ Ayalkoottam Groups
- Like wise cash credit Loan withdrawal and deposit possible any time within the Period of loan.
- Repayment facility through Electronic Payment System
- Free SMS alert on request
Self Employment Loans
- Loan facility up to 25 Lakh
- Duration 10 Year
- Repayment Module Monthly EMI
- No hidden Charges
- Risk Fund coverage up to 3 Lakhs.
- Low interest rate
- Repayment facility through Electronic Payment System
- Free SMS alert on request
- Loan Repayment can be done through NEFT From anywhere in India or Abroad directly to Loan Account
Document Required
- Loan Application
- Land Documents ( Aadharam , Adiyadharam , Pattayam )
- Possession Certificate
- Encumbrance Certificate ( Last 30 Years)
- Land Tax Receipts
- Certified Location Map From Village Officer
- Project Report for the Proposed Business
- Legal Report
- ID Proof of Loanee
Gold Loans
- Express Gold Loan within 5 Minute
- Loan facility up to 90% of Market Value
- Duration 1 month , 3 Month , 6 Month
- Monthly Repayment Facility available
- No hidden Charges
- Insurance coverage of your Gold Ornaments
- Low interest rate 24 Paisa/ Rs.1000
- Repayment facility through Electronic Payment System
- Free SMS alert on request