Adarsh credit cooperative society
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Adarsh Credit Co-operative Society is a multi-state cooperative established in 1999 under the Multi-State Cooperative Societies Act, with registered offices in Rajasthan. It offers various deposit schemes including savings plans, bonds, and senior citizen bonds that provide higher interest rates than other financial institutions due to exemptions from certain banking requirements and lower operating costs.
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This document discusses various loan types offered by Adarsh Credit Cooperative Society, including:
1. Long-term loans which make up around 6% of total loans and have a repayment period of over 5 years. This includes Adarsh Home Loans up to Rs. 70 lakhs for house purchase/construction and Adarsh Vyapar Loans for SMEs.
2. Medium-term loans have a repayment period between 15 months to 5 years.
3. Short-term loans must be repaid within 15 months.
Borrowers must hold at least 5% of the society's shares, up to a maximum of 1/5th of their total shareholding capacity. Documentation requirements vary
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This document summarizes the long term deposit policies of the Adarsh Credit Cooperative Society, including details on their fixed deposit schemes, special deposit rates for certain groups, and deposit schemes like Adarsh Chouguna, Adarsh Triple, Adarsh Bachat Patra, and Adarsh Mahila Samridhi Bond. It explains that cooperative societies can offer higher interest rates than commercial banks due to exemptions from reserves like CRR and SLR, and lower costs. The document also outlines deposit schemes like Double Benefit Term Deposit, Fixed Deposits, Star Flexi Recurring Deposit, and Star Sunidhi Tax-Saving Deposit.
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This document discusses various loan types offered by Adarsh Credit Cooperative Society, including:
1. Long-term loans which make up around 6% of total loans and have a repayment period of over 5 years. This includes Adarsh Home Loans up to Rs. 70 lakhs for house purchase/construction and Adarsh Vyapar Loans for SMEs.
2. Medium-term loans have a repayment period between 15 months to 5 years.
3. Short-term loans must be repaid within 15 months.
Borrowers must hold at least 5% of the society's shares, up to a maximum of 1/5th of their total shareholding capacity. Documentation requirements vary
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- A minimum deposit of Rs. 100 is required to open a PPF account. Deposits can range from Rs. 500 to Rs. 1,50,000 annually with a 15-year maturity period.
- Interest on PPF deposits is exempt from income tax and accrues at a rate set by the government annually (currently 8% per annum).
- Account holders can take loans against their PPF deposits from the third year onward and make partial withdrawals from the seventh year.
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Adarsh credit cooperative society
- 1. ADARSH CREDIT CO-OPERATIVE SOCIETY Presented By: Rajul Kharya
- 2. Introduction Established under the Multi-State Cooperative Societies Act, 2002 Began operations in 1999; granted the status of a multi- state cooperative in 2009. Registered Office – District Sirohi, Rajasthan Corporate Office – Udaipur, Rajasthan
- 4. Other Schemes Offers Adarsh Chouguna Scheme Adarsh Triple Adarsh Bachat patra Adarsh Mahila Samriddhi Patra Bond Adarsh 18 Adarsh A-999 Scheme Senior Citizen Bond
- 5. Comparing with Financial Institutions DEPOSIT SCHEMES (5 years and above)
- 6. REASONS FOR HIGH RATE OF INTEREST Income earned is exempted under Section 80P of the Income Tax Act. Cash Reserve Ratio (CRR) is not required to be maintained by Cooperative Societies. Statutory Liquidity Ratio (SLR) is not required to be maintained. Less amount of miscellaneous expenditure and establishment cost