A compulsory saving Deposit account is a savings account in which cooperatives deposit a certain amount continuously on a regular basis for an unlimited time interval i.e. duration of account is not specified. Minimum balance for this account is Rs.500 And cooperatives can operate this account with certain amount divisible by 1000. In this account, interest is calculated daily and capitalized quarterly in the same account. Cheque will not be issued to this savings account. After 3 months of operation of this account, up to 90% of the accumulated deposit can be borrowed. The loan interest rate will be 1 percent more than the interest rate on the related savings.
