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What
is the Mutual Aid Flexi Deposit Scheme?
The
Mutual Aid Flexi Deposit Scheme is a scheme opened
to any person who wishes to save money monthly
for a determined period of not less than five
years for the realisation of a specific project
like educational expenses, house construction,
purchase of land, wedding expenses, overseas travel,
medical expenses, purchase of car, etc...
What
amount can be deposited?
The
initial deposit shall not be less than Rs500 and
hereafter in multiples of Rs100. The contributor
to the scheme is given the flexibility to make
deposits of a fixed amount monthly, to vary the
deposit, or to deposit any amount at any time
depending on his financial situation.
How
long can I keep the deposit with Mutual Aid?
An
individual account under this scheme shall run
for a period of not less than five, ten, fifteen and twenty years. This flexible five year deposit plan allows money back option (i.e. capital + accrued interests) after each five years.
Who
can join?
The
scheme is opened to members of the Association
and the general public as well.
How
can i contribute?
Contribution
can be made on a monthly basis or in a lump sum
through:
- Check
off from salary for members of the Association
or other employees in the public sector
- Bank
standing order for the public
- Cash
/ cheque payment
- Bank
transfer - Bank A/c No.:
What are the advantages of the scheme?
-
A minimum interest rate of 2% above the ordinary
bank savings rate is guaranteed; the applicable
interest rate shall be adjusted in case of any
change in the bank savings rate. For period exceeding 5 years, the interest rate increases. For different periods, benefits payable on maturity and early withdrawal are as follows:
SN. |
PLAN |
BENEFITS ON MATURITY |
BENEFITS ON EARLY WITHDRAWAL |
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1 |
5 years contribution |
100% capital contribution + accrued interest at 2% above savings rate. |
e.g., say withdrawal on 3 years:
100% capital contribution + accrued interest at savings rate. |
|
2
|
10 years contribution |
100% capital contribution + accrued interest at 2.5% above savings rate. |
e.g., say withdrawal on 7 years:
Benefits for 1-5 years = 100% capital + accrued interest at 2% above savings rate.
Benefits for > 5 years - 7 years = 100% capital + accrued interest at savings rate. |
|
3
|
15 years contribution |
100% capital contribution + accrued interest at 3.0% above savings rate. |
e.g., say withdrawal on 12 years:
Benefits for 1-10 years = 100% capital + accrued interest at 2.5% above savings rate.
Benefits for > 10 years - 12 years = 100% capital + accrued interest at savings rate. |
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4
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20 years contribution |
100% capital contribution + accrued interest at 3.5% above savings rate. |
e.g., say withdrawal on 17 years:
Benefits for 1-15 years = 100% capital + accrued interest at 3.0% above savings rate.
Benefits for > 15 years - 17 years = 100% capital + accrued interest at savings rate. |
- The
scheme helps to realise a specific project
- It
encourages people to save for the future
- It allows withdrawal of accrued interest only (money back) on maturity and re-investment of capital for further period up to 20 years.
- The rate of return is guaranteed.
Can
I withdraw my deposit at any time?
Yes
- For
accounts held for 5 years or more or in case
of death, full benefits are payable.
-
For accounts for a period of less than 5,10,15 & 20 years,
the applicable interest rate will be adjusted
and will not be in any case less than the ordinary
bank savings rate.
Save As You Earn
&
Realise Your Dream
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