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 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

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.
• The scheme helps to realise a specific project
• It encourages people to save for the future

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 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