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Coop bank extends term deposit scheme

CUTTACK: The Cuttack Urban Cooperative Bank Limited, which was recently recognised by the RBI as one of the progressive urban banks in Eastern India, has come out with an attractive puja offer of giving a maximum 10.5 percent interest on recurring term deposit for two years.

“Following good response to our scheme that was launched on Ganesh Puja on September 14 and was to close on Durga Puja on October 21, we have extended it to till Kali Puja on November 9,” bank president Sajjan Sharma said. The bank also decided to offer more interest than that of other nationalised and private banks on any fixed deposits, he added.

Having a strong network of 27 branches in the districts of Cuttack, Jagatsinghpur and Jajpur, the bank now has a total deposits of Rs 292 crores which was Rs 266 crores in September 2006. The bank now hopes to increase its deposits to Rs 350 crores by the end of current fiscal, Mr. Sharma said. The bank that was in deep trouble about a decade ago has completely made a turnaround over the years improving its deposits, reducing the NPA and increasing its loan collection. “With a view to making the depositors of the bank as the benefactors, we have taken a policy decision to make all our depositors as shareholders", Mr. Sharma said.

He said the the bank’s ‘Urban Laxmi Deposit Scheme’ was a grand success The Urban Bank would venture into insurance sector very soon, he added.

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