Repatriates Co-operative Finance and Development Bank launches Deposit Scheme

News »

Repco Bank launches Deposit Scheme

The Repatriates Co-operative Finance and Development Bank Limited (Repco Bank), under the Union Ministry of Home Affairs, will launch a deposit scheme, ‘Repco 40 plus’, for retail/individual depositors and also open five skill development centres to train women SHG members on November 21.

Repco Bank Assistant General Manager A. G. Venkatachalam told The Hindu that the ‘Repco 40 plus’ would be a six-month scheme offering an interest of 8.50 percent payable on maturity.

“The interest rate is highest among the government/public sector financial institutions,” he added.

Under the scheme, deposits ranging from Rs. 10,000 to Rs. 5 lakh would be accepted for a period of 40 days starting November 21 from individuals alone.

Mr. Venkatachalam said that five training centres for skill development of Self Help Group members, to be inaugurated on November 21, were situated at Erode, Tiruchi, Thanjavur, Pudukottai and Tiruvallur.

“These centres will be operated by Repco Foundation for Micro Credit, a body constituted under Repco Bank,” he added.