Cosmos Co-operative Bank Ltd. is a private lender that provides its customers with different types of fixed deposit schemes. These schemes let investors earn decent returns at prevailing Cosmos Bank FD rates.
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FD Starts from Rs 2000
Card Limit = 90% of FD
*Rates are subject to change as per the bank's discretion.
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Customers can enjoy the liquidity of savings accounts along with higher returns of a fixed deposit with options like Flexi Fixed Deposit Scheme. There is also the option of saving on income tax by investing in the 80C Tax Saving FD Scheme.
FDs of up to ₹5 lakhs insured by RBI
No hassle of opening a saving account
No documentation
| FD Interest Rates for Cosmos Bank Domestic Deposits (p.a.) | ||
| Tenure | Regular Citizens | Senior Citizens |
| 7 days to 14 days | 3.25% | 3.25% |
| 15 days to 45 days | 3.75% | 3.75% |
| 46 days to 90 days | 3.75% | 3.75% |
| 91 days to 181 days | 4.50% | 4.50% |
| 182 days to 12 months | 5.10% | 5.25% |
| Above 12 months – 18 months | 5.30% | 5.65% |
| Above 18 months – 24 months | 5.30% | 5.70% |
| Above 24 months – less than 39 Months | 5.30% | 5.85% |
| 39 Months (Only monthly / Quarterly payout) | 5.30% | 5.65% |
| More than 39 Months – less than 5 Years | 5.50% | 5.85% |
| 5 years up – 10 years | 5.80% | 6.35% |
| Cosmos Tax Saver Deposit Scheme | 5.80% | 6.35% |
| Flexi Fixed Deposit Scheme | 3.75% | 3.75% |
Note: The above-mentioned fixed deposit interest rates are applicable from 12th April 2021 and are subject to change without prior notice. These rates are applicable for general and senior residents, NRO, institutional and co-operative credit society.
Card limit is 90% of FD Amount
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FCNR deposits are designed to provide benefits of fixed deposits to Non-Resident Indians (NRIs). Deposits can be made in currencies like US Dollar, Japanese Yen, British Pound Sterling, etc. Interest earned on such accounts is tax-free in India.
FCNR B by Cosmos Bank is a non-repatriable one which means funds can neither be transferred to the NRIs country of residence nor can they be converted to other foreign currency. Proceeds of the deposits are credited in the currency they were deposited in the first place.
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| Tenor | USD Applicable | GBP Applicable | EURO Applicable | JPY Applicable |
| 1 year to less than 2 years | $1.47 | £1.38 | €0.74 | ¥1.21 |
| 2 year to less than 3 years | $1.55 | £1.57 | €0.78 | ¥1.23 |
| 3 Years to less than 4 years | $2.75 | £2.73 | €1.84 | ¥2.24 |
| 4 Years to less than 5 years | $2.99 | £2.87 | €1.91 | ¥2.25 |
| 5 Years | $3.22 | £2.98 | €1.99 | ¥2.27 |
RFC or Resident Foreign Currency Deposit is a type of fixed deposit that can be maintained by Indian residents in currencies other than the Indian National Rupee (INR). This type of FD account is ideal for NRIs who have returned to India. They can park their savings in foreign currency without having to convert into INR.
Interest on such deposits is earned in the same currency in which deposits are made. Interest earned is taxable in India unless the depositor qualifies for Resident but Not Ordinary Resident (RNOR).
| Tenure | USD Deposit |
EURO Deposit |
| 1 month to less than 3 months | 0.11 | 0.00 |
| 3 months to less than 6 months | 0.17 | 0.00 |
| 6 months to less than 1 year | 0.20 | 0.00 |
| 1 year to less than 2 years | 1.23 | 0.50 |
| 2 years to less than 3 years | 1.30 | 0.53 |
| 3 years | 1.50 | 0.59 |
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NRE Deposits are the type of fixed deposit accounts where NRIs can invest their foreign earnings. The deposits are made in INR which means the earning first needs to be converted into Indian Rupee and then invest in an NRE term deposit.
These accounts can be maintained as joint accounts with 2 or more NRIs. Both the principal as well as interest earned is tax-free in India.
Interest Rates on NRE Term Deposit applicable w.e.f. 16.03.2021 are as follows:-
| Tenure | Rate of Interest |
| Only 1 year | 5.30% |
| Above 12 months to 18 months | 5.50% |
| Above 18 months 1 Day to 24 months | 5.50% |
| Above 24 months to less than 39 months | 5.50% |
| 39 Months (only monthly/quarterly payout) | 5.50% |
| Above 39 Months to less than 5 years | 5.50% |
| 5 years up to 10 years | 5.80% |
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There are three distinct types of fixed deposit schemes extended by the Cosmos Co-Operative Bank, viz.:
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Details about these FD schemes can be checked further:
This scheme is designed to provide customers with the dual benefit of a savings account and fixed deposit. While the interest rates are higher than that of a savings account, liquidity is offered as a feature of a savings account.
Minimum balance of Rs. 10,000 is to be maintained in the linked savings account. The sweep-in facility is provided where any amount above Rs. 15,000 will be transferred to the fixed deposit account. Same way, if there is a deficit of funds in the savings account, the amount in multiples of Rs. 5,000 shall be transferred from FD.
Detailed information about the scheme is tabulated below:
| Particulars | Details |
| Tenure | 7 days – 10 years |
| Interest Treatment | Interest calculated after 30 days & credited to linked savings A/c |
| Rates for Senior Citizens | Preferential rates at an extra 0.50% |
| Sweep In Facility | Available (Funds transferred from savings A/c and FD created in multiples of Rs. 5,000; if funds cross Rs. 15,000 limits) |
| Features |
|
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This fixed deposit scheme is designed specifically to benefit the taxpayers as per Section 80 C of the Income Tax Act, 1961. Interest earned up to Rs. 1.5 lakh can be claimed under Deductions when filing ITR.
| Particulars | Details |
| Tenure | 5 years |
| Min. Deposit Amount | Rs. 100 |
| Interest Treatment | Interest payout on maturity |
| Rates for Senior Citizens | No additional rates |
| Premature Withdrawal | Not available |
| Loan against FD | Not available |
| Features |
|
This FD scheme is specifically designed to help customers with medical aid whenever required. The amount deposited in this scheme can be withdrawn anytime to pay for hospital bills. It is linked with the savings account in which an average balance of Rs. 5,000/quarter must be maintained.
| Particulars | Details |
| Min. Deposit Amount | Rs. 25,000 |
| Premature Withdrawal | Available |
| Overdraft Facility | Available |
| Features |
|
The bank allows premature withdrawal of funds from the mentioned fixed deposit schemes except 80C Tax Saving FD Scheme. There is a penalty of 1% which is levied on the rate applicable for the tenure for which the deposit was kept with the bank. This Cosmos FD rate is not the same at which FD was booked in the beginning.
Please note that the bank may change rules of penalty from time to time for which depositors are made aware of at the time of booking an FD.
The bank provides its customers with the option of availing loans against fixed deposits to provide for a financial need. The interest rate for such a loan is higher than the Cosmos Bank fixed deposit rate at which FD was initially applied only on the loan amount and not the entire deposit amount in the FD.
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Paisabazaar.com provides FD Calculator which is an online tool to determine the maturity amount on a given deposit amount and tenure at the corresponding Cosmos Bank FD interest rates.
This tool is free to be for multiple times thus one can compare interest to be earned on different combinations of the deposit amount, tenure, and changing FD rates of Cosmos Co-Operative Bank.
Q. What is the maximum rate of interest one can expect when investing in an FD scheme by Cosmos Bank?
Cosmos Bank FD rates are subject to change from time to time. Currently, the highest that the bank is offering for domestic term deposits is 5.50% for a tenure of more than 39 months to less than 5 years.
Q. What is the minimum period for which a Cosmos Bank FD scheme be kept?
Customers can opt to keep their FD scheme in Cosmos bank for a minimum of 7 days which can go up to 10 years at maximum.
Q. How often do the Cosmos Bank FD interest rates change?
FD rates are not absolute values and they change depending on various factors. There is no set pattern on which such changes are made.
