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MDS

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MDS (CHITTY)

Beneficial to all sorts of customers, Group Deposits are an attractive scheme similar to Chit fund schemes proposed by the Bank. Any member of the Bank can join the scheme, as per the terms and conditions in the approved subsidiary regulations. Members shall be categorized into different Groups of members and the scheme will be projected for the stipulated term of months. On its maturity, the amount will be refunded to the depositor with Interest. The loan will be issued to members under this scheme up to a maximum of 70% of the Group Scheme, Interest will be charged and security should be offered.

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Benefits of MDS

  • MDS can be used as  savings for all types of people, including traders, business people, self-employed people, etc. 
  • Compared to other sources of cash or loans in the financial market, Chitty can be utilized as a low-cost form of loan by all individuals.
  • With the help of MDS, any future financial requirements and goals may be simply anticipated and achieved.
  • According to Indian tax regulations, traders can use chit funds as the least expensive source of capital for business purposes, and net outflow in chitty is a deductible business expense.
  • MDS can be used as an investment. The prize money may be invested or used for other investment or profitable purposes.
  • In contrast to other banking or financial products, the effect of inflation will be essentially nonexistent in chitty because the corpus is paid back far before  chitty’s termination date.
  • In the MDS plan, tenure or duration and denomination are flexible. An individual can choose the tenure or installment amount depending on his needs and capacity.
  • Enrolling in a MDS for the right length of time will ensure that you can meet all of your future financial goals and needs, including those related to construction of home, purchase of assets, foreign travel, children’s education or marriages, medical expenses, retirement planning and so on
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