MMDS

Money Multiplier Deposit Scheme (MMDS)-The deposit multiplier is the maximum amount of money a society can create in the form of checkable deposits for each unit of money of reserves. This figure is key to maintaining an economy’s basic money supply.

• Double       60 months

• Triple       95 months

• Four times       120 months

• Five times       139 months

• Ten times       198 months

NOTE :-
• The society does not make TDS on the interest paid or credited to its members as it is exempted under Income Tax Act.
• The Interest received by members from the society is taxable under Income Tax Act, if members’ total income exceeds the limit prescribed in the Income Tax Act.
• In case of prematurity payment of term deposit, interest shall be calculated and paid as per Optional Deposit A/c (Savings).
• Interest on Optional Deposit A/c is calculated on minimum balance in the account between 11th to last date of the month.