Depositors of Karuvannur Service Cooperative Bank will start getting their money under the first relief package from November 1.
While fixed deposits up to ₹1 lakh can be renewed or withdrawn totally, deposits above this amount can be withdrawn partially with interest. People with savings accounts can withdraw an amount up to ₹50,000.
As per the package, 21,190 of the 23,688 savings account holders can withdraw money totally from their account. The rest 2,498 can partially withdraw money.
Of the 8,049 people with fixed deposits, 3,770 can withdraw deposits totally along with interest. Others can withdraw their deposits partially along with interest. The bank has a deposit of ₹282 crore through savings and fixed deposits, according to Karuvannur bank administrative committee chairman P.K. Chandrasekharan.
Under the relief package, matured fixed deposits from ₹50,000 to ₹1 lakh can be withdrawn from November 1. Matured deposits up to ₹50,000 can be withdrawn from November 11.
People can withdraw up to ₹50,000 from their savings accounts from November 20. Depositors with matured deposits above ₹1 lakh can withdraw money partially along with interest from December 1.
The State government along with the Cooperative department and the administrative committee of the Karuvannur bank prepared the first relief package.
The money was pooled by a consortium of primary cooperative banks in the district; co-operative welfare board; from deposits of the Karuvannur bank in Kerala Bank and other cooperative institutions; and though collection of loans arrears. Money through the deposit campaign also will be used for this, said the bank administrative committee. So far an amount of ₹5 crore has been sanctioned as loan from the Cooperative Development & Welfare Board, it added.
