Tulasi Multipurpose Co-operative Ltd.
Tulasi Multipurpose Cooperative Limited is one of the leading financial, savings, multipurpose cooperative group. Established on 2052 B.S., It holds a large number of costumers, consumers and members. It now comprises 14,000 members and is expanding its various activities into all districts in eastern region of Nepal, Undoubtedly, topmost multipurpose organization of the nation.
A major player in financial institutions in its area, Tulasi Co-op provides, on a day-to-day basis, technical, economic and environmental support for its members on their holdings. The Company aims to create sustainable added value for its members.
With its 2 branches 100+ employees and all its partners, Tulasi processes and markets various goods. It has processing facilities to the main commodity production areas or major areas of consumption. The company pays great attention to customer expectations and consumer needs, building its reputation on major brands: Upakar Tea, Bidhata rice, Rani Mahal rice, Tulasi Motor Pump (Mono-block & Self priming), Shikhar Tractor (Power Tiller & Mini Tiller)
The account which is opened for a particular fixed period (time) by depositing particular amount (money) is known as Fixed (Term) Deposit Account.
The term ‘fixed deposit‘ means that the deposit is fixed and is repayable only after a specific period is over.
Under fixed deposit account, money is deposited for a fixed period say six months, one year, five years or even ten years. The money deposited in this account cannot be withdrawn before the expiry of period.
The rate of interest paid for fixed deposit vary (changes) according to amount, period and from bank to bank.
Features of Fixed Deposit Account ↓
The main features of fixed deposit account are as follows: –
- The main purpose of fixed deposit account is to enable the individuals to earn a higher rate of interest on their surplus funds (extra money).
- The amount can be deposited only once. For further such deposits, separate accounts need to be opened.
- The period of fixed deposits range between 15 days to 10 years.
- A high interestrate is paid on fixed deposits. The rate of interest may vary as per amount, period and from bank to bank.
- Withdrawals are not allowed. However, in case of emergency, banks allow to close the fixed account prior to maturity date. In such cases, the bank deducts 1% (deduction percentage many vary) from the interest payable as on that date.
- The depositor is given a fixed deposit receipt, which depositor has to produce at the time of maturity. The deposit can be renewed for a further period.
Advantages of Fixed Deposit Account ↓
The advantages of fixed deposit account are as follows: –
- Fixed deposit encourages savings habit for a longer period of time…
- Fixed deposit account enables the depositor to earn a high interest rate.
- The depositor can get loanfacility from the bank.
- On maturity, the amount can be used to make purchases of assets.
- The bank can get the funds for a longer period of time.
- The bank can lend such funds for short term loans to businessmen.
- Fixed deposits indirectly boost economic development of the country.
- The bank can also investsuch funds in profitable areas.
Commercial banks (like Nepal Bank Limited, Rastriya Barnijya Bank Limited, Krishi Bikash Bank Limited etc.), co-operative banks (like Goodwill, Shikhar Deep, etc.), and postal departments accept deposits by way of opening saving bank account with them.
The ‘saving account‘ is generally opened in bank by salaried persons or by the persons who have a fixed regular income. This facility is also given to students, senior citizens, pensioners, and so on.
Saving accounts are opened to encourage the people to save money and collect their savings.
In Nepal, saving account can be opened by depositing NRS.100 (approx. US $1) to NRS. 5000 (approx. US $50). The saving account holder is allowed to withdraw money from the account as and when required. The interest which is given on saving accounts is sometime attractive, but often nominal.
At present, the rate of interest ranges between 4% to 6% per annum in Nepal. The interest rates vary as per the amount of money deposited (lying) in the saving bank account, scheme opted, and its maturity range. It is also subject to current trend of banking policies in a country.
Features of Saving Account ↓
The main features of saving account in bank are as follows:
- The main objective of saving account is to promote savings.
- There is no restriction on the number and amount of deposits. However, in Nepal, mandatory PAN (Permanent Account Number) details are required to be furnished for doing cash transactions exceeding NRS. 100,000.
- Withdrawals are allowed subject to certain restrictions.
- The money can be withdrawn either by cheque or withdrawal slip of the respective bank.
- The rate of interestpayable is very nominal on saving accounts. At present, it is between 4% to 6% p.a in Nepal.
- Saving account is of continuing nature. There is no maximum period of holding.
- A minimum amount has to be kept on saving account to keep it functioning.
- No loanfacility is provided against saving account.
- Electronic clearing System (ECS) or E-Banking are available to pay electricity bill, telephone bill and other routine household expenses.
- Generally, equated monthly installments (EMI) for housing loan, personal loan, car loan, etc., are paid (routed) through saving bank account.
Advantages of Saving Account ↓
The advantages of saving account are as follows:
- Saving account encourages savings habit among salary earners and others who have fixed income.
- It enables the depositor to earn incomeby way of saving bank interest.
- Saving account helps the depositor to make payment by way of issuing cheques.
- It shows income of a salaried and other person earned during the year.
- Saving account passbook acts as an identity and residential proof of the account holder.
- It provides a facility such as Electronic fund transfer (EFT) to other people’s accounts.
- It helps to do online shopping via facility like internet banking.
- It aids to keep records of all online transactions carried on by the account holder.
- It provides immediate funds as and when required through ATM.
- The bank offers number of services to the saving account holders.
Recurring deposit account is generally opened for a purpose to be served at a future date. Generally opened to finance pre-planned future purposes like, wedding expenses of daughter, purchase of costly items like land, luxury car, refrigerator or air conditioner, etc.
Recurring deposit account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate.
In recurring deposit account, certain fixed amount is accepted every month for a specified period and the total amount is repaid with interest at the end of the particular fixed period.
Features of Recurring Deposit Account ↓
The main features of recurring deposit account are as follows: –
- The main objective of recurring deposit account is to develop regular savings habit among the public.
- In Nepal, minimum amount that can be deposited is Rs.10 at regular intervals.
- The period of deposit is minimum six months and maximum ten years.
- The rate of interest is higher.
- No withdrawals are allowed. However, the bank may allow to close the account before the maturity period.
- The bank provides the loan facility. The loan can be given up to 75% of the amount standing to the credit of the account holder.
Advantage of Recurring Deposit Account ↓
The advantages of recurring deposit account are as follows: –
- Recurring deposit encourages regular savings habit among the people.
- Recurring deposit account holder can get a loan
- The bank can utilize such funds for lending to businessmen.
- The bank may also invest such funds in profitable areas.
- Satisfy and anticipate customer and consumer needs for agricultural and food services and products.
- Create value to:
- ensure the development of the Group,
- help in the success of responsible cooperative members, especially through profitable and sustainable production rights.
- Respond to the expectations of society as a whole by promoting the Group’s baseline regions and by developing efficient farming while respecting the environment and people.
- Help to develop the skills of the Group’s employees.
To promote its long-term Vision, Tulasi Multipurpose is pursuing a three-part strategy:
- To be a multi-specialist in the agricultural and other sectors to ensure the future of the Group;
- To expand into international markets to win growing markets;
- To be innovative in order to develop responsible and efficient agriculture and to anticipate the requirements of tomorrow’s consumers.
- Empowerment through co-operation
- Diversity and Social Justice
- Physical, Emotional and Financial Security
- Environmental sustainability.
- The provision of secure, affordable and well-managed housing.
- An engaged, well informed and active membership as the foundation of a strong co-operative.
- Advance the Growth Strategy to increase the supply of affordable housing and strengthen Tulsi Co-op
- Enhancement of strong and productive partnerships.
- Ongoing effective and responsive governance of a sustainable organization.
- Advocacy for increased affordable housing and promotion of housing co-operatives.
Co-operative Core Values & Principle
Tulasi Multipurpose Co-operative Ltd. is convinced that the co-operative model is an effective reply to the economic, social and environmental challenges of today and tomorrow.
The energies of its members, employees and partners, who work together for corporate efficiency and the vitality of its regions, are combined under this model. TMCPL remains loyal to its history and culture with three major values – durability, proximity and solidarity.
- Encourage long-term reflection and action.
- Build and ensure the future through innovation and performance.
- Take the diversity of members into account by providing them with customized responses.
- Listen to consumers and customers
- Cultivate the trust and desire for joint success.
- Develop balanced, lasting relations with the various stakeholders in its environment.
A link between farmers, consumers and society, Tulasi Multipurpose Co-operative Ltd. supports responsible and efficient agriculture in order to satisfy its clients and consumers while contributing to the success of the Cooperative’s 15,000+ members. The Tulasi Multipurpose aims to meet the challenges of growth in the demand for food, business and the ecological requirements of society by developing habit of savings.
Tulasi Multipurpose Co-operative Ltd. was registered in 2052 B.S. which is gradually building up an efficient financial group of regional and national businesses, all leaders in their respective sectors. The creation of company is the culmination of more than two decades of history of agricultural cooperatives in Eastern Nepal.
With major brands major brands: Upakar Tea, Bidhata rice, Rani Mahal rice, Tulsi Motor Pump (Mono-block & Self-priming), Shikhar Tractor (Power Tiller & Mini Tiller) Company provides goods that consumers require.
The tremendous growth in various economic activities, agricultural production, business organizations, in the region is due to Tulasi’s Technical, Economic, Moral support to costumers, inspired those remaining to organize themselves into strong, structured organization. They were thus able to make a drastic change in the economy.