- • The minimum denomination of the scheme is Rs.50/- per day and in
multiples of 50.
- • The company reserves the right to reject any application for opening
the account without assigning any reason.
- • The company reserves the right to attach/transfer any account to any
- • Defaulters will be charged at the rate of Rs. 3/- per Rs. 100/- per
||Rate of Interest
Tenure of Payment.
The tenure of the account is 12 months and above.
Mode Of Payment.
(A):- All payments to the company shall be made either in cash or by
cheque/draft against the receipt countersigned by its authorized signatory
payments by any mode or media other than mentioned above shall be at the member
account holder’s own risk. The cheque/draft shall be credited in the name of
member Account Holder subject to clearance by the bank. Out station cheques
shall not be accepted.
(B):- Installments are to be paid regularly in each working day. The member
account holder will have to deposit 30 days payment in the month.
Issue of Passbook.
A passbook will be issued to every Member Account Holder. The Member Account
Holder shall get the pass book updated at regular intervals. If any discrepancy
or difference in the amount is found between the entries made in the passbook
and receipts duly countersigned by the authorized signatory of the branch
office bearing seal. Payment shall be made on the basis of receipts only.
The Member Account Holder shall surrender the passbook and duly signed
maturity form to the company and the maturity shall be paid along with
interest as per the below mentioned terms. No additional interest would
be paid on the maturity amount, if taken after the scheduled period.
Maturity payment of regular Accounts:-
On deposit of Rs. 50/- per day Maturity Amount shall be paid to the Member
Account Holder within 7 days from the demand made with the company as per
the following chart(for daily mode).
Maturity Payment of irregular Accounts.
The account where in the member Account Holder has not continued the account
regularly, as specified in clause (1) above would be treated as irregular
Account. The company will charge liquidated damages on these irregular
accounts on account of non receipt of deposit installments in time and the
resultant loss of investment opportunity, etc. The liquidated damages would
be deducted from or adjusted against the interest amount payable to the
member account holder. No deduction of any kind shall be made from the
principal amount deposited by the member account holder. Therefore, at the
time of maturity, the payment in these accounts shall be made with interest
as per the chart available at the company offices.
Pre Mature Closure of Deposits.
Fore closure of Deposits will not be permitted until completion of 3 months
from the date of Deposits. Deposits foreclosed after 3 months but before
6 months from the date of Deposits no Interest will be paid. Deposits
foreclosed after 6 months, interest at 2% shall be deducted from the
normal rate of Simple Interest for the period of Deposit.
* Terms & condition
apply and all deposit plan only for members/shareholders.