On Deposit of Rs. 1,000/-
||Rate of Interest
Tenure of Payment.
The tenure of the account is 15 months and above.
Mode Of Payment.
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.
Issue of Passbook.
A passbook will be issued to every RD/DD 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
Term & Conditions.
- • Interest will be calculated on yearly basis.
- • Recurring Deposit minimum amount Rs 500/-, thereafter in multiples of Rs. 1,00/-
- • Loan on deposits will be charged at 20% yearly compound interest basis.
- • Lapse on payment of installment amount will make the defaulter pay Rs. 3 per
100 per month with installment amount.
- • 1 month after paying last installment or maturity amount due date
whichever is more will be applicable for payment of maturity amount
- • Irregular deposits are not entitled for pre mature payment
and loan facility against it.
- • On irregular deposits if all irregular pending deposits are paid then
such account will be treated as regular. Even if there is default in
payment of 1 installment, the said account will be treated as irregular.
- • After maturity date, payment on irregular accounts will be made after
deducting the penalty amount maximum to the limit of interest earned on
such account. No deductions will be made on principle amount of such
Loan facility on Recurring Deposits.
- • On 24 month and 36 month deposit schemes, after 1 year (after
receiving of 12 installments) loan up to 60% of deposited amount will
- • On 48 month and 60 month deposit schemes, after 1.5 years (after
receiving of 18 installments) loan up to 60% of deposited amount will
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.