Monthly Income Scheme

Monthly Income Scheme- Interest Payment Table - on Deposit Of Rs. 1,00,000/-*

Period Rate of Interest Monthly Income
12 Months 9% 750.00
24 Months 9% 375.00
36 Months 9.30% 258.33
48 Months 9.30% 193.75
60 Months 9.30% 155.00

Terms & Conditions:

  1. Minimum MIS Deposit amount would be of Rs.25,000 and further in multiple of Rs.10,000.
  2. Interest/ Income will be served on Monthly basis as per the scheme opted.
  3. Interest/ Income amount will be subject to TDS as per provisions of the Income Tax Act 1961 and rules made thereunder.
  4. Loan available against MIS Deposit up to 75% of deposited amount after one month from the date of deposit.
  5. Rate of Interest on loan against MIS Deposit would be 6% higher than applicable rate of interest to your deposit.
  6. Rate of Interest for Senior Citizen shall be 0.50 higher than normal prevailing interest rate.
  7. The company reserves the right to reject any application for opening the account without assigning any reason.
  8. The company reserves the right to attach/transfer any account to any its branch.

Loan Facility on Deposits:

  1. Loan available against Fixed Deposit up to 75% of deposited amount after one month from the date of deposit.
  2. Rate of Interest on loan against FD would be 6% higher than applicable rate of interest to your deposit.

Maturity:

  • The Member Account Holder shall surrender the FD Receipt and duly signed maturity form to the company and the maturity shall be paid along with interest as per the applicable scheme of the company.
  • No additional interest would be paid on the maturity amount, if taken after the scheduled period
  • Maturity Amount shall be paid to the Member Account Holder’s saving account with the company within 7 working days from the date of demand made with the company.

Pre-Mature Closure Of Deposits:

  1. Foreclosure of Deposits will not be permitted until completion of 3 months from the date of Deposits.
  2. Deposits foreclosed after 3 months but before 6 months from the date of Deposits no Interest will be paid.
  3. Deposits foreclosed after 6 months, interest at 2% shall be deducted from the normal rate of Simple Interest for the period of Deposit.
* Illustrative calculation of the deposits.