Terms & Conditions:
- Interest will be calculated on Yearly basis.
- Recurring Deposit minimum amount will be Rs 200/-, thereafter in multiples of Rs 100/-.
- Loan on recurring deposits will be charged at 18%.
- Lapse/ Default charges on payment of installment/ RD Amount will make the defaulter pay Rs 5% per month with installment 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. However, if there is default in payment of even 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 accounts.
- Rate of Interest for Senior Citizen shall be 0.50 higher than normal prevailing interest rate.
- Interest amount subject to TDS as per provisions of the Income Tax Act 1961 and rules made thereunder.
- 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 its branch.
Issue of Passbook:
- A passbook will be issued to every Member Account Holder.
- The Member Account Holder shall be liable to get the pass book updated at every month end and get it tailed with the ledger of the company.
- 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.
Loan Facility on Recurring Deposits
On 24 month and 36months deposit schemes, after 1 year (after receiving of 12 instalments without any default), loan up to 60% of deposited amount will be given as per company’s policy and defined interest rate.
Maturity
- 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 applicable scheme of the company.
- No additional interest would be paid on the maturity amount, if taken after the scheduled period
Payment of Maturity Amount
Maturity payment of regular accounts.
The accountwhere in the member Account Holder has continued the account regularly, 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.
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.
* Illustrative calculation of the deposits.
