Recurring Deposit
Tenure of Payment:-
The tenure of the account is 12 months and above
Mode of Payment:-
All payments to the company shall be made either in case or by cheque/draft against the
receipt counter singed 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/dreft
shall be credited in the name of menber 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 member Acccount Holder.The Member Account Holder
shall get the pass book updated et regular intervals.If any discrepany or difference in
the amount is found between the entires made in the passbook and receipts duly
countersinged by the authorized signatory of the branch office bearing shall bemade on
the basis of receipts only.
Terms and Conditions:-
- Interest will be calculated on yearly basis.
- Recurring Deposit minimum amount Rs 100/-,thereafter in multiples of Rs 100/-
- Loan on deposits will be charged at 18% yearly compound interest basis.
- Lapse on payments of installment amount will make the defaulter pay Rs 2 per 100 per
month with installment amount.
- 1 mpnth 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 irregulsr deposits if all irregular pending deposits are paid then such account
will be treated as redular.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 desucating the
penalty amount maximum to the limit of interest earned on such account.No deductions
will be made on principle amount of such accounts.
Loan facility on Recuring Deposits :
- On 24 month and 36 mpnth deposit schmes,after 1 year (after receving of 12
installments) lan up to 60% of deposited amount will be given.
- On 48 month and 60 mpnth deposit schmes,after 1.5 year (after receving of 18
installments) lan up to 60% of deposited amount will be given.
Pre Mature Closure of Deposits:-
Fore closure of Deposit will not be premitted until completion of 3 months from the date
of deposits.Deposits fore closed after 3 months but before 6 months from the date of
Deposits foreclosed after 6 months.Interest at 2% shall be deducted form the normal rate
of simple interest for the period of Deposit.
Nomination
Nomination facility available for deposits. There can be only one Nominee for a deposit
account whether held singly or jointly. Applicants can make nomination by filling up the
prescribed form. The nomination details can be changed during the account by filling up
the prescribed form.