Daily Deposit Scheme on Deposit of Rs. 100/- Per Day
| Period |
Rate Of Interest |
| 12 Months |
7.00% |
| 24 Months |
7.50% |
| 36 Months |
8.00% |
| 48 Months |
8.50% |
| 60 Months |
9.00% |
Tenure of Payment:
The tenure of the account is minimum 12 months and maximum 60 months.
Mode of Payment:
- All payments to the company shall be made in cash 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.
- 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 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.
Terms & Conditions:
- Interest will be calculated on compounded quarterly basis.
- Daily Deposit minimum amount will be Rs 100/-, thereafter in multiples of Rs 50/-
- Default/Penalty Charges on payment of installment/ DD Amount will make the defaulter pay Rs 5 per 100 per 15 Days with installment/DD 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.
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.
Pre-Mature Closure Of Deposits:
- Foreclosure 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.