Tenure | Rate of Interest (%) |
365 Days | 9 |
730 Days | 10 |
The tenure of the account is 12 months and above.
a) All Payments to the company shall be made either in cash or by cheque/draft against the receipt counter signed by its authorized signatory payments by any mode are media other than mentioned above shall be at the member account holders own risk. The cheque/draft shall be credited in the name if member account holder subject to clearance by the bank. Outstation cheques shall not be accepted.
b) Installments are to be paid regularly in each working day. The member account holder will have to deposit 30 days payment in the month.
A pass book will be issued to every 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 pass book and receipts duly counter signed by the authorized signatory of the branch office bearing seal. Payment shall be made on the basis of receipts only.
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 below mentioned chart. No additional interest would be paid on the maturity amount. If taken after the scheduled period.
The deposits of Rs.10/- per day maturity amount shall be paid to the member account holder within 7 days from the demand made with the company as per the following chart(for daily mode).
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 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 principle 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 officers.
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 for the period of deposit.