Recurring Deposit

To encourage the savings and regular investment habit, members are offered recurring deposit facility. Under recurring deposits, various schemes will be provided to maximize the returns on the investments. Recurring deposits shall be accepted for a minimum period of twelve months and a maximum period of sixty months. Interest on recurring deposits at a rate not exceeding the maximum rate of interest prescribed by the Reserve Bank of India which the Non-Banking Financial Companies can pay on their public deposits In case of recurring deposits relating to mortgage loans, the maximum period of recurring deposits shall correspond to the repayment period of such loans granted by the company.

Mode of Payment

All payments to the company shall be made either in cash or by cheque or draft or NEFT 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. The cheque or draft or NEFT shall be credited in the name of member Account Holder subject to clearance by the bank. Out station cheques shall not be accepted

Terms & Conditions:

• It is mandatory to be a member in the company.
• Interest will be calculated on yearly basis.
• Loan on deposits will be charged at 14.99% yearly compound interest basis.
• Recurring Deposit minimum amount Rs 500/-, thereafter in multiples of Rs 100/-­
• 1 month after paying last installment or maturity amount due dates 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 irregular deposits if all irregular pending deposits are paid then such account will be treated as regular. 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 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.
• R.D. will not be premature within first 6 month.
• If R.D. is matured after 3 month but before 6 month no interest will be paid.
• If any person premature its R.D then the person will be paid 1% , less of maturity interest after 6 months to 60 months.