Fixed deposits shall be accepted for a minimum period of twelve months and a maximum period of sixty months. Interest on fixed 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, Present rate of interest for the fixed deposits are displayed below.
| Duration | Rate of interest |
|---|---|
| 12 months | 7.50% |
| 12 months to 24 months | 7.75% |
| 24 months and above | 8.00% |
*For senior citizen rate of interest for the fixed deposits is 1.00% extra.
Fixed deposits can be used as security to avail a loan. One member can pledge the FD to another member’s loan. All the other rules will be applicable as per Nidhi company’s guidelines.
Terms & Conditions:
- It is mandatory to be a member in the company.
- Minimum FD would be of Rs.10000 and further in multiple of Rs. 1000.
- Interest calculation yearly compound.
- TDS to be deducted on interest. Paid by Dhanabandhavya Nidhi Limited on Deposit as per provisions and Income tax Act.
- Loan available against deposits up to 80% of deposited amount after one month from the date of deposit.