The member will deposit a fixed installment every month for a fixed period and will earn a cumulative return with interest as per the plan.
(On Deposit of Rs. 1000/- per Month)
The member will deposit a fixed installment every month for a fixed period and will earn a cumulative return with interest as per the plan.
(On Deposit of Rs. 1000/- per Month)
# | Period | Rate of Interest | Maturity Amount |
---|---|---|---|
1 | 12 Months | 9.50% | 12,609/- |
2 | 24 Months | 10.50% | 26,675/- |
3 | 36 Months | 11.50% | 42,767/- |
4 | 48 Months | 12.00% | 61,015/- |
5 | 60 Months | 12.50% | 82,115/- |
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 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/draft shall be credited in the name of member Account Holder subject to clearance by the Bank.
b) Out station cheques shall not be accepted.
On 24 month and 36 month deposit schemes, after 1 year (after receiving of 12 instalments) loan up to 60% of deposited amount will be given.On 48 month and 60 month deposit schemes, after 1.5 years (after receiving of 18 instalments) loan up to 60% of deposited amount will be given.
Foreclosure of deposits will not be permitted until completion of 6 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.