RECURRING DEPOSIT SCHEME

A Passbook will be issued to each member/ account holder. Payment will be made after authenticating the party ledger. Passbook & Receipts.

1.) It is mandatory to be a member of the company.
2.) Interest will be calculated on a yearly Basis.
3.) Recurring Deposit Minimum amount is Rs 500 and in multiples of Rs 100/- thereafter.
4.) Loan of Deposits will be charged at 18% yearly compounded interest basis.
5.) Maturity will be paid after one month after receiving the last installment.
6.) Irregular deposits are not entitled for pre mature payment and loan facility on such account will not be applicable.
7.) On Irregular deposits if all pending installments are paid then such account will be treated as regular .Even one installment delay will be treated as irregular account. Lapse on payment of installment will attract a penalty of Rs 2 per 100 per month with installment amount.
8.) After maturity date, payment on irregular accounts will be made after deducting the penalty amounts maximum to the limit of interest earned on such accounts. No deductions will be made on the principle amount of such accounts.
9.) There will be no pre maturity of any R.D accounts for the first 3 months durations.
10.) If pre maturity is applied after 3 months and before 6 months no interest will be paid.
11.) If pre maturity is applied after 6 month till 60 months there will be a deduction of 2% on the interest amount.