Reccurring Deposits
KYC norms as applicable to SD shall remain unchanged for opening Recurring Deposits RD shall be maintained by a member with an initial minimum deposit of Rs.100/- and above without any limit but in multiples of Rs,100/-.Period for which RD shall be for a minimum of 12 months but not beyond a period of 60 months. Against this RD, a Member can avail of loan up to the maximum limit of 70% of the balance so maintained on the date of intention to avail of the loan so availed against this RD shall carry an interest rate of 2% more than the actual interest paid by the company.
In a recurring deposit a person invests a fixed amount every month for a specified duration. At the end, he gets back his investment and interest accrued. A recurring deposit earns interest at same rates as a fixed deposit. Money invested in a recurring deposit account earns compound interest on a Monthly basis. Interest is paid only on maturity.
| Maturity Range |
General ROI |
Senior Citizen ROI |
| 1 - 5 Year |
9.00% |
9.00% |
| Special 1-5 year |
10% |
10% |
Salient features of the scheme are:
<• Attractive & Assured Returns
- Nomination facility available.
- A recurring deposits can be accepted for a minimum of 12 months and a maximum of 60 months
- Amount as low as Rs.100/- per day can be saved Monthly.
- No tax will be deducted for the interest on the deposit.(Kindly submit 15G & 15H Forms at our branch)
- Loans up to a maximum of 75% of the balance in the RD account available.
- Interest Rates for Loan On Deposits
- Mode Of payment: - Cash OR Cheque.
Terms & Conditions
- Interest Not applicable for this month even if depositor failed to deposit the specified amount on specified date.
- Interest will be compounded on quarterly basis
- Every month 1st to 10th will be collected of instalment amount from RD customer
- Deposit account can be closed prematurely subject to certain conditions.
- Interest Rates for Recurring Deposits Per annum.
- If there is default in payment of one instalment than the account will be treated as irregular account.
- After the 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 principal amount of such accounts
- The rates of interest are as fixed by the TBF Nidhi Ltd from time to time.
- For More Details approach your TBF Nidhi Ltd.
Application in the TBF Nidhi Ltd's prescribed form.
- Proof of Identity and address as per KYC Norms.(Copy of Family / Ration Card ,Voter Id , Driving Licence , Pan card , Gas Connection , )
- Photograph of Depositor/s (2 copies).
- Terms & Conditions apply and all deposit plan only for members / Share holders.
- Mandatory to complete the KYC forms
- Mandatory to provide Permanent address and telephone numbers
Eligibility
- Individuals, Joint accounts, Minor accounts, Illiterates, Pvt Ltd , Government Departments,, Non-Corporate bodies viz.
Other Facilities
- SMS Alert, Mobile Spot Collection, Safe Lockers, Pass book Cheque Collection etc.
