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Benefits of Recurring Deposit

Safe investment – Recurring deposits carry no risk or very little at all. Choose a stable and secure Nidhi Company to ensure that your money is safe. Recurring deposits are just a simple investment of your money and do not dabble in the markets. Therefore the interest rate will not fluctuate and you do not stand to lose any money.

Earn while you save – Your deposit will earn interest from your first contribution. The interest accumulated will increase through your tenure. The longer you invest, the more interest you will earn.

Lump sum payout – At the end of the RD tenure, you will receive a lump sum of cash. This amount includes your contribution plus the interest earned. You can use the money to reinvest it or spend it on what you were saving for.

Loan Offers – When you have an RD with a Nidhi Company, you sometimes get pre-approved loan offers. In other cases, your loan applications will be given preference and your processing might be faster. In addition to this, banks offer concessional interest rates on loans as well.

Tenure of Payment:- 

The tenure of the account is 12 months and above. 

Mode of Payment:- 

All payments to the company shall be made by cash, Demand Draft, Cheque, ECS, and Net Banking 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. 

Issue of Passbook 

A passbook will be issued to Recurring Deposit Account Holder. The Member Account Holder shall get the pass book updated at regular intervals. If any discrepancy or difference in the amount is found between the entries made in the passbook and receipts duly countersigned by the authorized signatory of the branch office bearing seal. Payment shall be made on the basis of receipts only. 

Terms & Conditions:- 

Interest will be calculated on yearly basis. 

Recurring Deposit minimum amount ₹ 200/-, thereafter in multiples of ₹ 100/- 

Loan on deposits will be charged at 18% yearly compound interest basis. 

Lapse on payment of premium amount will make the defaulter pay ₹ 2 per 100 per month with I premium amount. 

1 month after paying last premium or maturity amount due date 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 1st Premium, 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. 

Loan facility on Recurring Deposits: 

On 24 month and 36 month deposit schemes, after 1 year (after receiving of 12 Premiums) 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 80% of deposited amount will be given 

Pre Mature Closure of Deposits:- 

Fore closure of Deposits will not be permitted until completion of 3 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.