Daily cash deposit offered by us is to spur individuals to save even smaller amounts consistently. It will be beneficial for salaried/business people and even for children. Customers can save as per their convenience on a daily or weekly basis. To make it even convenient we would send our agent to collect your savings on daily or weekly basis based on your choice of scheme.
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The tenure of the account is 12 months and above.
A passbook will be issued to every Member Account Holder. The Member Account Holder shall get the passbook 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 based on receipts only.
The Member Account Holder shall surrender the passbook and duly signed maturity form to the company and the maturity shall be paid along with interest as per the below mentioned Chart. No additional interest would be paid on the maturity amount, if taken after the scheduled period.
On deposit of Rs. 10/- per day Maturity Amount shall be paid to the Member Account Holder within 7 days from the demand made with the company.
The account where in the member Account Holder has not continued the account regularly, as specified above would be treated as irregular Account. The company will charge liquidated damages on these irregular accounts on account of non-receipt of deposit instalments in time and the resultant loss of investment opportunity, etc. The liquidated damages would be deducted from or adjusted against the interest amount payable to the member account holder. No deduction of any kind shall be made from the principal amount deposited by the member account holder. Therefore, at the time of maturity, the payment in these accounts shall be made with interest as per the chart available at the company offices.
Fore closure of deposits will not be permitted until completion of 3 months from the date of Deposits. No interest will be paid for deposits foreclosed after 3 months but before 6 months from the date of deposit. For Deposits foreclosed after 6 months, interest at 2% shall be deducted from the normal rate of Simple Interest for the period of Deposit.