The Recurring deposit scheme is introduced for benefitting people with regular monthly income. They can deposit a fixed amount every month and earn interest at the applicable rate.
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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. Outstation cheques shall not be accepted.
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.
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.