Deposit Repayment

Repayment of Deposit

Deposit receipt duly discharged must be surrendered to the office of the Company for repayment of principal and interest upto the date of maturity at least three weeks before the due date.

The repayment of deposit shall be made by Account Payee Cheque payable at par at all the branches of designated bank on surrending the deposit receipt  discharged with revenue stamp of requisite value.

Joint Deposit

Deposits can be made in the joint names with maximum of three persons.  Deposit in joint names shall be with or without any of the clauses namely:

  1. Either or survivor
  2. Number one or survivor(s)
  3. Anyone or survivor(s)

The names and  addresses of all the joint depositors will be entered in the ledger and register of depositors.

The interest on deposits in joint name will be paid (in case of cumulative deposit it will be deemed to accrue) to the first named depositor for the purpose of the deduction of tax at source and discharge given by him/ her will be binding on the joint holder(s).

In the event of death of first named depositor interest on fixed deposit will be paid and in case of cumulative deposit interest will be deemed to accrue to the depositor in the order of survivors as given in the application on production of first named depositor's death certificate.

Repayment of deposit will be made as per instructions given in application by the depositors.Discharge by such person(s) will be binding on the joint holders.

Nomination Facility

Individual depositors, single or jointly, can nominate under this facility.The nominee shall have the right to receive the amount due in respect of deposit on death of all he depositors.Power of Attorney holder or a guardian applying on behalf of a minor cannot nominate