KERALA TRANSPORT DEVELOPMENT FINANCE CORPORATION  LTD

A Government of Kerala Undertaking

( A Non Banking Financial Company Registered Under the Reserve Bank of India )

SCHEMES

 

KTDFC is accepting fixed deposits, the payment of which (Principal and

Interest payable thereon) is fully guaranteed by Government of Kerala

vide Order G.O.(MS) No.12/2014/TRAN dated 14.02.2014 up to

`2,000 Crores, at present.


The different modes through which KTDFC receives an application for Fixed Deposit are as follows:

 • Applications submitted directly to different KTDFC offices.

• Applications received through authorized fund arrangers/agents who were appointed by KTDFC.

 

Cheques drawn in favour of Kerala Transport Development Finance Corporation Ltd, payable at Thiruvananthapuram can be deposited at HDFC / IDBI banks in any branches in India, through CMS facility as per the details given under:


 i. If through HDFC Bank, use the following details :

      

Client code

:

KTDEVFIN

Client Name

:

Kerala Transport Development Finance Corporation Ltd

Account No

:

00630350000068

Bank

:

HDFC Bank Vazhuthacaud, Thiruvananthapuram

RTGS/IFS Code

:

HDFC0000063

ii. If through IDBI Bank, use the following details :

 

Client code

:

KTDEVFIN

Client Name

:

Kerala Transport Development Finance Corporation Ltd

Account No

:

0046102000015604

Bank

:

IDBI Bank Vazhuthacaud, Thiruvananthapuram

RTGS/IFS Code

:

IBKL0000046

There are two General Schemes available, namely Periodic Interest Payment Scheme(PIPS – Montly/Quarterly) and Money Multiplier Scheme (MMS).

The rate of interest applicable with effect from 15th September, 2014 is as follows:

OTHER THAN SENIOR CITIZENS

Period

For Deposit amount below ` 25 Lakhs

For Deposit amount ` 25 lakhs and above

Rate(p/a)

Approx.Maturity value for `10,000

under MMS*

Appoximate cumulative Annual Yield*

Rate (p/a)

Approx.Maturity value for `10,000

under MMS*

Appoximate cumulative Annual Yield*

1 year

10.00 %

11,047

10.47 %

10.25 %

11,075

10.75 %

2 years

10.00 %

12,204

11.02 %

10.25 %

12,265

11.32 %

3 years

10.00 %

13,482

11.61 %

10.25 %

13,582

11.94 %

4 years

9.75 %

14,747

11.87 %

10.00 %

14,894

12.23%

5 years

9.75 %

16,250

12.50 %

10.00 %

16,453

12.91 %

 

FOR SENIOR CITIZENS ONLY

Period

For Deposit amount below ` 25 Lakhs

For Deposit amount ` 25 lakhs and above

Rate(p/a)

Approx.Maturity value for `10,000

under MMS*

Appoximate cumulative Annual Yield*

Rate (p/a)

Approx.Maturity value for `10,000

under MMS*

Appoximate cumulative Annual Yield*

1 year

10.25 %

11,075

10.75 %

10.50 %

11,102

11.02 %

2 years

10.25 %

12,265

11.32 %

10.50 %

12,326

11.63 %

3 years

10.25 %

13,582

11.94 %

10.50 %

13,684

12.28 %

4 years

10.00 %

14,894

12.23%

10.25 %

15,042

12.60 %

5 years

10.00 %

16,453

12.91 %

10.25 %

16,658

13.32 %

 

  NOTE :     * All figures shown above are for narrative purpose only, the actual figures may slightly vary depending on the date

                       of deposit, applicability of Tax on interest (TDS) etc

                     Under Periodic Interest Payment Scheme (PIPS), interest will be paid Monthly or Quarterly with MONTHLY RESTS.

                     Under Money Multiplier Scheme (MMS), interest shall be COMPOUNDED MONTHLY and paid on maturity.

 

SUBMISSION OF APPLICATION & ESSENTIAL ATTACHMENTS
 

Application form should be forwarded along with the following essential documents.


1.   Mandatory documents to be furnished as per KYC (Know Your Customer) directions of the Reserve Bank  of India.

Category

Item

Document to be obtained

A. Individual

 

-Proof of Identity

(i) Passport (ii) PAN Card (iii) Voters Identity Card (iv) Driving license (v) Identity card (vi) Letter from recognized public authority o public servant verifying the identity and residence of the customer

(any one document mentioned above)

-Correct permanent address

(i)Telephone bill (ii) Bank account statement (iii) Letter from any recognized public authority (iv) Electricity bill   (v) Ration Card (vi) Letter from employer, (vii) Passport (viii) Voters Identity Card (ix) Driving license (x) Identity Card

(any one document mentioned above)

B.Companies

-Name of Company

-Principal place of business

-Mailing address of the company

-Telephone/Fax Number

(i) Certificate of incorporation and Memorandum & Articles of Association (ii) Resolution of the Board of Directors to open a deposit and identification of those who have authority to operate the deposit (iii) Power of Attorney granted to its managers, officers or employees to transact business on its behalf (iv) Copy of PAN allotment letter (v) Copy of telephone bill

C.Partnership

   Firms

-Legal name

-Address

-Name of all partners and their addresses

-Telephone numbers of the firm and partners

(i) Registration certificates, if registered (ii) Partnership deed (iii) Power of Attorney granted to a partner or an employee of the firm to transact business on its behalf (iv) Any officially valid document identifying the partners and the persons holding the Power of Attorney and their addresses (v) Telephone bill in the name of firm/partners

D.Trusts/

     Foundations

-Name of Trustees, settlers, beneficiaries and signatories

-Names and addresses of the founder, the managers/directors and the beneficiaries

-Telephone/fax numbers

(i) Certificate of registration, if registered (ii) Power of Attorney granted to transact business on its behalf (iii) Any officially valid document to identify the trustees, settlers, beneficiaries and those holding Power of Attorney, founders/managers/directors and their addresses (iv) Resolution of the managing body of the foundation/association (v) Telephone bill

2. Local cheques/DD drawn in favour of Kerala Transport Development Finance Corporation Ltd, payable at Thiruvananthapuram.

3. In the case of outstation depositors, Pay-in-slips of HDFC or IDBI Banks for the proof of amount deposited, as the case may be.

4. Form 15G/15H / Tax exemption certificate obtained from Income Tax etc,if tax on interest (TDS) above ` 5,000 not to be deducted at source.

5. Copy of PAN Card.

6. In case of Institutions, Resolution of the Board, Tax exemption certificate, if any.

7. Bank account details for effecting NEFT/RTGS payment in the prescribed format which can also be downloaded from our website. (NEFT/RTGS - subject to availability of the facility)

N O    T R A N S A C T I O N    O N    G O V E R N M E N T    A N D    B A N K    H O L I D A Y S


RULES GOVERNING THE ACCEPTANCE OF FIXED DEPOSITS & RENEWALS

 1. REMITTANCE

 

(a) For deposits under Scheme I, the mimimum amount accepted will be `10,000/- and further in multiples of `1,000/-.

(b) Under Scheme II, deposits will be accepted in multiples of `1,000/- with a minimum of `10,000/- and the deposits along with interest accruing preiodically will be paid at the end of the deposit period.

(c) Application for fixed deposit shall be made in the prescribed form available at the Registered Office/Branch Offices of the Company.

(d) Application form along with Cash/Crossed Cheque/Draft may be forwarded to the Regstered Office/Branch Offices of the Company.

(e) All Cheques/Drafts must be crossed and be drawn in favour of Kerala Transport Development Finance Corporation Ltd, payable at Thiruvananthapuram.

(f) Application bearing the thumb impression of the depositor will not generally be entertained.

 

2. DEPOSIT RECEIPT

 

(a) A temporary receipt in the printed form shall be issued by the cashier, in token of the receipt of cash, cheque ,draft whether tendered in person or by post. For the purpose of determining the date from which the interest is to be allowed on deposit, the date of receipt of cash at cash counter of the date of realization of cheque/draft shall be the criterion. The fixed deposit receipt duly stamped shall be sent to the depositor by registered post to the address as given in the application, normally within three weeks from the date of issue of the temporary receipt.

(b) Fixed deposit receipts are not transferable.

(c) Fixed deposit may be the names of not exceeding three joint holders.

(d) In the case of deposits in joint names, all correspondence will be addressed to the person whose name appears first in the application form.

(e) Deposit from minor(s) will be accepted through the natural guardian.

(f) In the event of loss of deposit receipt, the Corporation may is deemed necessary, call upon the depositor to indemnify against any future claim. All expenses shall be borne by the depositor.

 

3. INTEREST


(a) Under Scheme I (PIPS), interest will be paid through post dated interest warrants for the entire period. Under Scheme II, interest will be paid on maturity along with the principal amount. Interest on deposits onScheme I will be paid on 1st of every month in the case of monthly interest payment scheme and on 1st of January, April, july and October in the case of quarterly interest payment scheme through interest warrants drawn on HDFC bank/IDBI Bank. However the 1st instalement of interest will be paid within one month from the due date.

(b) Interest will accrue only from the date of realization of Cheque/Draft.

(c) In the case of joint deposits, all cheques and warrants for payments of interest will be drawn in favour of the first named depositor and any discharge given by the said person for payment of interest shall be binding on all joint depositors.

(d) Interest earned by the Charitable Trust is exempted under Income Tax Act vide section II (5) (vii)

(e) If the aggregate amount of interest payable to a resident depositor in any of the financial year under the schemes were to exceed `5,000/- income tax at the appropriate rates as prescribed in the Finance Act as amended from time to time will be deducted as and when payment is made unless affidavit in the prescribed form is produced for each financial year separately by the depositor.

(f) For issue of duplicate interest warrant for sums exceeding `200, the depositor should execute an indemnity bond as required by the Corporation.

(g) Interest warrants issued y the Corporation are encashable at par at all branches of HDFC / IDBI Bank.


4. REFUND / RENEWAL OF DEPOSIT


(a) In the case of renewal of deposit, the depositor shall return the deposit receipt duty discharged in favour of the Corporation together with application form duly filled in.

(b) In the case of refund of deposit, the depositor shall communicate to the Corporation, at least, one month in advance along with Fixed Deposit Receipt duly discharged for making payment.

(c) In case the deposit is not renewed on maturity but recalled on a subsequent date, the Corporation is not liable to pay interest on the deposit amount from the date of maturity. Similarly if the request for renewal is received after 30 days from the date of maturity, renewal will be considered only from the date of receipt, of renewal request.

(d) An application for change either by the primary depositor or by the joint holder or by both may be entertained at the time of renewal with consent of the depositors named in the original Fixed Deposit Receipt.

(e) For repayment of Deposit, the Fixed Deposit Receipt has to be surrendered duly discharged on `1 revenue stamp. In-the case of Either or Survivor (E or S) Account, either depositor can give the discharge but payment will be made only to the first named depositor.

(f) If the existing deposit is renewed on maturity by adding further amounts by way of Cash / Cheque /Demand Draft, deposit receipt for the Consolidated amount will be issued only from the date of realisation of Cheque / Demand Draft or the date of maturity of the existing deposit whichever is later and interest will accrue from such date only.

(g) In the case of refund deposit to the outstation depositor, refund will be made by crossed A/c payee Cheque/Demand Draft at Company’s cost.


5. PREMATURE WITHDRAWAL


(a) As per the directions of the Reserve Bank of India currently in force, the deposit shall not be repaid before the expiry of 3 months from the date of deposit. In case of premature withdrawal after 3 months, interest shall be paid as follows :-

              i. After 3 months but before 6 months              :    No Interest

from the date of deposit                

      ii. After 6 months from the date of deposit          :    The Interest payable shall be 2%

                  but before the date of maturity                       lower than the contracted rate.

 

A months notice shall be given by the depositor for such withdrawal. If the deposit amount is less than `1,00,000 then 15 days notice will suffice.

(b) When the deposit held in joint names is sought to be prematurely withdrawn, the same should be discharged by all the surviving depositors, along with all the un-encashed post dated interest warrants, if any.


6. LOAN ON DEPOSIT

 

Loans will be permitted only to individuals on deposits up to 75% of the deposit amount under both the schemes, after the expiry of 3 months from the date of deposit. Interest will be charged at 2% above the interest payable on such deposits. Interest on the loan will be adjusted out of interest payable on deposits under Scheme I (PIPS scheme) and under Scheme II, the same will be compounded monthly and adjusted against the maturity . The loan can be closed either by remitting the loan amount in one lump sum before the maturity period of the deposit or it will be recovered out of the maturity value of such deposits on maturity or by remitting the loan amount alongwith interest in instalments upto a maximum of three instalments.


7. OTHERS


(a) The Corporation will not recognize any lien on deposits.

(b) In the event of demise of first named depositor, all payments will be made:           

         -to the person in, order of survivors in the case of joint depositor.

         -to the legal heir / nominee of the depositor on the production of death certificate in the case of single

          depositor.

(c) In the event of death of the first / joint depositor, on production of the death certificate, all correspondence will be made to the person in order of survival and payment of interest and repayment of the deposit will be made to him / her.

(d) In the event of dispute over the claims of deposits, the Corporation reserves its right to withhold payment till the dispute is finally settled to the satisfaction of the Corporation after giving due information to the claimants thereof.

(e) If the deposit remains unrenewed, the Corporation is not liable to pay interest on deposits for the period under dispute.

(f) Where any payment falls due on Sunday / Bank holidays or any other day on which the office remain closed, the payment will be made on next working day.

(g) All payments will be made only by means of Cheque/Demand Draft at our cost.

(h) The Corporation reserves the right to reject any application for deposit without assigning any reason thereof.

(i) The Corporation, reserves the right to alter, amend / modify all or any of the conditions stipulated above without prior notice.

(j) All disputes will be settled subject to Thiruvananthapuram Jurisdiction only.

(k) Change of address, instructions regarding interest remittance etc. will be given effect to only after 30 days from the date of receipt of such instructions.

• The Maturity Value payable in case of cumulative deposits will vary where tax is deducted at source.

• In case of Change of Address of the depositor/s, residential address proof needs to be furnished.

 

Here you can download different application forms