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FIXED DEPOSIT SCHEMES
Deposits are accepted from the public under two Schemes, viz. Periodic Interest Payment Scheme and Money Multiplier Scheme.
Periodic Interest Payment Scheme
For deposits under this Scheme, the minimum amount acceptable is Rs.10000/- and further in multiplies of
Rs.1000/- and the interest is paid monthly or quarterly at
9.00%/ 9.50% per annum with monthly rests for general Public and 9.25%/ 9.75% per annum with monthly rests for Senior Citizen.
Money Multiplier Scheme
For deposits under this Scheme, deposits are accepted in multiples
of Rs.1000/- with a minimum of Rs.10000/- and the deposits along with
interest accruing periodically are paid at the end of the deposit
period. The interest is paid on maturity at 9.00%/ 9.50% per annum
compounded monthly for General Public and 9.25%/ 9.75% per annum compounded monthly for Senior Citizen.
Revising Interest rate of "Fixed Deposits"
" The rates of interest of the fixed deposits accepted by the Companies
from the public be and is hereby revised as given in the following table.."
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| For actual amount, please contact at Fixed Deposit Section, KTDFC on 0471-2326883 extn 847 or 815 | ||||||||||||||||||||||||||||||||||
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"The above mentioned revised rate of interest on fixed deposits will come into effect from 01/07/2007 onwards." |
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| "The
rules regarding brokerage and commission will remain unaltered." |
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In the case of refund of deposit to the depositor, refund will be made by crossed A/c Payee Cheque / Demand Draft at Company's cost. In the case of renewal of
deposit, the depositor shall return the deposit receipt duly discharged
in favour of the Company together with application form duly filled in.
In case the deposit is not renewed on maturity, but recalled on a
subsequent date, the Company 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. |
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| PREMATURE WITHDRAWAL | ||||||
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 at
the following rates :- |
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| REMITTANCE |
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Application form along with Cash / Crossed Cheque / DD may be forwarded to the registered office of the Company. In case of payment by Cheques/DD, City Cheques/DD payable at Thiruvananthapuram alone will be accepted. |
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| INTEREST |
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Interest earned
by charitable trust is exempted under Income Tax Act vide Section II (5)
(Vii). |
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| LOAN ON DEPOSIT |
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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 and compounded on loan on deposits under scheme II. The loan can be closed either by remitting the loan amount in one lumpsum before the maturity period of the deposit or it wiII be recovered out of the maturity value of such deposits at the time of maturity. |
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