As per the Directions of RBI currently in force, premature repayment: 1. Up to 3 months from the date of deposit/renewal (Lock-in-period)@ No Repayment (Not applicable in case of premature repayment in the event of death of the depositor) 2. After 3 months but before 6 months@ No interest* 3. After 6 months but before the date of maturity@ The Interest payable shall be 2 per cent lower than the Interest rate applicable to a deposit for the period for which the deposit has run or if no rate has been specified for that period, then 3 per cent lower ...

Yes. The payment can be sent directly to the Depositor’s designated bank account available in our records.

No. Premature payments will be effected favouring the first depositor only.

Yes. Premature withdrawal can be made after 3 months from the date of deposit/renewal as per the Directions of Reserve Bank of India and the terms and conditions of the Company.

As per Reserve Bank of India directions, no withdrawal of deposit is permitted within three months from the date of Deposit/renewal of Deposit. (not applicable in the event of death of a depositor)

No. Form 15G/H must be furnished during renewal of every deposit as also whenever an additional deposit is made during the financial year.

No. All deposits held in the same name, or in the same order of names (in case of joint deposits) are required to be clubbed together for the purpose of Income Tax computation.

No. As salaried persons are also assesses form 15G/15H cannot be furnished

For the Tax deducted at source, Tax deduction certificates in the prescribed form 16A, giving details of the interest remitted to Income Tax Department will be sent on a quarterly basis if the interest on the deposit is paid quarterly. For the Tax deducted at source (TDS) certificate Form 16A will be generated by the Company through the Tax Information Network (TIN) central system.

Declaration in Form 15G can be made by an Individual or a person (not a Company or Partnership / Proprietorship Firm). A Company or Firm cannot submit declaration in Form 15G or Form 15H. Form 15G is for Resident Individuals below 60 years of age. Form 15H is for Resident Individuals who are Senior Citizens i.e. over 60 years of age. Eligibility for 15G/H if in case of individuals:- Form 15G: The total income during the financial year should not exceed the basic exemption limit as per Income Tax rules i.e. Rs.2, 50,000/-. If the total income during the financial ...

Form 15G and Form 15H (for Senior Citizens) are self- declarations given by those Depositors who are not assessed to Income Tax. Should the Depositor not be able to sign the Form their left-hand thumb impression will suffice. The left hand thumb impression must be attested by a Gazetted Officer or Bank Official.

It is mandatory for the Company to deduct Tax at Source if the estimated annual interest paid /credited on the Deposit exceeds Rs.5,000/- during the financial year. However, those Depositors who are not assessed to Income Tax may furnish a self-declaration in Form 15G or 15H (for Senior Citizens) so that tax is not deducted at source.

There will be no change. The Company will pay the contracted rate till the maturity of the Deposit Receipt as per the current rules.

Yes, a maximum of three people can open a joint Deposit account payable to E or S (Either or Survivor) or F or S (Former or Survivor). For E or S deposits, the Deposit receipt can be discharged by either of the depositors on maturity. However, all the Depositors’ signatures are required for a Premature Payment or Loan. For F or S deposits, the Deposit receipt must be discharged by the first Depositor.

Yes, on receipt and verification of the Power of Attorney by the Company as to its validity in this context.

Yes. A deposit can be placed in the name of a Minor provided He / She is represented by His / Her Natural or Legal Guardian. The Deposits Application Form must be signed by the Natural/ Legal Guardian on behalf of the Minor. All communication in relation to the deposit shall be addressed to the Guardian.

Deposit Application Forms are available at all our Branches or can be downloaded from our website.(Certificate copy can be provided on request)