Fixed Deposit Plan

A fixed deposit (FD) is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date . Fixed deposits are safer and more secure form of investments than other conventional modes of investments available in the market. Fixed deposit services are the best idea for depositor; considering their sources of income which are limited and most of the people in this bracket are risk averse. Fixed Deposit is the most secured way to make savings

Terms & Conditions:
    • It is mandatory to be a member in the company.
    • Minimum FD would be of Rs.10,000 and further in multiple of Rs. 1000.
    • Interest calculation yearly compound.
    • Interest amount is subject to TDS as per provisions of Sec 194 A of the Income Tax Act 1961.
    • Company will issue 10 shares (10/- Rs each) for FD Plan.
    • Loan available against deposits up to 90% of deposited amount after one month from the date of deposit.
    • The company reserves the right to attach/transfer any account to any of its branch.

If any person premature its F.D the the person will be paid 2%, less of maturity interest after 6 month to 60 months. in case of death of a depositor, the company will repay to nominee or beneficiary the principal & interest, at which it was accepted.

For RS 10,000

RS 50,000

RS 1,00,000


Depositors can choose from a wide range of deposit products with maturities ranging from 12 to 60 months at competitive rates of interest and with different features to suit the investment needs of individual Members. Our Vision is To be The Most Valued Trusted Financial Service Provider at the Doorstep of the Common Man, by our all financial product to Satisfying our members need with Easy and Simply

*Terms & Conditions apply and all deposit plan only for member/ share holders.*

Nomination:

  1. Nomination facility available for deposits.
  2. There can be only one Nominee for a deposit account whether held singly held singly or jointly.
  3. A person legally empowered to operate a minor’s account can tiles a nomination on behalf of the minor.
  4. Applicants can make nomination by filling up the prescribed form.
  5. The nomination details can be changed during the subsistence of the account relationship by tilting up the form prescribed.

Recurring Deposit Plan

  • Recurring Deposit is a kind of deposit scheme to help people with regular incomes to deposit a fixed amount daily, weekly or monthly into their Recurring Deposit account and earn a higher rate of interest.
  • Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time. Minimum Period of RD is 12 months and maximum is 5 years
  • We offer an attractive interest rate of up to 12 % for the Recurring Deposits.
  • Customers can open a Recurring Deposit account with a minimum amount of Rs.100/-
  • The period of deposit is minimum 1 year and maximum five years.
  • All the Recurring Deposit accounts that have completed a minimum of one year are eligible for availing the interest.
  • The minimum denomination of the schema is Rs 100/- per Month and in multiples of 100.
  • The company reserves the right to reject any application for opening the account without assigning any reason.
  • The company reserves the right to attach/transfer any account to any its branch.
RS 1000/MONTH

RS 5000/MONTH


Tenure of Payment

The tenure of tile account is 12 months and above.

Mode of Payment

AIl 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. Out station cheques shall not be accepted

lssue of Passbook:

A passbook will be issued to every Member Account Holder. The Member Account Holder shall get the pass book 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 on the basis of receipts only.

Terms & Conditions:

  • It is mandatory to be a member in the company.
  • Company will issue ten shares (10/- Rs each) for RD Plan.
  • Interest will be calculated on yearly basis.
  • Recurring Deposit minimum amount Rs 500/-, thereafter in multiples of Rs 100/
  • Loan on deposits will be charged at 18% yearly compound interest basis.
  • 1 month after paying last instalment or maturity amount due date whichever is more will be applicable for payment of maturity amount.
  • Irregular deposits are not entitled for pre mature payment and loan facility against it.
  • On irregular deposits if all irregular pending deposits are paid then such account will be treated as regular. Even if there is default in payment of 1 instalment, the said account will be treated as irregular.
  • After maturity date, payment on irregular accounts will be made after deducting the penalty amount maximum to the limit of interest earned on such account. No deductions will be made on principle amount of such accounts.
  • R.D. will not be premature within first 3 month.
  • If R.D. is matured after 3 month but before 6 month no interest will be paid.
  • After depositing the premium of 6 months, any type of interest will not be given.
  • If any person premature its R.D then the person will be paid 2% , less of maturity interest after 6 months to 60 months.

Savings Deposits:

We encourage saving money and collecting their savings.We provides the best rates.Saving money habits will improve the quality of life and will help you feel better and to sleep better. One will be happier knowing he/she has some money aside for unexpected expenses and look forward to achieve some of their dreams. Saving money habits will improve the quality of life and will help you feel better and to sleep better.

One will be happier knowing he/she has some money aside for unexpected expenses and look forward to achieve some of their dreams. Mazhil Nidhi Limited has introduced uniquely designed ” Savings Account” to inbuilt the habits of saving among people.

Terms & Conditions:

  • Minimum amount for opening a Saving Deposit account is Rs. 100/
  • We offer 6% of interest for the savings deposits and the interest is credited half yearly during September/March every year.
  • The money can be withdrawn by using withdrawal slip. Savings account is of continuing nature and there is no maximum period.
  • The company reserves the right to attach/transfer any account to any of its branch.
  • Customer has to maintain a minimum balance or Rs.100/- and we offer nomination facility for Savings Deposit accounts.
  • No loan facility is provided against savings account.
Features of Saving Account


Salient Features

  1. Nomination Facility available for deposits.
  2. There can be only one Nominee for a deposit account whether held singly or jointly.
  3. A person legally empowered to operate a minor’s account can file a nomination on behalf of the minor
  4. Applicants can make nomination by filling up the prescribed form.
  5. The nomination details can be changed during the subsistence of the account relationship by filling up prescribed form.
  6. For more details approach your branch.
Documentation Required For Account Opening


Note

  1. It is mandatory to be a member in the company.
  2. Company will issue ten shares (10/- Rs each) for Saving A/c.
  3. Please produce the original document(s) for verification & photocopy of each document.
  4. Mandatory to provide Permanent address and telephone number.
  5. Please available of the nomination facility.
  6. Mandatory to complete the KYC Norms.

Terms & Conditions apply and all deposit plan only for member/ share holders.*

Download Application Form