FDS Scheme FAQ

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  • FDS Scheme FAQ (Frequently Asked Questions)


What is FDS?

FDS stands for Special Fixed Deposit.


FDS is a type of Fixed Deposit where you can choose to receive the interest Monthly.


This scheme is also known as the Interest Payout option. This scheme is suitable for those who expect to receive Regular Income.


How does FDS work?

  • Deposit a lump sum amount for a specific tenure.
  • Specify whether you want to receive interest monthly.
  • You will receive interest as per your chosen interest frequency till the end of the tenure.
  • At the end of the tenure, you will get your deposit amount back.
  • This scheme is 100% Guaranteed with a Deposit amount and interest.

Features of the FDS Scheme?

  • Safe investment option.
  • Guaranteed returns.
  • Regular monthly or quarterly income.
  • Senior citizens will eligible for this scheme.

Who can open the account?

  • Resident individuals can create an account for him.
  • A joint account can be created by 2 or more individuals.

How do you open the account?

  • The account can be opened by Cheque/NEFT/RTGS/Online Payment
  • The date of realization of the cheque will be the date of account opening.
  • If you have a savings account, then you can create SFD from Savings Account Funds.

Deposit Limits

  • The minimum deposit amount is Rs. 50,000/-
  • No maximum limit on the deposit amount.

Term

  • This is short term investment
  • Maximum Term 60 months – 5 years.

Interest Rate

  • The interest rate (on the day of account opening) will remain the same throughout the tenure of FDS.

Compounding Frequency

  • Compound interest is not applicable to this scheme. Simple interest calculation is followed in this scheme.

Interest Credit Method

  • You can receive interest either Monthly as per your requirement.
  • Interest will credit to your personal savings account.

Auto-Renewal Facility

  • If you do not provide any specific instructions, the FDS account is not automatically renewed upon the maturity time.
  • It will be renewed for the same period for which it was opened initially as per Government law (Nidhi Rule).
  • The interest rate for the renewed period will be the interest rate on the day of maturity.

Pre-Mature Closure

  • Premature closure of Term Deposit is possible. However, there will be a penalty for doing so.
  • The penalty amount is generally 4% of the interest earned.
  • The penalty amount may not change from time to time.

Loan facility

  • Yes, the Loan facility is available for up to 60% of the deposit amount.

Nomination Facility

  • A nomination facility is available.
  • You can nominate either at the time of account opening or after opening the account (but before maturity).

NRI

  • As per Government law (Nidhi Rule) Non-Resident Indians cannot open residential fixed deposits. But they can open in the name of blood relations, father, mother, wife, husband, brother, or sister.

Terms and Conditions

  • A nomination is compulsory for every member who deposits with CREDITO India Nidhi Limited and in cases where the nominee is a minor; a guardian should be competently appointed. Please read the FAQ.
  • TDS Deduction Forms 15 H for senior citizens, those who are 60 years or older; and Form 15G for everybody else is mandatory.
  • A Minor cannot open FD Scheme Account.
  • Cash will be accepted up to Rs. 20,000/- and above which all transactions will be carried out only through DD or Cheque/NEFT/Online
  • Maturity / Pre-closure amount will be paid through a/c payee cheque.
  • Loan facilities are available from the Fixed deposits made with CREDITO INDIA NIDHI LIMITED
  • Loan eligibility – 60% of the deposit amount
  • Loss of FD Receipt Rs. 250/- with affidavit in Rs. 100 Stamp Paper.