Recurring Deposit

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Recurring Deposite

A recurring deposit means making regular deposits. It is a service provided by Credito India Nidhi Limited, where people can make regular deposits and earn decent returns on their investments. Recurring Deposit schemes allow customers an opportunity to build up their savings through regular monthly deposits of a fixed sum over a fixed period of time. The minimum period of a recurring deposit is six months and the maximum is five years. CREDITO India Nidhi Limited introduces Flexi Recurring Deposit Schemes.


Feature of Recurring Deposite

Schemes Period Rate of Interest
Schemes 1 12 Months 6.25 %
Schemes 2 24 Months 6.50 %
Schemes 3 36 Months 6.75 %
Schemes 4 48 Months 7.00 %
Schemes 5 60 Months 7.25 %

Conditions

  • New customer Rs. 100/- for membership
  • Minimum amount is Rs. 1000/- per month and there after multiples of Rs. 1000/-
  • Interest rate will be calculated on yearly basis
  • Lapse on payment of installment amount will be make the defaulter pay Rs. 2 per 100 (Rs. 20 per 1000) with installment amount
  • One month after paying last installment or maturity amount due dates whichever is more will be applicable for payment of maturity amount.
  • 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 one installment the said account will be treated as irregular.
  • After maturity date, payment on irregular account will be made after deducting the penalty amount maximum to the limit of interest earned on such account. No deduction from principle amount.
  • Loan Facility based on Recurring deposit
  • Irregular account revised interest will be calculated on the lapse in account of last payment date as per company rule
  • No Pre mature closure or foreclosure facility available
  • Nomination compulsory in case nominee is minor appointee required with KYC
  • R D can be opened only for an individual no joint facility available.
  • Minor cannot open RD
  • All interest payments are entitled for TDS deduction as per Government instruction
  • Maturity will be paid through A/C Payee cheque only

Issue of Passbook

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


Loan Facility on Recurring Deposits

  • On 24 Months and 36 Months deposit schemes, after 1 Year(after receiving of 12 installments) loan up to 60% of deposited amount will be given
  • On 48 Month and 60 Month deposit schemes, after 1.5 years (after receiving of 18 installments) loan up to 60% of deposited amount will be given

Pre Mature Closure of Deposit

Fore closure of deposits will not be permitted until completion of 6 months from the date of deposits, Deposits foreclosed after 6 months but before 12 months from the date of deposits no interest will be paid. Deposits foreclosed after 6 months, interest 2% shall be deducted from the normal rate of simple interest for the period of deposit.