Recurring Deposit Scheme

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Umavasudev Nidhi Limited

RECURRING DEPOSIT

Build your savings Rupee by Rupee through regular monthly deposits.
Plan your goals and invest consistently to achieve them. Recurring Deposit (RD) is an investment tool which permits those with an ability to make regular deposits earn decent returns on their investment. Our members can choose a fixed monthly amount to save and earn higher returns on their investment. The interest rate will not fluctuate & you do not stand to lose any money.

Goal-Oriented Savings

Flexible Tenure

Higher Interest Rates

Overdraft Facility

Amount 12 Months

9%

 24 Months

10.5%

 36 Months

11%

 48 Months

11.5%

 60 Months

12.5%
AMT.
(Amount)		 DEPOSIT AMT. MATURITY AMT. DEPOSIT AMT. MATURITY AMT. DEPOSIT AMT. MATURITY AMT. DEPOSIT AMT. MATURITY AMT. DEPOSIT AMT. MATURITY AMT.
500 6000 6540 12000 13260 18000 19980 24000 26760 30000 33750
1000 12000 13080 24000 26520 36000 39960 48000 53520 60000 67500
1500 18000 19620 36000 39780 54000 59940 72000 80280 90000 101250
2000 24000 26160 48000 53040 72000 79920 96000 107040 120000 135000
3000 36000 39240 72000 79560 108000 119880 144000 160560 180000 202500
4000 48000 52320 95000 104975 144000 159840 192000 214080 240000 270000
5000 60000 65400 120000 132600 180000 199800 240000 267600 300000 337500
6000 72000 78480 144000 159120 216000 239760 288000 321120 360000 405000
7000 84000 91560 168000 185640 252000 279720 336000 374640 420000 472500
8000 96000 104640 192000 212160 288000 319680 384000 428160 480000 540000
9000 108000 117720 216000 238680 324000 359640 432000 481680 540000 607500
10000 120000 130800 240000 265200 360000 399600 480000 535200 600000 675000

Terms & Conditions:

  1. Interest will be calculated on Yearly basis.
  2. Recurring Deposit minimum amount will be Rs 200/-, thereafter in multiples of Rs 100/-.
  3. Loan on recurring deposits will be charged at 18%.
  4. Lapse/ Default charges on payment of installment/ RD Amount will make the defaulter pay Rs 5% per month with installment amount.
  5. Irregular deposits are not entitled for pre-mature payment and loan facility against it.
  6. On irregular deposits, if all irregular pending deposits are paid then such account will be treated as regular. However, if there is default in payment of even 1 installment, the said account will be treated as irregular.
  7. 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.
  8. Rate of Interest for Senior Citizen shall be 0.50 higher than normal prevailing interest rate.
  9. Interest amount subject to TDS as per provisions of the Income Tax Act 1961 and rules made thereunder.
  10. The company reserves the right to reject any application for opening the account without assigning any reason.
  11. The company reserves the right to attach/transfer any account to any its branch.

Issue of Passbook:

  1. A passbook will be issued to every Member Account Holder.
  2. The Member Account Holder shall be liable to get the pass book updated at every month end and get it tailed with the ledger of the company.
  3. 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.

Loan Facility on Recurring Deposits

On 24 month and 36months deposit schemes, after 1 year (after receiving of 12 instalments without any default), loan up to 60% of deposited amount will be given as per company’s policy and defined interest rate.

Maturity

  • The Member Account Holder shall surrender the passbook and duly signed maturity form to the company and the maturity shall be paid along with interest as per the applicable scheme of the company.
  • No additional interest would be paid on the maturity amount, if taken after the scheduled period

Payment of Maturity Amount

Maturity payment of regular accounts.
The accountwhere in the member Account Holder has continued the account regularly, Maturity Amount shall be paid to the Member Account Holder’s saving account with the company within 7 working days from the date of demand made with the company.

Maturity Payment of irregular accounts
The account where in the member Account Holder has not continued the account regularly, as specified in clause (1) above would be treated as irregular Account. The company will charge liquidated damages on these irregular accounts on account of non-receipt of deposit installments in time and the resultant loss of investment opportunity, etc.

The liquidated damages would be deducted from or adjusted against the interest amount payable to the member account holder.

No deduction of any kind shall be made from the principal amount deposited by the member account holder. Therefore, at the time of maturity, the payment in these accounts shall be made with interest as per the chart available at the company offices.

* Illustrative calculation of the deposits.