Fixed Deposit (FD) is a financial instrument provided by Samyak Sambuddha Nidhi to its members, which provides members a higher rate of interest than a regular savings account, until the given maturity date. For a fixed deposit is that the money cannot be withdrawn from the FD as compared to a recurring Deposit or a demand deposit before maturity. Samyak Sambuddha Nidhi offer additional services to FD holders such as loans against FD certificates at competitive interest rates.
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Terms & Conditions:
- It is mandatory to be a member in the Company.
- Company will issue shares worth Rs.100/- to FD account holder.
- Minimum FD would be of Rs.1000.
- Interest calculated quarterly compounded.
- Applicable TDS to be deducted on Interest as per the provisions of Income Tax Act.
- Loan available against deposit upto 75% of deposit amount after 1 from the date of deposit.
- In case of death of a depositor,the Company will repay to nominee or beneficiary the principal & interest, at which it was accepted.