Effective Date :-28/06/2018
This calculation calculated Rs. 1000 Per Month
|Period||Rate of Interest||Deposit Amount||Maturity Amount|
TERM & CONDITIONS.
1. Opening of recurring account with minimum Rs. 500 /-
2. Interest calculation Quwaterly compound.
3. Defaulters will be charged at the rate Rs. 20% per month per installment.
4. The amount on maturity will be paid .Next day on maturity date
5. The facility of premature payment or loan against deposits is not available for irregular accounts. Even if one installment is due, the account will be considered as irregular account. On receipt of all the due installments of irregular account, it will come under the category of regular account.
6. LOAN FACILITY:-
• 12 months deposits scheme: Not available
• 24 months deposits scheme: After receipt of 12 installments 80 percent loan of total deposit amount.
• 36,48 & 60 months deposits scheme: After receipt of 12 installments 80 percent loan available of total deposit amount.
7. Rate of Interest on loan against deposits would be charged 24%.