Repayment of Deposit
Deposit receipt duly discharged must be surrendered to the office
of the Company for repayment of principal and interest upto the date of maturity
at least three weeks before the due date.
The repayment of deposit shall be made by Account Payee Cheque
payable at par at all the branches of designated bank on surrending the deposit
receipt discharged with revenue stamp of requisite value.
Deposits can be made in the joint names with maximum of three persons.
Deposit in joint names shall be with or without any of the clauses namely:
- Either or survivor
- Number one or survivor(s)
- Anyone or survivor(s)
The names and addresses of all the joint depositors will
be entered in the ledger and register of depositors.
The interest on deposits in joint name will be paid (in case of
cumulative deposit it will be deemed to accrue) to the first named depositor for
the purpose of the deduction of tax at source and discharge given by him/ her will
be binding on the joint holder(s).
In the event of death of first named depositor interest on fixed
deposit will be paid and in case of cumulative deposit interest will be deemed to
accrue to the depositor in the order of survivors as given in the application on
production of first named depositor's death certificate.
Repayment of deposit will be made as per instructions given in
application by the depositors.Discharge by such person(s) will be binding on the
Individual depositors, single or jointly, can nominate under this
facility.The nominee shall have the right to receive the amount due in respect of
deposit on death of all he depositors.Power of Attorney holder or a guardian applying
on behalf of a minor cannot nominate