Cumulative as well as Non-Cumulative schemes are available for deposits. In a ‘Non- Cumulative scheme’ the interest is payable on periodic basis. In ‘’Cumulative deposit scheme’, the interest is payable at the time of maturity along with the principal. We have Monthly/Quarterly option for payment of interest. The interest is directly credited to the bank account via NEFT (National Electronic Fund Transfer) In a Non-cumulative scheme the interest will be credited on the Last day of every month in case of Monthly, Last day of March/June/September and December in case of Quarterly. The first interest will be paid on the last day of the month in which the FD is processed E.g. If the customer has initiated the FD on 20th March and has requested for a monthly interest, the same will be paid on the subsequent month end that is 31st March. You can open a fixed deposit with the Company for a minimum tenure of 12 months to maximum tenure of 42 months. The amount can be tendered by means of A/c payee Cheque/DD issued in favor of MANJIRA FINANCE PRIVATE LIMITED. Yes. You can make a deposit in the name of minor provided such minor is represented by his natural or legal guardian and the Application Form for the deposit is signed by the natural/Legal Guardian, on behalf of the minor. All communication in relation to the deposit shall be addressed to the guardian. Through nomination facility, the depositor may nominate a person to whom the Company has to pay the deposit amount in case of death of the depositor. For availing this facility, you should fill the nomination details in the appropriate space provided in the application form. You need to send Address proof along with Address/Contact Change Request Letter in prescribed format to our branch. On receipt of the details, the changes will be updated in our records within 7 working days. Customer would need to submit a duly signed application for the same. Along with the application form, a valid ID proof copy, a personalized cancelled cheque (with name printed) is to be submitted. If cheque is not personalized, then bank account statement is needed. There will be absolutely no changes for the existing deposits as we are obliged to pay the contracted rate till its maturity as per the current rules. The revised rates will apply only to fresh deposits and renewals made on or after the date from which the new rates are applicable. If the estimated annual interest paid/credited or likely to be credited/paid on the deposit/s exceeds or is likely to exceed ₹5,000 /- during the financial year (i.e. year 2019-20), it is obligatory on the part of the deductor of tax to deduct income tax at source. However, to avoid such deduction of Tax, the investors can furnish self-declaration in Form 15G/H or by submitting the Exemption certificate from the respective Income Tax Authority for every financial year. TDS certificate in Form 16A will be generated by the company from the TDS Centralized Processing Cell portal website of TDS Reconciliation Analysis and Correction Enabling System ((“TRACES”) and the same will be authenticated by means of digital signature. TDS certificate in Form 16A are generated quarterly on the basis of details provided in the quarterly TDS statement filed by the deductor of Tax in TIN (Tax Information Network). For the tax deducted at source, tax deduction certificates in the prescribed Form 16A giving details of the tax remitted to the Govt. etc. will be sent on quarterly basis if the deposit is under quarterly scheme, half -yearly basis for deposit under half yearly scheme and at the end of the year in case of Yearly scheme and cumulative deposits. The address printed on the TDS certificate will be the address registered with Income Tax Department at the time when you had made an application for PAN. If your current communication address is different from the address given for PAN card application then please change the address through NSDL or UTIITSL. Yes. The prematurity payment norms are as under: Upto 6 months from the date of deposit/ renewal No interest* After 6 months but before the date of maturity The interest payable shall be 1% lower than the interest rate applicable to a deposit for the period for which the deposit has run or if no rate has been specified for that period, then 3% lower than the minimum rate at which deposits are accepted by the company* *The above rates are also applicable for premature repayment in the case of death of a depositor As per the provisions of income tax, every person receiving any sum or income from which tax would be deducted should furnish his PAN to the person deducting the tax. Please note if PAN is not furnished then form 15G/H or any other Exemption Certificate submitted will be invalid and tax will be deducted at the higher rate as applicable. In the absence of PAN, no credit of the tax deducted shall be available in Form 26AS on the NSDL website. Also if PAN is not submitted, no TDS certificate will be generated from TIN website for the tax deducted by the company. No. Deposit will be paid back only to the corresponding bank account updated in the records of MFPL Yes. The payment can be sent directly to the depositor’s bank. Subject to the FD scheme being open, the deposit may be renewed on maturity by submitting a duly filled fresh FD Application Form. It is necessary that the fresh FD Application Form should be submitted along with the duly discharged old FD receipt with revenue stamp of requisite value. The renewal will be subject to the terms and conditions of the FD scheme as applicable on the maturity date of the old deposit. No. FD is Non-transferable. Loan may be granted against Deposit up to 70% of the deposit amount. Loan will be given to any depositor who has live FD in our company which is more than 3 months old .The FDR will be marked with lien against the release of the loan. However, granting of loan will be at the sole discretion of the company. No loan will be granted against Minor. The Loan interest rate is two percent points above the interest rate payable on the deposit. In the event of loss of the Fixed Deposit Receipt / Interest warrant, the Company should be immediately informed about the loss. The Company may issue a duplicate Fixed Deposit Receipt / Interest warrant, subject to non-encashment of the original instrument, upon receipt from the depositor a ‘letter of loss of instrument’ and an Indemnity Bond in the prescribed form to its satisfaction and after compliance with such other formalities as may be required by the company. Disputes, if any, arising in connection with MFPL FDs, will be subject to jurisdiction of Court at city of Hyderabad. No. Though the fixed deposits of the Company are within its regulatory framework, RBI does not undertake any responsibility for the repayment of deposits/discharge of liabilities by the company. The depositor is advised to satisfy himself about the financial position and all relevant aspects before placing his deposit. An attested copy of Death certificate, Term Deposit Receipts, Will or testamentary disposition, if any, or an attested copy of Legal Heirship Certificate issued by a Tahsildar /corporations.
Deposits
