Archive
August 19, 2020
In
Will you allow loan on deposit? What is the rate of interest chargeable for loans?
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
August 19, 2020
In
What if one loses the FD Receipt / Interest warrant?
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
August 19, 2020
In
If legal disputes arise, what is the resolution mechanism?
Disputes, if any, arising in connection with MFPL FDs, will be subject to jurisdiction of Court at city of Hyderabad.
August 19, 2020
In
Are public deposits guaranteed by RBI?
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
August 19, 2020
In
If the sole depositor dies, what are the documents required?
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.