Fixed Deposits (FD)
A Fixed Deposit (FD) is a financial instrument where an investor gives a certain sum of money to a bank or a financial institution (company) and the entity pays interest for the duration of the deposit. The rate of interest paid varies depending on the amount and tenure. Investors, especially conservative investors, prefer to open fixed deposits as it is a safe investment option and it can be opened easily and quickly. The account can be opened by individually or jointly.Benefits of Fixed Deposits (FD)
The reasons why fixed deposits are an ideal form of investment are as follows:
- 1. Guaranteed Returns: Unlike investment in the stock market or commodity market, fixed deposits are not a risky investment as they do not depend on fluctuating market rates. Investors can rest assured that his investments are safe and he will be getting back a guaranteed amount at the end of the tenure.
- 2. Easily withdrawable: The amount that is invested in fixed deposit can be withdrawn at any time for a small penalty. The investor may have a financial emergency to meet financial needs during marriage, sickness or when his business is in loss. The penalty is less than that of selling stocks or real estate as the asset cannot be sold easily because of its high value and if you are in a distressed situation, you will sell it for a much lower rate. Whereas, fixed deposits can be withdrawn at any time and all you lose is a certain interest income.
- 3. Flexible in nature: Fixed deposits can be taken for tenure of 1 year or 5 years based on your needs and for whatever amount that you can invest. Fixed deposits can be invested for tenure of your choice. If you have planned for a big event in 5 years, then you can have a fixed deposit kept for 5 years to meet your financial requirement in 5 years. You can have various fixed deposit accounts to save for different goals.
- 4. Higher interest rates
- 5. Doorstep service
Attractive Rate of Interest
| 1 | 2 | 3 | 4 | 5 | 6 |
|---|---|---|---|---|---|
| 10 | 10.05 | 11 | 11.5 | 12 | 12.5 |
| FD 1-YEAR | ||
|---|---|---|
| DEPOSITE | MATURITY | PERIOD 1- YEAR |
| 5000 ₹ | 5,500.00 | 1 |
| 10000 ₹ | 11,000.00 | 1 |
| 20000 ₹ | 22,000.00 | 1 |
| 30000 ₹ | 33,000.00 | 1 |
| 40000 ₹ | 44,000.00 | 1 |
| 50000 ₹ | 55,000.00 | 1 |
| 100000 ₹ | 1,10,000.00 | 1 |
| 200000 ₹ | 2,20,000.00 | 1 |
| FD 2-YEAR | ||
|---|---|---|
| DEPOSITE | MATURITY | PERIOD 2- YEAR |
| 5000 ₹ | 6,105.00 | 2 |
| 10000 ₹ | 12,210.00 | 2 |
| 20000 ₹ | 24,420.00 | 2 |
| 30000 ₹ | 36,631.00 | 2 |
| 40000 ₹ | 48,841.00 | 2 |
| 50000 ₹ | 61,051.00 | 2 |
| 100000 ₹ | 1,22,102.00 | 2 |
| 200000 ₹ | 2,44,205.00 | 2 |
| FD 3-YEAR | ||
|---|---|---|
| DEPOSITE | MATURITY | PERIOD 3- YEAR |
| 5000 ₹ | 6,838.00 | 3 |
| 10000 ₹ | 13,676.00 | 3 |
| 20000 ₹ | 27,353.00 | 3 |
| 30000 ₹ | 41,029.00 | 3 |
| 40000 ₹ | 54,705.00 | 3 |
| 50000 ₹ | 68,382.00 | 3 |
| 100000 ₹ | 1,36,763.00 | 3 |
| 200000 ₹ | 2,73,526.00 | 3 |
Terms & Conditions
General Rules
- It is mandatory to become a member in the company.
- Fixed Deposit account can be opened with minimum ₹10,000 and in multiples of ₹1,000 thereafter.
- Interest is compounded yearly.
- TDS will be deducted as per Income Tax Act.
- No premature facility available before 3 months of account opening.
- No interest if matured between 3 to 6 months.
- Premature withdrawal after 6 months will get 2% less of maturity amount.
- In case of depositor’s death, principal & interest will be paid to nominee/legal heir as per scheme.
- Loan up to 70% of deposit available after 1 month of deposit date.
- Stationery charge of ₹100 for premature withdrawals.
- No interest payable after maturity date.
- Special interest rates for senior citizens (60+), women, ex-servicemen, government employees, and Prime Members of SINL.
- Company reserves the right to change the scheme terms.
- In case of disputes, company management’s decision is final.
Tenure of Accounts
The tenure of the FD account is 12 months or more.
Mode of Payment
Payments must be made via cash, cheque, or draft only. Receipt must be signed by authorized signatory. Other payment modes are at the member’s risk. Cheques are subject to bank clearance. Outstation cheques are not accepted.
Issue of Bond
An FD bond will be issued to each account holder. In case of discrepancy between bond and signed receipt, the receipt will be treated as final.
Eligibility
- Minimum age: 18 years
- Must be a company member
- Minors must have a guardian who is a member
Required Documents for Account Opening
As per KYC (Know Your Customer) norms, submit:
Identity Proof (Any one):
- Ration Card with photo
- Driving License
- PAN Card
- Voter ID Card
- Passport
- Aadhaar Card
- Other Government-issued ID
Address Proof (Any one):
- Utility Bills (Telephone, Electricity, Water)
- Bank Account or Credit Card Statement
- UIDAI Aadhaar Card
- PAN Card
- Driving License
- Voter ID
- Passport