Tenure of Payment
The tenure of the account is 12 months and above.
Mode Of Payment:-
a) All payments to the company shall be made either in cash or by cheque/draft against the receipt
countersigned by its authorized signatory payments by any mode or media other than
mentioned above shall be at the member account holder’s own risk. The cheque/draft
shall be credited in the name of member Account Holder subject to clearance by the
bank. Out station cheques shall not be accepted.
b) Installments are to be paid regularly in each working day. The member account holder will have to deposit
30 days payment in the month.
Issue Passbook:-
A passbook will be issued to every Member Account Holder. The Member Account Holder shall get the pass book
updated at regular intervals. If any discrepancy or difference in the amount is found between the entries
made in the passbook and receipts duly countersigned by the authorized signatory of the branch office
bearing seal. Payment shall be made on the basis of receipts only.
Maturity:-
The Member Account Holder shall surrender the passbook and duly signed maturity form to the company and the
maturity shall be paid along with interest as per the below mentioned Chart. No additional interest would be
paid on the maturity amount, if taken after the scheduled period
- Maturity payment of regular accounts.
On deposit of Rs. 10/- per day Maturity Amount shall be paid to the Member Account Holder within 7 days
from the demand made with the company as per the following chart(for daily mode)
- Maturity Payment of irregular accounts.
The account where in the member Account Holder has not continued the account regularly, as specified in
clause (1) above would be treated as irregular Account. The company will charge liquidated damages on
these irregular accounts on account of non receipt of deposit installments in time and the resultant
loss of investment opportunity, etc. The liquidated damages would be deducted from or adjusted against
the interest amount payable to the member account holder. No deduction of any kind shall be made from
the principal amount deposited by the member account holder. Therefore, at the time of maturity, the
payment in these accounts shall be made with interest as per the chart available at the company offices.
- Pre-Maturity
Pre-Maturity is not allowed at any point of time but member can avail loan facility.