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
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.
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.
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 is not allowed at any point of time but member can avail loan facility.