- Terms and Conditions for Deposits
Application and Remittance Application for deposit and renewal thereof should be made on
the prescribed application form duly completed in all respects and accompanied by cash/
cheque/ draft. Outstation deposit should be made by DD/MT Bankers cheque only. All
Cheque / Draft should be crossed “Account payee” and made payable to Bhavishya Jyoti Nidhi Limited
- Interest Payment
(a) Interest will accrue from the date of realization of Cheques.
(b) Interest ceases to accrue from the date of maturity
(c) No overdue interest is payable if such amount is unclaimed after
the due date.
(d) Income tax, wherever applicable will be deducted as source in
accordance to the provisions of income tax act 1961. Tax will not be deducted if
declaration in for 15G/ 15H as applicable as required under the act is furnished to the
company at the beginning of each financial year.
(e) In the case of cumulative deposit for the purpose of deduction of
tax, interest will be deemed to accrued every year and tax will be deducted on the
accrued interest in each financial year if warranted.
- Renewal
The depositor should send the discharged FD/RD completed and fresh application to the
company to be made preferably 10 days before maturity
- Saving Deposits
(a) No person can have more than one account individual name and the
initial deposit should not be less than Rs.1000/-
(b) A minimum balance of Rs.1000/- should always be maintained in
accounts having withdrawal facility.
(c) If the Passbook of company is spoiled or lost, a duplicate will be
supplied on payment of Rs.10/-.
(d) No accounts shall be closed before 6 months from the date of
opening. A charge of Rs.10/- will be made if the account enclosed within 6 months from
the date of its opening.
- Repayments
(a) Repayment of any deposits will be made on the Due Date.
(b) The receipt duly discharges over a revenue stamp of Rs.10/- must be
surrendered to the company for repayment amount will be normally paid through A/C payee
cheque. However on request the same will be paid by
NEFT for transfer for credit of bank account.
- Joint Deposits
(a) Former of survivor, deposits will be accepted with this stipulation.
All payments of interest and principal will be made to the former only during his/her
life time, unless specifically authorised otherwise such payment will be made to the
survivor only on production of death certificate only.
(b) Either or survivor, in the case of either or survivor deposits.
Only two persons can make the deposits. All cheques for payment of interest will be
drawn in favor of the second depositor. The discharge given by either depositor for
payment of interest or principal shall be valid and binding on the other depositor and
payment will be made to depositor, who has discharge the deposit receipt. In the event
of death of either depositor, all payments, on account of principal and interest will be
made upon maturity of deposits to the surviving depositor on production of death
certificate.
(c) Any one or survivor, deposits will be accepted on favor of more
than two persons and principal on maturity will be paid on the discharge on anyone of
the depositors, to the depositors who has discharge the deposits receipts. In the event
of death of either depositor, all payment of account of principal and interest will be
made on maturity of the deposit to anyone of the surviving depositor who has discharge
the receipt on production of death certificate. All cheques of payment of interest will
be drawn in favor of the first named depositor unless authorised in favor of anyone
depositor.
- Deposit from Minor
(a) The guardian must sign the application form and must mention his/her
name. The company will made all payments in the name of the guardian.