Terms and Conditions

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

(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.

The depositor should send the discharged FD/RD completed and fresh application to the company to be made preferably 10 days before maturity

(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.

(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.

(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.

(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.