Terms & Conditions
Mode of Repayment of Deposit: The repayment of deposit will be made on the due date on receipt of the deposit receipt duly discharged over a revenue stamp of₹ 1/- Any repayment of ₹ 20,000/- and above will be made only through a Bankers A/c payee Cheque / Demand Draft as per the provisions of income Tax Act 1961. In the case of Former of Survivor (F or S) deposit the discharge has to be made by the first named depositor during his/her life time. However in the case of joint accounts the deposit receipt should be discharged by both the depositors.
Maturity Period of Deposit: Deposits can be opened for a minimum period of 6 months and a maximum period of 60 months.
Interest payable on the Deposits: The rate of Interest which is at present in force may vary from time to time in respect of deposits, at the discretion of the Board. Existing interest Rates based on the tenure as given in the website of the company.
Prematurity: No deposit shall be repaid before the expiry of three months from the date of deposit. Interest payment of premature withdrawals of deposits would be as follows.
After expiry of 3 months but before expiry of 6 months: No interest.
After Expiry of 6 months but before expiry of 12 months: Not exceeding 8% p.a.
After expiry of 12 months but before the date of maturity: 3% p.a. less than the rate which the company would have ordinarily paid, had the deposit been accepted for the period for which such deposit had run. In the event of death of a depositor, the deposit may be repaid prematurely, if required, to the surviving depositor/s in the case of joint holding with survivor clause or to the Nominee or Legal heir/s with interest at the rate which the company would have ordinarily paid, had the deposit been accepted for the period for which such deposit had run, up to the date of repayment.
Terms and conditions:
Interest ceases to accrue from the date of maturity of the deposit, unless renewed.
No overdue interest is payable if such amount is unclaimed after the due date.
The acceptance of deposit amounts and the duration period of the deposit and the rate of interest is subject to the rules in force now and as fixed by the Board from time to time with regard to various kinds of deposit.
In the event of loss or destruction or mutilation of a Deposit receipt, the company may at its sole discretion issue a duplicate, upon receiving an indemnity Bond from the depositors, in a form prescribed by the Board. All expenses in this connection will have to be borne by the depositor.
The Deposits made in the name of a minor may be operated upon or withdrawn by the person making the deposit and representing the minor as his or her guardian. In case of demise of such guardian any other person claiming as guardian shall not be entitled to operate upon or withdraw the deposit unless permitted by the Board of Directors which shall be at their discretion. Moneys so paid to such guardians shall afford a complete discharge to the company for payment of the deposit and shall not be questioned by minor or by anyone on his or her behalf.
The board reserves the right to reject any application for deposit without assigning any reason therefore.
The Payment will be made on the succeeding working day if due date is a holiday.
It is not obligatory on the part of the board to give notice or advance intimation about the maturity of the deposit.
The Depositor may appoint a person of his choice as his “Nominee” in the prescribed form to receive the proceeds of Deposit after his demise.
In order to be effective, depositor’s instruction, in relation to change of address, tax exemption, etc., must be notified to the board at least 30 days before payment of interest or principal becomes due.
TDS at applicable rates will be made, subject to submission of form 15G/15H, in accordance with the provision of Income Tax act. 1961.
Deposits of₹ 20,000/- and above will be accepted only by way of crossed account payee draft/ cheque, as per the provisions of the income – tax, Act 1961.
Deposit receipt is not transferable. However if the depositor wants to convert the self-deposit account “E or S” or “F or S” or Joint Account the conversion will be permitted only at the discretion of the board.
The Board reserves the right to refund the deposit accepted before the expiry of the period fixed for such deposit, on notice, without assigning any reason. If the depositor fails to receive back the amount on the date mentioned in the notice the deposit amount shall carry no interest thereafter.
Income-Tax wherever applicable will be deducted at source in accordance with the provisions of the Income Tax Act 1961 and Tax will not be deducted if declaration in Form 15G/15H required under the Act as furnished to the board at the beginning of each financial year.
For other rules and regulations regarding all kinds of Deposits, the board may be contacted.
The Board of Directors reserve the right to alter or amend any of the terms and conditions mentioned here and the Board’s decision is final.
Renewals: Deposit can be renewed by signing the deposit receipt on the reverse (without revenue stamp) and accompanied by Renewal application form duly filled in and signed. In the case of Former or Survivor (F or S) deposit only the first named depositor can sign the deposit receipt for renewal. Deposit receipt is not transferable. Hence no addition, deletion or change of names is permissible during the currency of the deposit receipt. The company will not recognise any lien, charge or other encumbrance on deposit. Depositors are requested to intimate any change in address. Cheques/drafts should be drawn in favourable of “ABI & ABI INDIA NIDHI LTD” crossed “A/c Payee”. Drafts should be made payable at any bank in CHENNAI. Renewal of Deposits shall be made within 91 days from the date of maturity.
Loans: The Depositor may avail a loan against the deposit receipt subject to the rules of the company.
Any other special features or terms and conditions subject to which the deposit is accepted or renewed.
In case of non – payment of the deposit or part thereof as per the terms and conditions of such deposit, the depositor may approach the Register of Companies having jurisdiction over the Company.
In case of any deficiency of the Nidhi or Mutual Benefit Society in servicing its deposit, the deposit or may approach the National Consumers Disputes Redressal Forum, the State Level Consumers Disputes Redressal Forum, or District Level Consumers Disputes Redressal Forum for relief.
The deposits accepted by company are not insured and the repayment of deposits is not guaranteed by either the Central Government or the Reserve Bank of India.
The financial position of the company as disclosed and the representations made in the application form are true and correct and that the company and Board of Directors are responsible for the correctness and veracity thereof.
The financial activities of the company are regulated by the Central Government. It must, however, be distinctly understood that the Central Government does not undertake any responsibility for the financial soundness of the company or for the correctness of any of the statement or the representations made or opinions expressed by the company and for repayment of deposit/ discharge of liabilities by the company.