Terms & Conditions:-
The Institute reserves the right to reject any application for opening the account without assigning any reason.
The Institute reserves the right to attach/transfer any account to any of its branch.
Defaulters will be charged Rs. 40/- per 7 days.
The tenure of the account is 06 months and above
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.
(i) Maturity payment of regular accounts :-
Maturity amount shall be paid to the Customer Account
Holder within 7 days from the demand made with the Institute
(ii) Maturity Payment of irregular accounts :-
The account where in the Customer Account Holder has not continued the account regularly, as specified in clause (i) above would be treated as irregular Account. The Institute 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 principle 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.
(iii) Pre-Maturity is not allowed at any point of time but member can avail loan facility.