Corporate FDs

In a non-cumulative scheme, the interest is payable on a monthly, quarterly, and half-yearly basis. The scheme will be convenient for clients who require a periodical interest payment. In the cumulative deposit scheme, the interest is payable at the time of maturity along with the principal. This scheme is suitable for people who do not require periodical interest payments and this can be thought of as a money multiplier scheme.

Yes, the deposit can be made in the name of a minor provided the minor is represented by his/her natural or legal guardian, and the application form for the deposit is signed by the natural/legal guardian, on behalf of the minor. All communication in relation to the deposit shall be addressed to the guardian.

Only the person(s) who have been appointed as guardian(s) by the competent court should sign the application. A copy of the court order has to be submitted while investing.

Currently, we are not having any renewal option.

An attested copy of death certificate, term deposit receipts, will or testamentary disposition, if any, or an attested copy of legal heirship certificate issued by a Tahsildar/corporations.

No, the deposit amount will be directly credited only to the corresponding bank account updated.

The TDS certificate will be dispatched to the client on​​Quarter 1-last week of May Quarter 2-last week of October Quarter 3-last week of January Quarter 4-last week of May​

For the tax deducted at source, tax deduction certificates in the prescribed form 16A, giving details of the interest remitted to govt., etc. will be sent on a quarterly basis if the deposit is under the quarterly scheme, the half-yearly basis for deposit under the half-yearly scheme, and at the end of the year in case of cumulative deposits. TDS certificates in form NO.16A are generated quarterly on the basis of details provided in the quarterly TDS statement filed by the deductor of Tax in the TIN (Tax Information Network). For deduction of tax at source made on or after 01.04.2011, the TDS certificate in Form 16A will be generated by the company through the TIN central system and which is downloaded from the TIN website with a unique TDS certificate number and shall be authenticated by using the digital signature.

Yes, form 15G/H will have to be submitted at the beginning of each financial year covering all the existing deposits and if the deposits are made during the year then a new Form 15G/H will have to be submitted. However, if there are any changes in the Income Tax laws, then a new form 15G/H would be required to be submitted.

A Fixed Deposit can be opened for a minimum period of 12 months to maximum tenure of 60 months.

In a Non-Cumulative scheme, the interest will be credited on the Last day of every month in case of Monthly, the Last day of March/June/September and December in case of Quarterly, the Last day of March and September in case of Half-Yearly and Last day of March in case of Yearly. The first interest will be paid on the last day of the subsequent month in which the FD is processed E.g. If the customer has initiated the FD on 20th March and has requested monthly interest, the same will be paid on the subsequent month-end that is 30th April.

The investments can be accepted from Individuals, NRIs, companies, Partnership Firms, Hindu Undivided Family (HUF), Trust and Foundations, and Unincorporated Associations.