Best Deposit and Saving Scheme For Company Member
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Monthly Income Scheme is a monetary deposit scheme introduced to help monthly wage earners, small traders, to inculcate saving habits and also as a way of funding their bigger capital requirements. In this scheme money can be deposited into an account on monthly basis. The amount may be as small as Rupees ten. The unique characteristic of this scheme is that an agent from the bank collects money to be deposited, on monthly basis, from doorsteps of account holder..
Sr No. | Plan Name | Code | Duration | Type | ROI(%) | Minimum D. Amount | Compounding | Interest Amount | Maturity Amount |
---|---|---|---|---|---|---|---|---|---|
1 | MIS 12 | MIS 12 | 1 Year | fixed | 8.00 | 100000 | Monthly | 666.67 | 100000 |
2 | MIS 24 | MIS 24 | 2 Year | fixed | 9.00 | 100000 | Monthly | 750.00 | 100000 |
3 | MIS 36 | MIS 36 | 3 Year | fixed | 10.00 | 100000 | Monthly | 833.33 | 100000 |
4 | MIS 60 | MIS 60 | 5 Year | fixed | 12.00 | 100000 | Monthly | 1000.00 | 100000 |
** 50% SL Loan Facility after 180 Days.
1. Any deposit with Payquick cannot be below Rs. 25,000/-
2. A nomination is compulsory for every member who deposits with Payquick and in cases where the nominee is a minor; a guardian should be competently appointed.
3. TDS Deduction Forms 15 H for senior citizens, those who are 60 years or older; and Form 15G for everybody else is mandatory.
4. The monthly interest for the deposit will be transferred to the savings account of the customer or member.
5. An FD (Monthly Income Scheme) can be opened only for a single individual or joint account facility is available.
6. A Minor open FD (Monthly Income Scheme) Account. But Member Legal guardian.
7. Cash will be accepted up to Rs. 20,000/- and above which all transactions will be carried out only through DD or Cheque. In cash Cash Deposit so PAN mandatory
8. The maturity / Pre-closure amount will be paid through an a/c payee cheque.
9. Loan facilities are available from the Fixed deposits made with Payquick.
10. Loan eligibility – 75% to 85 % of the deposit amount.
11. Interest Rate – Actual Interest rate of deposit + 2%.to 4%.
12. Pre Closer Not allowed.