[Investors Please Listen] National Housing Bank : CHANGE IN RATE OF INTEREST

Dear All,

 

NATIONAL HOUSING BANK IS PLEASED TO INFORM YOU ALL THAT FOLLOWING RATES OF INTEREST WILL BE EFFECTIVE FROM 20.04.09 IN SUNDIHI TERM DEPOSIT SCHEME. WE REQUEST YOU ALL TO SEE THAT DEPOSITORS ARE PROPERLY EDCUCATED ABOUT THE SAME AND CASES LIKE THAT HAPPENED ON 15TH JANAUARY, 2009 SHOULD NOT BE REPEATED . FOR NHB THE RATE OF INTEREST WILL BE PAYABLE ONLY FROM THE DATE THE MONEY IS DEPOSITED IN SUNIDHI COLLECTION A/C WITH IDBI BANK.

 

SALIENT FEATURES:-

 

1. Interest Rate: (p.a)                                                                                             w.e.f. 20.04.2009

 

Duration of Deposit	Interest Rate (%) **	Annualised Return (%)
12 Months	7.75 *	7.98*
24 Months	7.75 *	7.98*
36 Months	8.00 *	8.24*
60 Months	8.00 *	8.24*

          

    For Senior Citizens: Additional rate of 0.50% p.a

 

Duration of Deposit	Interest Rate (%)**	Annualised Return (%)
12 Months	8.25 *	8.51*
24 Months	8.25 *	8.51*
36 Months	8.50 *	8.77 *
60 Months	8.50 *	8.77 *

 

*For deposit by individuals for an amount of Rs. 15 lacs or above – Additional interest Rate - 0.10 % p.a

 

** Interest rates offered above are as on date and computed on quarterly compounding basis.

 

NHB at its sole discretion may change/modify the above rates at any point of time without any notice.

 

2. Deposit Amount:  Minimum of Rs. 50,000 and higher in multiples of Rs. 10,000/-.

 

3. Who can deposit: Individuals / HUF / Societies / Trusts / Partnership Firms /Association of Persons

 

4. Interest option under the Scheme: Cumulative Interest Option / Non- Cumulative Interest Option.

 

5. Premature Withdrawal option: Premature encashment is available (subject to certain conditions).

 

6. Nomination: Available

 

7. TDS on interest: Deduction of Income-tax at source from interest payments will be governed by the provisions of the Income Tax Act, 1961, as in force from time to time, and the Rules frame there under.

 

8. Ceiling on Deposit: Maximum Aggregate amount under Sunidhi Term Deposit should not exceed Rs. 1 Crore per Depositor.

 

For further details or clarification please contact us at :(Phone No. 9818269396. - Or visit www.nhb.org.in

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