Wednesday, May 13, 2009

[Investors Please Listen] Kerala Transport Development Finance Corporation limited Fixed Deposits

FIXED DEPOSIT SCHEMES

Deposits are accepted from the public under two Schemes,  viz. Periodic Interest Payment Scheme and Money Multiplier Scheme.

Periodic Interest Payment Scheme

For deposits under this Scheme, the minimum amount acceptable is Rs.10000/- and further in multiplies of Rs.1000/- and the interest is paid monthly or quarterly by way of ECS/NEFT/Interest Warrants.


Money Multiplier Scheme

For deposits under this Scheme, deposits are accepted in multiples of Rs.1000/- with a minimum of Rs.10000/- and the deposits along with interest accruing periodically are paid at the end of the deposit period (MONTHLY COMPOUNDING).

  INTEREST RATES OF FIXED DEPOSITS OF KTDFC
The  interest rates on Fixed Deposits of KTDFC with effect from 1st April 2009  is as follows:

Sl. No.

Tenure

Interest rate up to Rs. 25 lakhs

Interest rate for above Rs. 25 lakhs

1.

1 year

9.75%

10.00%

2.

2 years

9.75%

10.00%

3.

3 years

9.25%

9.50%

4.

4 years

9.25%

9.50%

5.

5 years

9.25%

9.50%

For Senior Citizens the interest rate will be 0.25% above the normal interest rate.

" FIXED DEPOSITS GUARANTEED BY GOVERNMENT OF KERALA "
" REPAYMENT OF DEPOSITS UP TO Rs. 400 CRORES WITH INTEREST GUARANTEED BY
GOVERNMENT OF KERALA VIDE G.O.(MS) No.49/2006/TRAN dated 08.09.2006. "   --------------
" THE DEPOSIT AS ON 28/02/2009 is Rs.368 Crores "(Provisional)

REFUND / RENEWAL OF DEPOSIT

  • In the case of renewal of deposit, the depositor shall retum the deposit receipt duty discharged in favour of the Company together with application form duly filled in.
  • In the case of refund of deposit, the depositor shall communicate to the Company, at least, one month in advance along with Fixed Deposit Receipt duly discharged for making payment.
  • In case the deposit is not renewed on maturity but recalled on a subsequent date,the Company is not liable to pay interest on the deposit amount from the date of maturity. Similarly if the request for renewal is received after 30 days from the date of maturity, renewal will be considered only from the date of receipt, of renewal request.
  • An application for change either by the primary depositor or by the joint holder or by both may be entertained at the time of renewal with consent of the depositors named in the original  Fixed Deposit Receipt.
  • For repayment of Deposit, the Fixed Deposit Receipt has to be surrendered duly discharged on Rs.1/- revenue stamp. In-the case of Either or Survivor'(E or S) Account, either depositor can give the discharge but payment will be made only to the first named depositor.
  • If the existing deposit is renewed on maturity by adding further amounts by way of Cash / Cheque /Demand Draft, deposit receipt for the Consolidated amount will be issued only from the date of realisation of Cheque / Demand Draft or the date of maturity of the existing deposit whichever is later and interest  will accrue from such date only.
In the case of refund of  deposit to  the outstation depositor, refund will be made by Crossed A/c Payee Cheque/ Demand Draft at Company cost.

PREMATURE  WITHDRAWAL

As per the directions of the Reserve Bank of India currently in force, the deposit shall not be repaid before the expiry of 3 months from the date of deposit.  In case of premature withdrawal after 3 months, interest shall be paid at the following rates :-

  •   After 3 months but before expiry of 6 months-No interest
  • After expiry of 6 months but before the date of maturity-2% below the contracted rate


REMITTANCE

Application form along with Cash / Crossed Cheque / DD may be forwarded to the registered office of the Company.  In case of payment by Cheques/DD, City Cheques/DD payable at Thiruvananthapuram alone will be accepted. Direct Cash can be remitted at all branches of HDFC bank under the client code "KTDEVFIN" & the receipt of the same should be attached along with the application.

SUBMISSION OF APPLICATION & ESSENTIAL ATTACHMENTS

Application form ( attachment I ) should be forwarded along with the following Essential Documents
1. Age Proof           : Copy of Passport / Pancard / Driving License / Other recognised documents
2. Address Proof    :  Copy of Passport / Pancard / Driving License / Ration card /
                                    Other  recognised documents
3. DD payable at Thiruvananthapuram / Crossed Cheque / Payment receipt of HDFC Bank, for the Deposit amount.
4. Form 15G/15H, if tax on interest above Rs.5000/- not to be deducted at source.
5. In case of Institutions, Resolution of the Board, Tax exemption certificate if any and Pan card's copy is essential.
6. Details for Bank for NEFT Payment (down loadable)

TAX ON INTEREST 

Interest earned by charitable trust is exempted under Income Tax Act vide Section II (5) (Vii).
If the aggregate amount of interest payable to a resident depositor in any of the financial year under the schemes were to exceed Rs. 5000/- , income tax at the appropriate rates as prescribed in the Finance Act as amended from time to time will be deducted as and when payment is made unless affidavit in the prescribed form 15G / 15 H (down loadable) is produced for each financial year separately by the depositor.

LOAN ON DEPOSIT
Loans will be permitted only to individuals on deposits up to 75% of the deposit amount under both the schemes, after the expiry of 3 months from the date of deposit interest will be charged at 2% above the interest payable on such deposits.  Interest on the loan will be adjusted out of interest payable on deposits under scheme I and compounded on loan on deposits under scheme II.  The loan can be closed either by remitting the loan amount in one lump sum before the maturity period of the deposit or it will be recovered out of the maturity value of such deposits at the time of maturity.  

 OTHERS

  • The company will not recognize any lien on deposits.
  • In the event of demise of first named depositor, all payments  will be made:            
  • to the person in, order of survivors in the case of joint deposior.
  • to the legal heir / nominee of the depositor on the production of death certificate in the case of  single depositor.
  • In the event of death of the first / joint depositor, on production of the death certificate, all correspondence will be made to the person in order of survival and payment of interest and repayment of the deposit will be made to him / her.
  • In the event of dispute over the claims of deposits, the company reserves its right to withhold payment till the dispute is finally settled to the satisfaction of the company after giving due information to the claimants thereof.
  • If the deposit remains unrenewed, the Company is not liable to pay interest on deposits for the period under dispute.
  • Where any payment falls due on Sunday / BankHolidays or any other day on which the office remain closed, the payment will be made on next working day.
  • All payments will be made only by means of Cheque/Demand Draft at our cost.
  • The Company reserves the right to reject any application for deposit without assigning any reason thereof.
  • The company, reserves the right to alter, amend / modify all or any of the conditions stipulated above without prior notice.
  •  All disputes will  be settled subject to Thiruvananthapuram  Jurisdiction only.

Change of address, instructions regarding interest remittance etc. will be given effect to only after 30 days from the date of receipt of such instructions.

 For Investment queries - Call Investor Cell @ 0-9818269396

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The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
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