A Fixed Deposit (FD) is a financial instrument provided by MSP INDIAN DEVELOPMENT NIDHI LIMITED to its members, which provides members a with higher rate of interest than a regular savings account, until the given maturity date. For a fixed deposit is that the money cannot be withdrawn from the FD as compared to a recurring Deposit or a demand deposit before maturity. MSP INDIAN DEVELOPMENT NIDHI LIMITED offer additional services to FD holders such as loans against FD certificates at competitive interest rates.
Popular Fixed Deposit Schemes
|Scheme Code||Tenure||Rate of Interest (%)||FD Amount||Maturity Amount|
|FD_12 Month||12 Months||8.2||100000||108456|
|FD_24 Month||24 Months||8.7||100000||118784|
|FD_36 Month||36 Months||9.7||100000||126973|
|FD_48 Month||48 Months||10.2||100000||149613|
|FD_60 Month||60 Months||12||100000||180611|
Terms & Conditions:
- It is mandatory to be a member in the Company.
- Company will issue shares worth Rs.100/- to FD account holder.
- Minimum FD would be of Rs.1000.
- Interest calculated quarterly compounded.
- Applicable TDS to be deducted on Interest as per the provisions of Income Tax Act.
- Loan available against deposit up to 75% of deposit amount after 1 from the date of deposit.
- In case of death of a depositor,the Company will repay to nominee or beneficiary the principal & interest, at which it was accepted.