Mhalasai Urban Nidhi Limited

  • 1145, Near Mhalasa Devi Temple, Talvel 425305
  • enquiry@mhalasaiurban.com
  • +919689697979
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MHALASAI URBAN

 NIDHI LTD.

Recurring Deposit

Mhalasai Urban Nidhi Limited

Our Schemes

Recurring Deposit

Features of Mhalasai Urban Nidhi Ltd.

Interest Rate
Minimum Tenor
Maximum Tenor
Deposit Amount
2.65% to 6.75%
6 Months
10 year
Min Monthly Deposit of Rs. 100
  • Loan Facility
  • Premature Closure
  • Tax Benefits
  • High Interest Rates

You also have an option to avail a loan against the RD. Banks may allow up to 95% of the deposit amount as a loan against deposit used as collateral.

Fore closure of Deposits will not be permitted until completion of 3 months From the date of Deposits. Deposits foreclosed after 3 months but before 6 months from the date of Deposits no Interest will be paid. Deposits foreclosed after 6 months, interest at 2% shall be deducted from the normal rate of Simple Interest for the period of Deposit.

Tax may be deducted at source if the interest income earned on recurring deposits across branches exceeds Rs.40,000 per financial year. The limit for senior citizens is Rs.50,000 per financial year.

Taxpayers with the total annual income within the basic exemption limit may submit Form 15G/15H to the bank requesting not to deduct tax at source.

The interest rate offered on RDs is always higher than the interest earned through a savings account. The interest rates offered on RDs are also similar to what you can earn through FDs.

However, the periodic investment instead of a lump sum amount makes it suitable for individuals who aim to create a corpus through their monthly savings.

Mhalasai Urban Nidhi Ltd. Recurring Deposit Rates 2021

Tenor
Non Senior Citizens
Senior Citizens
12 Months
5.50% to 5.60%
5.70% to 5.90%
18 Months
5.90% to 6.00%
6.00% to 6.30%
36 Months
6.30% to 6.50%
6.50% to 6.70%
48 Months
6.30% to 6.50%
6.50% to 6.70%
60 Months
6.30% to 6.50%
6.50% to 6.70%
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Terms & Conditions

  1. To open a R.D. Account It is mandatory to become a member first. Click Here to become member
  2. You need to complete the KYC Norms.
  3. Open an account with your choice of period from 1 Year to 5 Years.
  4. Interest will be calculated on quarterly compound basis.
  5. Interest amount subject to TDS as per provisions of Sec 194A of the Income Tax Act 1961.
  6. Rate of Interest for Senior Citizens, Women & Ex-servicemen shall be 0.50% higher than normal prevailing interest rate on Fixed Deposit.
  7. Facilities: Loan facility is available against deposits. Nomination facility is available for deposits.
  8. Irregular deposits are not entitled for pre mature payment and loan facility against it.
  9. On irregular deposits if all irregular pending deposits are paid then such account will be treated as regular. Even if there is default in payment of 1 installment, the said account will be treated as irregular.
  10. After maturity date, payment on irregular accounts will be made after deducting the penalty amount maximum to the limit of interest earned on such account. No deductions will be made on principle amount of such accounts
  11. The Member Account Holder shall surrender the R.D. Receipt/Bond/Advice and duly signed application to the company and the maturity shall be paid along with interest as per the above-mentioned Chart. No additional interest would be paid on the maturity amount, if taken after the scheduled period.
  12. Interest rates are subject to change at the sole discretion of the Mhalasai Urban Nidhi Limited.
  13. Mhalasai Urban Nidhi Limited reserves the right to alter or add to these rules at any time without any notice.