- 1145, Near Mhalasa Devi Temple, Talvel 425305
- enquiry@mhalasaiurban.com
- +919689697979
Monthly Income Scheme
Mhalasai Urban Nidhi Limited
Monthly Income Scheme
Monthly Income Scheme is offered by the bank allows their investors to receive monthly income in the form of interest during the term of the account. Interest rate is decided periodically by the government and it is a low-risk plan.
Features of Mhalasai Urban Nidhi Ltd.
Interest Payment Table on Deposit of Rs. 25000
|
Interest Rate
|
Period
|
Monthly Interest
|
|---|---|---|
|
10.00%
|
12 Months
|
208/-
|
|
10.25
|
24 Months
|
214/-
|
|
10.50%
|
36 Months
|
219/-
|
|
11.00%
|
48 Months
|
229/-
|
|
11.50%
|
60 Months
|
240/-
|
In the case of deposit, partial withdrawal is not permitted
Premature closure is permitted during both the investment phase as well as the payout phase, after the applicable penalty has been deducted
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.
It is not possible to convert any existing FD/RD with Mhalasai Urban Bank into this product. You can always open a new deposit with us to experience these benefits.
Terms & Conditions
- To open a Monthly Income Scheme, It is mandatory to become a member first. Click Here to become member
- You need to complete the KYC Norms.
- Open an account with your choice of period from 1 Year to 5 Years.
- Interest will be calculated on quarterly compound basis.
- Interest amount subject to TDS as per provisions of Sec 194A of the Income Tax Act 1961.
- Rate of Interest for Senior Citizens, Women & Ex-servicemen shall be 0.50% higher than normal prevailing interest rate on Fixed Deposit.
- Mhalasai Urban Nidhi Limited reserves the right to alter or add to these rules at any time without any notice.