This is to inform that the Company has revised the rate of interest on Public Deposits with effect from 6th March, 2017. We are giving here under the revised rates of interest :-
|Maturity Period (in months)||Individual /HUF- General Public||Individual - Sr. Citizens||CBHFL Staff||Non-Individual Depositor(Trusts/ Associations/ Clubs/ Company/ Co-op. Soc./ Co-op. Banks/ Partnership Firm/ Proprietary Concern)|
Scheme-I Fixed Deposit (Quarterly Income) Scheme
Scheme-II Fixed Deposit (Monthly Income) Scheme
|12 – 84||7.30%||7.55%||7.80%||7.30%|
|Scheme-III Cumulative Deposit (Interest Compounded Quarterly)|
|12 – 84||7.50%||7.75%||8.00%||7.50%|
Request for pre-mature withdrawals of deposit will be permitted subject to Housing Finance Companies (NHB) Directions, 2010 as stated below :-
|Period completed from date of deposit||Interest Rate payable (%)|
|After Three months but before expiry of six months||Maximum 4% p.a. (as decided by Company from time to time) for individual depositor and no interest in case of any other category of deposit.|
|After 6 months but before 12 months||2% lower than the minimum rate at which the public deposits are accepted by the Company.|
|After 12 months but before the date of maturity||1% lower than the interest rate applicable to a public deposit for the period for which the deposit has run.|
NOTE : Pre-mature withdrawal will not be allowed before completion of 3 months from the effective date of deposit.
Provided that in the event of death of a depositor, the deposit may be paid prematurely to the surviving depositor/s in the case of joint holding with the survivor clause, or to the nominee or legal heir/s with interest at the contracted rate up to the date of repayment.
Where any depositor wants to renew his public deposit before maturity for availing the benefit of higher rate of interest, the company shall pay the depositor the increase in the rate of interest provided subject to -:
At the time of renewal/fresh deposits, KYC norms are to be complied with without fail.
The above revised interest rates shall be effective on fresh Deposits and on renewal of deposits w.e.f. 6th March, 2017. Branch Managers are advised to display this on Notice Board for the information of the public.