Interest Rates on Deposit Schemes (W.E.F. - 13th August, 2012)
HYC = Half-year Compounded and QC = Quarterly Compounded
NOTE : Pre-mature withdrawal will not be allowed before completion of 3 months from the 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 :-
i) the public deposit is renewed in accordance with the other provisions of these directions and for a period longer than the remaining period of the original contract; and
ii) the interest on the expired period of the public deposit is reduced by one percentage point from the rate at which the housing finance company would have ordinarily paid, had the deposit been accepted for the period for which such public deposit had run; any interest paid earlier in excess of such reduced rate is recovered/adjusted.
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. 13th August, 2012.
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