Ashok Mahananda Urban Nidhi Limited

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Savings Account

Saving money habit will improve the quality of life and will help you to feel better and to sleep better. One will be happier knowing he/she has some money aside for unexpected expenses and look forward to achieve some of their dreams. Ashok Mahananda Urban Nidhi Limited has introduced uniquely designed “Saving Account” to inbuilt the habit of saving among people
Documentation
ID Proof:Passport, Adhar Card,PAN card,Voter ID card,Driving license,Government ID card,Photo ration card,Senior citizen ID card
Address Proof:Passport, Adhar Card, Telephone bill ,Electricity bill ,Bank Statement with Cheque ,Certificate/ ID card issued by Post office

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Fixed Deposit

Terms & Conditions:-
Minimum FD would be of Rs.1,000 and further in multiple of Rs.1,000
Interest calculation Quarterly compound.
No TDS Deducted on interest. Paid by Ashok Mahananda Urban Nidhi Limited on Deposit.
Loan available against deposit up to 70% of deposited amount after one month from the date of deposit.
Rate of Interest on loan against FD would be 3% higher than applicable rate of interest to your deposit.
Pre Mature Closure Of Deposits:-
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.

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Recurring Deposits

Tenure of Payment:-
The tenure of the account is 12 months and above.
Mode Of Payment:-
All payments to the company shall be made either in cash or by cheque/draft against the receipt countersigned by its authorized signatory payments by any mode or media other than mentioned above shall be at the member account holder’s own risk. The cheque/draft shall be credited in the name of member Account Holder subject to clearance by the bank. Out station cheques shall not be accepted. Issue of Passbook
A passbook will be issued to every Member Account Holder. The Member Account Holder shall get the pass book updated at regular intervals. If any discrepancy or difference in the amount is found between the entries made in the passbook and receipts duly countersigned by the authorized signatory of the branch office bearing seal. Payment shall be made on the basis of receipts only.
Terms & Conditions:- Interest will be calculated on yearly basis.
Recurring Deposit minimum amount Rs 100/-, thereafter in multiples of Rs 100/-
Loan on deposits will be charged at 3% higher than applicable rate of interest to your deposit.
Lapse on payment of installment amount will make the defaulter pay Rs 2 per 100 per month with installment amount.
1 month after paying last installment or maturity amount due date whichever is more will be applicable for payment of maturity amount.
Irregular deposits are not entitled for pre mature payment and loan facility against it.
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.
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.
Loan facility on Recurring Deposits :
On 24 month and 36 month deposit schemes, after 1 year (after receiving of 12 installments) loan up to 60% of deposited amount will be given.
On 48 month and 60 month deposit schemes, after 1.5 years (after receiving of 18 installments) loan up to 60% of deposited amount will be given
Pre Mature Closure Of Deposits:-
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.

Lakhpati Yojna

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Daily Deposit Scheme

The minimum denomination of the scheme is Rs.10/- per day and in multiples of 10.
The company reserves the right to reject any application for opening the account without assigning any reason.
The company reserves the right to attach/transfer any account to any its branch.
Defaulters will be charged at the rate of Rs. 2/- per Rs. 100/- per 15 days.
Tenure of Payment
The tenure of the account is 12 months and above.
Mode Of Payment:-
a) All payments to the company shall be made either in cash or by cheque/draft against the receipt countersigned by its authorized signatory payments by any mode or media other than mentioned above shall be at the member account holder’s own risk. The cheque/draft shall be credited in the name of member Account Holder subject to clearance by the bank. Out station cheques shall not be accepted.
b) Installments are to be paid regularly in each working day. The member account holder will have to deposit 30 days payment in the month.
Issue Passbook:-
A passbook will be issued to every Member Account Holder. The Member Account Holder shall get the pass book updated at regular intervals. If any discrepancy or difference in the amount is found between the entries made in the passbook and receipts duly countersigned by the authorized signatory of the branch office bearing seal. Payment shall be made on the basis of receipts only.
Maturity:-
The Member Account Holder shall surrender the passbook and duly signed maturity form to the company and the maturity shall be paid along with interest as per the below mentioned Chart. No additional interest would be paid on the maturity amount, if taken after the scheduled period
Maturity payment of regular accounts. On deposit of Rs. 10/- per day Maturity Amount shall be paid to the Member Account Holder within 7 days from the demand made with the company as per the following chart(for daily mode)
Maturity Payment of irregular accounts. The account where in the member Account Holder has not continued the account regularly, as specified in clause (1) above would be treated as irregular Account. The company will charge liquidated damages on these irregular accounts on account of non receipt of deposit installments in time and the resultant loss of investment opportunity, etc. The liquidated damages would be deducted from or adjusted against the interest amount payable to the member account holder. No deduction of any kind shall be made from the principal amount deposited by the member account holder. Therefore, at the time of maturity, the payment in these accounts shall be made with interest as per the chart available at the company offices.
Pre Mature Closure Of Deposits:-
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.

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Monthly Income Scheme

Terms & Conditions:-
Minimum MIS would be of Rs. 10000/- and further in multiple of Rs.10000/-
No TDS Deducted on interest paid by Amanat Nidhi on Deposits.
Special MIS is applicable only for Senior citizens, women, and Govt. employ and for pensioners.
Loan available against Deposit up to 75% of deposited amount after one month from the date of deposit.
Rate of interest on loan against Deposit would be 3% higher than applicable rate of interest to your Deposit.
Payment before maturity not allowed for 90 days deposit scheme and Payment before Maturity allowed to other MIS plans, in this case the Calculation of interest on pre-mature payment will be applicable as per savings a/c’s rate of interest and already paid interest amount will be deducted from the principal amount.

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