Recurring Deposit is a special kind of Term Deposit offered by Brofin Mutual India Nidhi Ltd. which helps members with regular incomes to deposit a fixed amount in every month into their Recurring Deposit account and earn interest at the rate applicable.
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/on line 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/on line shall be credit
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.
Terms & Conditions
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- 1. It is mandatory to be a member in company
- 2. Company will issue 1 share (10/- Rs) for RD Plan.
- 3. Interest will be calculated on a yearly basis..
- 4. Recurring Deposit minimum amount Rs 100/-, thereafter in multiples of Rs 100/-
- 5. Loan on deposits will be charged at 18% yearly compound interest basis.
- 6. month after paying last instalment or maturity amount due date whichever is more will be applicable for payment of maturity amount.
- 7. Irregular deposits are not entitled for premature payment and loan facility against it..
- 8. On irregular deposits if all irregular pending deposits are paid then such accounts will be treated as regular. Even if there is default in payment of 1 instalment, the said account will be treated as irregular..
- 9. 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..
- 10. R.D. will not be premature within the first 3 month..
- 11. If R.D. is matured after 3 month but before 6 month no interest will be paid.
- 12. After depositing the premium of 6 months, any type of interest will not be given.
- 13. If any person is premature it's R.D then the person will be paid 2% , less of maturity interest after 6 months to 60 months..
| RD - 12 MONTHS | |||||
| S.No | AMOUNT | INTEREST | INVESTMENT | COMPOUND INTEREST RECEIVED | GROSS TOTAL |
|---|---|---|---|---|---|
| 1 | 100 | 10.70% | 1,200 | 72 | 1,272 |
| 2 | 200 | 10.70% | 2,400 | 144 | 2,544 |
| 3 | 500 | 10.70% | 6,000 | 359 | 6,359 |
| 4 | 1,000 | 10.70% | 12,000 | 719 | 12,719 |
| 5 | 2,000 | 10.70% | 24,000 | 1,438 | 25,438 |
| 6 | 5,000 | 10.70% | 60,000 | 3,594 | 63,594 |
| 7 | 10,000 | 10.70% | 120,000 | 7,188 | 127,188 |
| RD - 24 MONTHS | |||||
| S.No | AMOUNT | INTEREST | INVESTMENT | COMPOUND INTEREST RECEIVED | GROSS TOTAL |
|---|---|---|---|---|---|
| 1 | 100 | 10.70% | 2,400 | 287 | 2,687 |
| 2 | 200 | 10.70% | 4,800 | 573 | 5,373 |
| 3 | 500 | 10.70% | 12,000 | 1,434 | 13,434 |
| 4 | 1,000 | 10.70% | 24,000 | 2,867 | 26,867 |
| 5 | 2,000 | 10.70% | 48,000 | 5,734 | 53,734 |
| 6 | 5,000 | 10.70% | 120,000 | 14,336 | 134,336 |
| 7 | 10,000 | 10.70% | 240,000 | 28,672 | 268,672 |
| RD - 36 MONTHS | |||||
| S.No | AMOUNT | INTEREST | INVESTMENT | COMPOUND INTEREST RECEIVED | GROSS TOTAL |
|---|---|---|---|---|---|
| 1 | 100 | 10.70% | 3,600 | 661 | 4,261 |
| 2 | 200 | 10.70% | 7,200 | 1,321 | 8,521 |
| 3 | 500 | 10.70% | 18,000 | 3,303 | 21,303 |
| 4 | 1,000 | 10.70% | 36,000 | 6,606 | 42,606 |
| 5 | 2,000 | 10.70% | 72,000 | 13,212 | 85,212 |
| 6 | 5,000 | 10.70% | 180,000 | 33,030 | 213,030 |
| 7 | 10,000 | 10.70% | 360,000 | 66,060 | 426,060 |
| RD - 60 MONTHS | |||||
| S.No | AMOUNT | INTEREST | INVESTMENT | COMPOUND INTEREST RECEIVED | GROSS TOTAL |
|---|---|---|---|---|---|
| 1 | 100 | 10.70% | 6,000 | 1,959 | 7,959 |
| 2 | 200 | 10.70% | 12,000 | 3,918 | 15,918 |
| 3 | 500 | 10.70% | 30,000 | 9,795 | 39,795 |
| 4 | 1,000 | 10.70% | 60,000 | 19,590 | 79,590 |
| 5 | 2,000 | 10.70% | 120,000 | 39,180 | 159,180 |
| 6 | 5,000 | 10.70% | 300,000 | 97,949 | 397,949 |
| 7 | 10,000 | 10.70% | 600,000 | 195,899 | 795,899 |