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 FAQs For Shares
 
FAQs For Repayment Fixed Deposits
   
Q1. What is the procedure for repayment of Fixed Deposit on maturity?
 

Kindly, affix one rupee revenue stamp on the space provided for the purpose on the reverse of FDR. First applicant must sign across the same, in case of individual F.D holders and by authorized signatories in case of Company, trust, body corporate or power of attorney holder as per specimen signatures recorded with the company. In case of change in the authorized signatories, request letter must be duly supported by board resolution/ trust deed. Fdr should be sent to our operating office at least 15 days in advance to us from the date of maturity, to ensure repayment of Fdr on time.

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Q2. What is the maximum period of sending Fdr in advance for repayment ?
Ans.

You can send Fdr two month in advance from the date of maturity.

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Q3. What is the mode is adopted for repayment of Fdr by the company?
Ans. Repayment of principal amount will be made by means of a/c payee warrant or demand draft (If fd amount exceeds Rs. 50,000) drawn on the Company’s bankers & payable at par at selected branches in India.
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Q4. Can I withdraw the fixed deposit amount before maturity?
Ans. Yes, deposit can be repaid after six months, from the date of deposit. Interest shall be paid @1% less than the rate the company would have paid , had the deposit been accepted for the period for which the deposit has run. Covering letter for request of pre-mature payment , duly discharged FDR as explained under sl. No.1) & unencashed interest warrants (if any), must be sent to the company for the purpose.
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Q5. Am I permitted to take loan from the company on my Fixed deposit?
Ans.

No, Company cannot grant loan against the Fixed deposit.

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F. Appointment of Nominee
   
Q1. How do I make nomination with regard to my Fixed Deposit?
Ans. Kindly submit the Fixed Deposit Receipt, in original, to the Company along-with nomination form, in duplicate, duly signed by the first / sole holder. The format of the nomination form is provided in the link below.

Nomination is valid only if Fixed Deposit has originally been made in single name. No request for nomination will be entertained in case first applicant is a Company, Body Corporate or a Trust. A Power of Attorney Holder is also not allowed to nominate, on behalf of the original Fixed Deposit holder.

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Q2. Can I nominate a minor with regard to my Fixed Deposit?
Ans. A minor can be appointed as a nominee, under the legal or natural guardianship of a major person i.e a person over the age of 18 years.
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Q3. Can the nomination be changed at any point of time?
Ans. The holder of Fixed Deposit can change his / her nominee at any point of time, before the maturity of Fixed Deposit. For this a fresh nomination form, in duplicate, duly signed by the first holder is to be filed with the Company.

The format of the nomination form is provided in the link below.

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G. Transmission Of Fixed Deposit
   
Q1. In the event of death of first applicant, how do surviving joint applicant(s)/ nominee get the Fixed Deposit transferred in their names?
Ans. An application duly signed by joint applicant(s) /nominee, Fdr in original along with certified copy of death certificate , must be sent to our operating office. On receipt of above mentioned documents new F.D receipt duly endorsed in the name of first joint applicant /nominee will be returned to the new F.D holder. The second joint holder of original FDR will automatically became first joint applicant of the Fixed Deposit. No other person other than first joint applicant/nominee will be recognized by the company for transmission of Fixed Deposit, unless directed by the court.

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Q2. Can new F.D holder(s) add name of another joint name or nominee?
Ans. Yes, name of joint name(s) can be added in the Fixed deposit. However, there can be only three joint applicants, including first applicant for each Fdr. Nominee can be appointed in case there is no joint applicant in the Fixed Deposit.
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Q3. If F.D holder , holding Fdr in his/her sole name dies, how can his/her legal heir(s) get FDR transmitted in their name(s)?
Ans. In such a situation copy of the registered will must be sent to the company along with FDR & request in writing for transmission of FDR. . However, Company may ask for completion of other formalities to its satisfaction before transmission of the Fixed deposit.

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Q4. What will be the transmission process in case sole F.D holder dies without leaving the will?
Ans. Company may transfer the Fdr on submission of Certified copy of Succession certificate.Under special circumstances, the company may consider transmission of Fixed Deposit, on submission of duly executed Indemnity bond & Affidavit, as per format provided in the link below.

Instructions for transmission of Fixed Deposit:
  • Request letter for transmission
  • Certified copy of the death certificate
  • Copy of registered will of the deceased person.
  • Certified copy of succession certificate/submission of duly executed Indemnity bond & affidavit, as per format below.

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H. Revalidation of refund/ interest warrant(s)/Demand Draft.
   
Q1. What is validity period of refund/ interest warrant(s)/Demand Draft.
Ans. Each refund/interest warrant is valid for three months and Demand Draft is valid for six months, unless mentioned otherwise on the same, from the date mentioned on the same.
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Q2. I have forgotten to deposit refund/ interest warrant(s)/Demand Draft within validity period. How can same be re-validated?
Ans. Kindly, send us request letter along with refund/ interest warrant(s)/Demand Draft in original to our operating office for revalidation. Fresh Demand Draft in lieu of the above mentioned instrument(s) will be issued to you.
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I. Duplicate Tax Deducted at Source (TDS Certificate).
   
Q1. I have not received the TDS certificate from the company.What should I do to get the same?
Ans. In case you have opted for non-cumulative Fixed Deposit scheme, overleaf of counter-foil of your interest warrants is the TDS certificate for the Financial year.In case of cumulative scheme, TDS certificate (s) is sent after one month from date of due / accrued interest on the Fdr in each Financial year.
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Q2. I have lost my TDS certificate(s), how can I get duplicate TDS certificate?
Ans. Kindly, send us a request to the company in the format as provided in the link below. The request letter for issuance of duplicate TDS certificate must be signed by first applicant in case of individual F.D holders and by authorized signatories in case of Company, trust, body corporate or power of attorney holder as per specimen signatures recorded with the company. In case of change in the authorized signatories, request letter must be duly supported by board resolution/ trust deed. On receipt of the documents mentioned above, duplicate TDS certificate will be issued to the F.D holder.

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J. Tax Deducted at Source & 15-G
   
Q1. Under what circumstances is Tax Deducted at Source?
Ans. As per prevailing Income tax laws, if aggregate amount of interest paid/ accrued, during a Financial year exceeds Rs. 5,000/-, tax will be deducted at source. Net interest after deduction will be paid to the F.D holder.
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Q2. How can one get exemption from TDS deduction?
Ans. Resident Individuals can avail the exemption by furnishing form no. 15-G, provided the total annual income by way of interest does not exceed the limits as prescribed under income tax rules. Please, refer to link below to download form 15-G.

TDS exemption can be granted to Companies, trusts & trade unions or any individual (other than mentioned above) only on received of letter to this effect issued by Income Tax Department.

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K. Change in name of F.D Holder
   
Q1. Can Fixed deposit holder(s) change his/ its name in the records of the company?
Ans.

Company does not allow change in name of the F.D holder(s). However, on furnishing of following documents for each category of F.D holders, same can be considered for the purpose:

 

  • Individuals: An affavavit, alongwith request letter duly signed by all joint depositors must be sent to the company. Format of the affadavit is provided in the link below for your ready refrence.
  • Company: Copy of Board resolution and certificate of incorporation from respective registrar of Company will be required alongwith request letter for the purpose.
  • Trusts: Copy of new trust deed , documents supporting registration of new name of the trust with registrar or sub-registrar and request letter for the purpose.
  • Trade Union: Copy of board resolution, documents supporting registration of new name of the trust with registrar or sub-registrar alongwith request letter for the purpose.

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