Fixed deposit is one of our significant financial instruments where interest is paid at regular intervals – monthly, quarterly, or annually, subject to the depositor’s request at the time of opening an FD account. We have both cumulative and non-cumulative fixed deposit schemes to suit every depositor’s needs. In cumulative scheme, interest earned is compounded quarterly and reinvested with principal amount. While in non-cumulative scheme, interest earned is paid at regular intervals.
Period of deposit or locking period for fixed deposits is the minimum of 6 months, while maximum maturity period is of 60 months. FD Account will be effective from the date on which the amount is deposited or credited to Uplabdh Nidhi Limited. The request for creating fixed deposits shall be only made at our registered office.
Understanding the financial objective of our customers, we offer auto renewal facility to our prestige customers. FD will be auto-renewed on the date of maturity of original term of the respective fixed deposit. For Traditional Fixed Deposit, the principal deposit amount shall be renewed, while for Cumulative Fixed Deposit the entire maturity proceeds less TDS shall be renewed.
Payment of interest on fixed deposit:
Interest on fixed deposits is paid at annual basis and in accordance with the rate fixed by Uplabdh Nidhi. Presently, we are offering 10% rate of interest on all Fixed Deposits for 1 year and 12% for 3 year locking period. The interest may be paid either in a lump sum at the time of maturity or be paid at regular intervals. Where the interest is to be paid by the Uplabdh in lump sum at the time of maturity, the fixed deposit shall bear the yearly rate of interest on the fixed deposit.
Uplabdh shall not repay any deposit if FD is withdrawn within a period of three months from the date of its acceptance.
If FD is withdrawn after a period of three months, but before 1 year, then the depositor shall not be entitled to any interest up to six months from the date of deposit.
If FD is withdrawn after 6 months, the depositor shall receive interest at rate of 4% on annual basis. While if the locking period was of 3 years and depositor decides to withdraw after 1 year, then interest shall be paid at 10% per annum.
In case of the fixed deposit being prematurely closed for the purpose of reinvestment into another scheme of Fixed Deposit, the existing deposit would be subject to penal rate of interest as prescribed by Uplabdh Nidhi on the date of deposit.
A single or joint FD holder may nominate any person who, in the event of death of the single or both the joint holders as the case may be shall become entitled to the Deposit and the payment thereon. In the event of death of the Deposit holder in respect of which a nomination is in force, the nominee shall be entitled at any time before or after the maturity of the Deposit to encash the Deposit. For the aforesaid purpose, the surviving nominee shall make an application to the officer of Uplabdh, supported by proof of death of the Deposit holder.
It may be noted that if a Deposit holder dies and there is no nomination in force at the time of his / her death, the Uplabdh shall pay the sum due to the deceased, to his / her legal heirs.