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DCHFC has decided to accept the interest rates on fixed deposits from Members/Nominal Members w.ef. 01/10/2020 on the following terms and conditions subject to change form time to time:- |
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SNo
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Period
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Interest
Rate
|
Interest Payment
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1
|
12 Months- (366 days) |
3.00%
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Half Yearly 183 days
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2
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18 Months- (549 days) |
3.00%
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Half Yearly 183 days
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3
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24 Months- (732 days) |
3.00%
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Half Yearly 183 days
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| In order to have best yield on your investment we invite you to avail the services of the DCHFC by investing surplus funds even for
a short period which will help the society to generate funds with maximum yield and thus will ultimately help the members of the society. |
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| Please also submit the society's bank details on the society's letter pad in the following manner
duly signed by at least two society's authorised signatories operating the society's account:
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| 1. | Name of the Bank |
| 2. | Branch with complete address |
| 3. | Account No. |
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| 2. In case pre-mature withdrawl, the rate of interest would be applicable as per norms of corporation. |
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| 3. Other terms and conditions: |
| (i) | Fiixed deposit will be only for 366 days. | |
| (ii) | Minimum amount of Rs.50,000 would be accepted by the DCHFC. | |
| (iii) | Unless prior notice is received by the DCHFC, the DCHFC will automatically renew the deposit for the same period on the due date at the prevailing rate of interest and after due date, deposit receipt will be treated as cancelled. | |
| (iv) | Deposit receipt must be returned duly stamped and signed by the authorised signatories at the time of receiving of payment on due date / pre-mature withdrawl. | |
| (v) | Per annum means "366 days". | |
| (vi) | Loan facility against deposit upto 75% of the F.D. amount, will be allowed at an additional interest @2% p.a. | |
| (vii) | In case pre-mature withdrawl, the rate of interest would be applicable as per norms of corporation. | |
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| ADDED ADVANTAGE |
Deposits by the member societies with DCHFC have a distinct advantage of 100% exemption on interest earnings from the income tax under the provisions of section 80-P(2)(d) of the Income Tax Act, 1961.
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No TDS on any amount of interest would be deducted from the interest earnings from the DCHFC under the provisions of section 194-A(3)(v) of the Income Tax Act.
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