Deposits

     The Members can opt from the following deposit products at different competitive rates of interest and   with different features to suit the appropriate investment needs of an individual:
Savings Deposit Account:
The salient features of Saving Account are as follows:

  1. Minimum amount of deposit for opening a saving deposit account is Rs. 500 and a minimum amount of Rs. 500 has to be kept in the saving account every time.
  2. The money deposited in the savings account can be withdrawn by using a withdrawal slip along with Pass Book at the concerned office of the company. Payment can be drawn by the account holder only i.e. third party shall not be allowed to take the payment.
  3. No loan facility will be provided against the saving account balance.
  4. The saving account enables the depositor to earn higher Interest Rate @ 6.00% p .a based on the daily closing balance system. 
  5. The maximum balance in a savings deposit account at any given time qualifying for interest shall not exceed one lakh rupees at any point of time.

Recurring Deposit Account:
    The salient features of Recurring Deposit Account are as follows:

  1. The minimum amount that can be deposited is Rs. 500 or multiple thereof at regular monthly intervals.
  2. Relatively attractive rate of interest as per the following schedule:

Time Period

Interest Rate Per Annum
(Cumulative on Monthly Basis)

Effective Interest Rate

1 YEARS

8.00%

8.30%

2 YEARS

8.50%

8.86%

3 YEARS

8.75%

9.13%

4 YEARS

9.00%

9.40%

5 YEARS

9. 00%

9.41%

  1. Recurring deposits shall be accepted for a minimum period of twelve months and a maximum period of sixty months.
  2. In case of recurring deposits relating to mortgage loans, the maximum period of recurring deposits shall correspond to the repayment period of such loans granted by the NPNL.
  3. The Recurring Account may be accepted in the name of a minor if they are made by the legal guardian who is a member of the NPNL
  4. The company will also introduce the daily deposit scheme in due course of time.

Maturity Amount of R D

Months

Interest Rates

Rs.1000

Rs.2000

Rs.3000

Rs.4000

Rs.5000

12

8.00%

12533

25066

37599

50132

62665

24

8.50%

26245

52490

78735

104980

131225

36

8.75%

41296

82593

123889

165185

206481

48

9.00%

57952

115904

173856

231808

289761

60

9. 00%

75990

151980

227970

303959

379949

 Fixed Deposit Account:
The salient features of Fixed Deposit Account are as follows:

  1. The most attractive interest rate on fixed deposits up to 10% p.a. compounded annually as per the slabs given below:

Time Period

Interest Rate (Per Annum)

181 DAYS up to 365 DAYS

8.50%

MORE THAN 12 MONTHS up to 24 MONTHS

9.00%

MORE THAN 2 YEARS up to 3 YEARS

9.50%

MORE THAN 3 YEARS up to 4 YEARS

10.00%

MORE THAN 4 YEARS up to 5 YEARS

10.50%

  1. 75% Loan facility on the fixed deposit Principal Amount up to the completion of one year of deposit thereafter 75% of the principal plus accumulated interest shall be considered for loan.
  2. The fixed deposit shall be accepted for a minimum amount of Rs 5000.
  3. The fixed deposits shall be accepted for a minimum period of six months and a maximum period of sixty months.

Maturity Amount of F D

Months

Interest Rate

Rs 10,000

Rs 25,000

Rs 50,000

Rs 100,000

12

8.50%

10850

27125

54250

108500

24

9.00%

11881

29703

59405

118810

36

9.50%

13129

32823

65647

131293

48

10.00%

14641

36602

73205

146410

60

10.50%

16474

41186

82372

164745

General Rules relating to the Deposit Account(s):

  1. An account may be opened in the name of one member or jointly in the names of two members.
  2. The mode of operation of a joint account should be specified at the time of opening the account and cannot be changed subsequently without the written consent of all the joint account-holders.
  3. In a joint account of two members, to be operated upon by 'Either or Survivor,' on the death of any one of them the operation of the account will be stopped and surviving account-holder alone will be entitled to take the balance in the account. The heirs or legal representatives of the deceased account-holder will have no claim against the company. On the death of the surviving account-holder, the nominee will be entitled to claim the balance from the company.
  4. All Deposit Accounts irrespective of their mode of operations must comply with KYC norms. For opening of accounts proof of identity, proof of address and recent photograph for all account holders is required.
  5. In the event of death of a sole depositor, the amount payable in the account of such deceased depositor shall be paid to the nominee of the depositor. In case of the death of the nominee, the balance in the account will be paid to the heirs or legal representatives of the deceased account-holder on the production of legal representation which shall include Probate of Will, Letters of Administration and the Succession Certificate from a Competent Court in India. The company reserves the right to pay at its discretion the balance due in the account of such deceased account-holder to his/her heirs on a proper indemnity with or without sureties.
  6. A deposit account of a minor may be opened and to be operated upon by the natural guardian of the minor or by the guardian appointed by the Court who is a member of the NPNL.
  7. Any depositor unable to write must attend in person and (in the presence of an approved witness who knows the depositor and is known to the company) affix his thumb impression to the application and other forms and have it attested by the signature of the approved witness.
  8. The Interest on the deposit account will be paid at the rate prescribed by the company from time to time. The present rate of interest allowed on Deposit Account(s) can be ascertained at website of the company. The NPNL reserves the right to change the rate of interest from time to time i.e. the company reserves the right to increase or decrease the rates of interest payable. The interest amount calculated is rounded off to the nearest rupee.
  9. Interest on Savings account will be calculated on daily balance basis as provided under Nidhi Rules, 2014.
  10. The saving account holder is required to maintain an average minimum balance of Rs. 500 in a saving account every time. A penalty of Rs.25 per month will be charged if the average balance of any saving account is less than Rs.500 during the month. The member can withdraw from the saving account up to the maximum of 5 times during a particular month. It is desirable for a member to give a prior notice to the company for a withdrawal of Rs.50, 000 or more at a time from the account.
  11. All R D installments should be paid in time .In the event of default in any installment a penal interest of 1.5% with a minimum of Rs 25 per month would be charged.
  12. Interest will be calculated up to 31st December and 30st June each year but will be credited to account half yearly by 10th January & 10th July respectively.
  13. Cheques in favour of Noble Prime Nidhi Limited only will be accepted for credit of a Deposit Account. All cheques are subject to the clearing and the depositor’s account will be credited on the closing day of the receipt of the clearing in the NPNL account.
  14. A Pass Book will be supplied to the depositor indicating the account number, name and the contact details of the depositor. Deposits in Savings Account may be accepted without production of the Pass Book if the number and name of the account are clearly written on the paying-in-slip. No money can ordinarily be withdrawn by withdrawal forms from an account without production of the Pass Book.
  15. The Pass Book of the account should be sent to the company’s office from time to time for updating. Depositors should carefully examine their Pass Book before leaving the office and ascertain that all entries are correct. They should also be careful in keeping their Pass Books in their own possession. The company will not be responsible for any loss caused to the depositor, if an unauthorised person obtains possession of the Pass Book.
  16. The company will not be responsible or accountable for any sum claimed to have been deposited which is not acknowledged in the Pass Book under the initials of an authorised official of the NPNL.
  17. No charge will be made for the Pass Book supplied in the first instance to the depositor at the time of opening the account or any Pass Book issued to him in continuation of the original Pass Book.
  18. If a Pass Book be spoiled, mutilated or lost, the company may issue a duplicate Pass Book on payment of a charge of Rs. 50/- by the depositor. Loss of the Pass Book should be reported to the office of the NPNL immediately.
  19. When a depositor wishes to withdraw from his account by withdrawal forms he must present his Pass Book personally at the office of the company with an order for withdrawal on the form prescribed by the company for the purpose, signed by himself and showing the amount which he wishes to withdraw. In the case of joint account the withdrawal forms should be signed in accordance with the mode of operation given at the time of opening of the account.
  20. The NPNL would accept instructions from depositor to transfer amounts from their Savings Account to other types of deposit account such as Recurring Deposits or Fixed Deposits. Such instructions should normally be accompanied by withdrawal forms drawn on the depositor's account together with completed opening forms in respect of the deposit accounts proposed to be opened. Transfer to such deposit accounts would be subject to minimum amounts prescribed under rules of the company relating to such accounts prevailing from time to time. 
  21. The deposit/withdrawal from the accounts will be open for transaction during the normal business hours of the company. 
  22. Change of address of a Member should be immediately intimated to the office of the company in writing.
  23. These rules as amended from time to time as aforesaid shall constitute a contract between the account holder and the company and will be binding on the account holder, his heirs, executors, administrators or other legal representatives.
  24. For renewal of FDR, duly discharged fixed deposit receipt along with request for renewal should be presented to the NPNL.
  25. A matured fixed deposit will be renewed on its due date itself for the same period with the applicable interest rate prevailing on the due date, if not instructed otherwise.
  26. Procedure in case of lost deposit receipts is as follows
  27. An application from the depositor is to be given.
  28. Applicants must be properly identified.
  29. A letter of indemnity is to be given in the prescribed form in all cases.
  30. Only a letter of acknowledgement of deposit will be issued to the depositor
  31. Income tax is to be deducted in cases where the total interest paid or accrued on all fixed deposits in the name of a depositor, whether singly or  jointly  (as first named person) exceeds Rs.10,000/- in a financial year. A consolidated TDS certificate will be issued at the end of financial year. In case the depositor submits following forms before end of June every year, no tax may be deducted.
  32. Individuals other than Senior Citizens - Form No.15G along with PAN
  33. Senior Citizens i.e. individuals of the age of -60- years or more - Form No.15H 

28. The I.T. Department has made it mandatory to quote Permanent Account No. (PAN) in all cases where TDS is applicable, failure of which would attract the TDS at a higher rate of 20% (against normal rate of 10%). Further it has also been made compulsory to mention PAN on Form No.15G / 15H. All deposits over Rs.50,000 would be accepted along with the copy of a PAN card.
29. The service tax will be levied on all applicable services as per rules.
30.The NPNL reserves the right to close or freeze the Account(s), after due notice to the customer in case any of the documents furnished towards Identity , address proof ,PAN etc. are found to be fake / forged / defective or for any unsatisfactory/improper conduct of the Account.

  1. The company reserves to itself the right to delete, add to or alter these rules at any time without giving a separate notice to every account holder. An announcement of any change in the rules will be displayed on the notice board and the website of NPNL and shall be deemed to be sufficient notice to all account holders.

Foreclosure of fixed deposit account or a recurring deposit account:
               As per the Nidhi Rules, 2014, a fixed deposit account or a recurring deposit account may be foreclosed by the depositor subject to the following conditions, namely:-

  1. The companyshall not repay any deposit within a period of three months from the date of its acceptance;
  2. Where at the request of the depositor, the  companyrepays any deposit after a period of three months, the depositor shall not be entitled to any interest up to six months from the date of deposit;
  3. Where at the request of the depositor, the companymakes repayment of a deposit before the expiry of the period for which such deposit was accepted, the rate of interest payable on such deposit shall be reduced by two percent from the rate which would have ordinarily paid, had the deposit been accepted for the period for which such deposit had run.

Provided that in the event of death of a depositor, the deposit may be repaid prematurely to the surviving depositor or depositors in the case of joint holding with survivor clause, or to the nominee or to legal heir with interest up to the date of repayment at the rate which the company would have ordinarily paid, had such deposit been accepted for the period for which such deposit had run.
Nomination Facility for the Deposit Account:

Nomination facility for the deposit account(s) is available with the company. There shall be only one Nominee for a deposit account whether held singly or jointly. Applicants can make nomination by filling up the prescribed form. A nomination form duly filled up and signed by all account holder/s is required to be submitted to the NPNL office. The account holder/s can make, cancel and vary the nomination at any time during the currency of the account by submitting the prescribed form for the purpose duly signed by all deposit holders.