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Fixed Deposits

In the event of death of first applicant, how do surviving joint applicant(s)/ nominee get the Fixed Deposit transferred in their names?

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.

How do I make nomination with regard to my Fixed Deposit?

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.

Can I withdraw the fixed deposit amount before maturity?

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.

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.

Why can’t company issue stop payment request to the bank for my lost refund/interest warrant and issue duplicate Cheque immediately?

Since, each warrant is payable at par at various branches of the bank across India, it is practically not possible for banks to issue stop payment instructions to all the branches. It is therefore necessary for us to wait till the expiry of the validity of the original warrant to issue duplicate cheque.