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Deposits
shall be accepted in multiples of Rs.1,000/-
subject to a minimum of Rs.10,000/-.
PERIOD
OF DEPOSIT : The
minimum period of deposit shall not be less
than one year and maximum shall not exceed
5 years.
INTEREST
Non-cumulative
option: (Income Scheme) Interest
will be paid on quarterly basis from the
date of deposit as per the rates given below;
| Period
of Deposit |
Rate
of interest p.a. **
|
| 1 year to less than
3 years |
9.75
% |
| 3 years to 5 years |
10.00
% |
** Additional
incentive interest of 0.25% p.a. will be
permitted by Chairman and Managing
Director for above Rs. 3 Crores deposits
only, irrespective of the period of
deposit, on merits, on a case to case
basis.
Cumulative option:
(Growth Scheme)
Interest will be compounded quarterly. The
principal plus interest will be paid on
maturity as shown below;
Period
|
Rate
of interest p.a. |
Maturity
value for deposit of Rs.10,000/- |
Effective
rate of return |
| 1
year |
9.75
% |
11,011/-
|
10.11
% |
| 2
years |
9.75
% |
12,125/-
|
10.63
% |
| 3
years |
10.00
% |
13,449/-
|
11.50
%
|
| 4
years |
10.00
% |
14,846/-
|
12.12
% |
| 5
years |
10.00
% |
16,387/-
|
12.77
% |
Income tax will
be deducted at source from interest in accordance
with section 194A of the Income Tax Act,
1961. However no deduction of tax will be
made at source if appropriate certificate
or other document from the concerned authority
as required under the Income Tax Act, 1961
is furnished to the Corporation prior to
interest payment. THE
GOVERNMENT OF TAMILNADU, HAVE UNCONDITIONALLY
GUARANTEED THE REPAYMENT OF PRINCIPAL AND
INTEREST OF THESE DEPOSITS.
| PREMATURE
WITHDRAWAL OF DEPOSITS: |
|
* No interest payment for withdrawal
of Fixed Deposits before completion
of 1 year. |
| *
Rate of interest for withdrawal after
1 year - but before maturity period is
1% less than the eligible rate for the
period for which the deposit was held
by us. |
| *
Income tax deducted at source on the
interest paid / credited and remitted
into the Govt. A/c shall not be refunded.
|
FIXED DEPOSIT CERTIFICATE
:
i. Application for
deposit should be on the Corporation’s
prescribed form. The deposit will be
accepted in single / joint names / HUF
/ minor represented by a guardian /
Limited Companies / Co-operative Societies
/ Trusts & other Statutory bodies.
ii. In the event of joint depositors,
the following shall apply;
a). All cheques
for the repayment of deposit(s) or payment
of interest will be drawn in favour
of the first named depositor only.
b). In the event of the death of the
first named depositor, the repayment
of deposit(s) and payment of interest
will be made to the first person in
the order of survivor/s on submission
of death certificate without reference
to the heirs and/or legal representatives
of the deceased.
c). TIIC will cite the name of the
first named depositor for all matters
relating to TIIC deposits.
d). Any discharge given by the first
depositor for principal / interest
will be valid and binding on all joint
depositors irrespective of option
for repayment exercised by the depositor.
iii). TIIC deposits
are not negotiable or transferable by
endorsement.
iv). No loans will be granted on the
security of deposits
REPAYMENT :
i). For repayment,
instructions must be sent 10 days in
advance of the maturity date of Fixed
Deposit to the office at which application
for Fixed Deposit was submitted.
ii). When the maturity date falls on
Sunday or any other day on which the
office of TIIC remains closed, the payment
will be made on the next working day.
GENERAL
:
i). Cheques / Drafts
should be made in favour of ‘The
Tamilnadu Industrial Investment Corporation
Ltd.’ drawn on a bank where the
application is submitted.
ii). TIIC reserves the right to ask
for suitable identification of the person
who comes to receive the repayment of
Fixed Deposit.
iii). In the case of limited companies
and co-operative societies etc. documents
as required by TIIC should be furnished
before the application is submitted.
iv). The Corporation will accept or
recognise any lien or assignment of
deposits or interest thereon in favour
of TIIC only.
v). The depositor/s shall intimate the
change, if any, in their address, in
writing, to the office of TIIC from
which the Deposit Receipt was obtained.
vi). Deposits under the scheme are
subject to the terms & conditions
given above. TIIC reserves the right
to alter or amend any or all the terms
and conditions stated herein.
vii). Funds & Resource Department
at Head Office may be contacted for
clarification, if any.
Page
last modified on 17.11.2011
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FIXED
DEPOSIT SCHEME 
