FIXED DEPOSIT SCHEME
 
Period of Deposit
Rate of Interest
Premature Withdrawal
Fixed Deposit Certificate
Repayment and Renewal
General Information
 

 Click here to download FD Application Form

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 [With effect from 04.12.2013]

A. Non-cumulative option: (Income Scheme)

Interest will be paid on quarterly basis from the date of deposit as per the rates given below;

1 year to 5 years 9.50%


B. Cumulative option: (Growth Scheme)

Interest will be compounded quarterly. The principal plus interest will be paid on maturity as shown below;

1 year 9.50 % 10,984/- 9.84%
2 years 9.50 % 12,065/- 10.33%
3 years 9.50 % 13,253/- 10.84%
4 years 9.50 % 14,556/- 11.39%
5 years 9.50 % 15,989/- 11.98%

Additional interest incentive will be permitted by the CMD/MD, on merits, on a case to case basis, as detailed below:

1 year to 5 years 0.25%

0.50 %

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.

* 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 24.12.2013

 

 

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