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Terms And Conditions


Terms and condition applicable to term/fixed deposit and recurring deposits accounts only


"Traditional Term/Recurring Deposits" are Term/Fixed Deposits where interest is paid after maturity. i.e. if 'RD' Depositor Start Account as on 01/Jan/2017 Maturity Date is 31/jan/2018, After maturity date they can withdraw his all amount with interest [ after 01/Feb/2018 ].

"Maturity Value" shall mean the amount payable to the Customer at the end of the term of the Term/Fixed Deposit subject to deduction of any tax as may be applicable.


Recurring Deposit (RD) - Recurring Deposit is a special type of term deposit which enables a depositor, particularly in a fixed income group, to save by paying into the account an agreed fixed amount monthly over a stipulated period.


Period of RD - Recurring Deposit accounts can be opened for a minimum period of 12 months and maximum of 24 months.



Maturity

  • Interest is paid only on maturity;
  • When all the stipulated installments are paid by the Customer, the accumulated amount is repayable together with accrued interest on the date of the maturity.
  • However, where the last installment is received by the Global Finance after the due date, the accumulated amount together with interest will become repayable one month after the date of receipt of such instalment irrespective of the maturity date of the deposit.
  • The maturity amount mentioned on the Recurring deposit confirmation advice is subject to the payment of all installments on time, and
  • The terms herein will be subject to the terms of the product offering and as agreed in writing by the Global Finance.


Premature Withdrawal and Penalty

  • No 'Grace period' to pay installment, installment is delay or non-payment delay time will be attach in maturity period.
  • Premature withdrawal of Recurring and Fixed Deposit is allowed and penalty, if any, withdraw the amount [RD/FD] before maturity, Direct 5% deduction on "Deposited Amount" .
  • In case of fixed deposits above 1 Cr no pre-mature withdrawal shall be allowed


Date of Term

  • Only 'NEFT' Transactions accepted.
  • Cash facility also available in office working time.
  • Nomination facility not applicable in Global Finance.
  • For Bulk Deposits, please contact your Relationship Manager or call on office number.



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