Birla Shloka Edutech Ltd. Fixed Deposit

BIRLA SHLOKA EDUTECH LIMITED , a Yash Birla group company, incorporated on May 25, 1992, one of the leading company in the field of educational services through reliable, budget friendly and ethical approaches,  invites to acceptance of deposits  subject to the terms and conditions mentioned in the application form,  as per the Companies (Acceptance of Deposit) Rules, 1975 as amended  to date, as per details;

Highlights:

• Minimum amount of deposit is Rs.10,000/- and in multiples of Rs. 1,000/- thereafter.
• Nomination facility available.
• Premature withdrawal permissible as per the statutory guidelines and the discretion of the Company.Income tax will not be deducted upto an interest amount of Rs. 5000/- in a Financial Year, subject to any change in the applicable Tax Laws.
• In case of single deposit of Rs. 1, 00,000/- and above, additional interest of 0.25% p.a. (for a period up to two years) will be offered, irrespective of the period of deposit.
• In case of Senior Citizens (60 years & above) an additional 0.50% p.a interest (for a period up to two years) will be paid.
•  Senior Citizens will also have an option to receive interest warrants on quarterly/half yearly basis.
• The additional interest rate of 0.50% given to senior citizens and 0.25% given if the deposit is more than Rs. 1,00,000/-, in this regardboth the schemes can’t be clubbed together i.e. a senior citizen when applied will get an additional interest of 0.50% but if his investment is more then 100000/- then he will not get the additional benefit of 0.25%, he will only avail the benefit of 0.50% and not of 0.25%.
• In any case the interest rate will not exceed for more than 12.50%.

For Application Form, mail us: aarkay@moneyvriksh.com

How to apply:

• Payment should be made by means of an “A/c Payee” cheque/draft of a scheduled bank in favour of “Birla Shloka Edutech Limited-Fixed Deposit Account” Payable at the specific collection centers of the Lead Managers.
• Local cheques will be accepted at Mumbai, Ahmedabad, Surat, Vadodra, Pune, Delhi, Hyderabad, Bangalore, Chennai, Kanpur and Chandigarh.
• Application form along with necessary remittance to be submitted to the Managers to the Fixed Deposits Schemes.
• Cash will not be accepted.

Applications:

• Application should be made in the prescribed form duly completed in all respects and must be accompanied by an ‘Account Payee’ cheque/draft in favour of BIRLA SHLOKA EDUTECH LIMITED – FIXED DEPOSIT ACCOUNT. Cash will not be accepted.
• The Application Form along with the necessary remittances should be sent to the Managers to the Fixed deposit Schemes, at any of their offices.
• Fixed Deposits will be accepted from resident individuals, Domestic Company, group of persons, registered societies, registered trusts and minors through their guardians.
• Fixed Deposits will not be accepted from unregistered trusts and partnership firms.
• In case of deposit from a shareholder of the Company, the shareholder should be a holder of shares on the date of deposit.
• A deposit in joint names will be treated as a deposit from a shareholder if any one of the joint depositor is a shareholder.
• Thumb impressions in place of signature will not be accepted unless duly attested by a Special Executive Magistrate or a Notary Public.
• In case of the Deposit Schemes not being marked at all or not indicated clearly, the Company will consider the Application to have been made under ‘Scheme A’. An option once exercised will be binding and irrevocable.

Interest:

• The period of Fixed Deposit and the calculation of interest thereon will commence from the date of realization of the cheque or draft by the Company and will cease on maturity. No Interest will be payable on interest warrants lost in transit or misplaced.
• Interest shall be payable half yearly on 30th Sept and 31st March and as on maturity. If deposits are placed within six weeks to the date of interest payment, the interest will be paid on the subsequent interest payment date.
• In case of Single Deposit of Rs. 1,00,000/- and above, additional interest of 0.25% p.a. will be offered, irrespective of the period of deposit. (for a period up to two years)

Tax Deduction:

• Income Tax will be deducted at source wherever applicable, from the interest paid or credited if it exceeds Rs. 5,000/- (or any such amount notified by the Government from time to time) in any financial year as per statutory requirement.
• In case where the interest exceeds Rs. 5,000/- (or any such amount notified by the Government from time to time) in a financial year, individual depositors, who are not liable to pay income tax, may submit a declaration in Form 15G  in duplicate to the Registrar in the beginning of every financial year, so as to receive interest without deduction of tax at source, failing which tax will be deducted at source in accordance with Section 194A of the Income Tax Act, 1961. TAX DEDUCTED DUE TO NON-COMPLIANCE WITH THIS  CONDITION WILL NOT BE REFUNDED.
• All depositors placing deposits of Rs. 50,000/- & above would be mandatorily required to furnish their PAN No. as allotted to them by Income Tax Department. In the event PAN No. is yet to be allotted, acknowledged copy of the Application submitted to Income Tax Department for this purpose should be furnished.

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Tags: 2012, Fixed Deposit

Category: Blog, Fixed Deposit