JK Tyre Ltd. Fixed Deposit

J K Tyre Ltd. is accepting funds under fixed deposits from public by declaring :
i) that it has complied with the provisions of the Companies (Acceptance of Deposits) Rules 1975, as amended from time to time;
ii) that compliance with these Rules does not imply that repayment of deposits is guaranteed by the Central Government;
iii) that the deposits accepted by the Company are unsecured and rank pari-passu with other unsecured liabilities;
iv) that the Company is not in default in the repayment of any deposit or part thereof and any interest thereupon in accordance with terms and conditions of such deposits and further confirm that no default has been made in terms of Section 58AA(5) and 58AA(6) of the Companies Act, 1956; and
v) that in case, any deposit matured and claimed but remains unpaid, the Company shall bear interest on such deposits after maturity as per Rule 8A of the Deposits Rules.

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

Details of Issue: 

• 1. Minimum deposit is for  Rs. 20,000/- and in multiples of Rs. 5,000/- thereafter for both the Schemes.
• 2. Applications to be made in the Company’s prescribed form along with crossed Account Payee Cheque/Draft drawn in favour of “JK Tyre & Industries Limited”.
• 3. Deposits from Non-resident Indians (NRI) or persons of Indian Origin resident outside India will be accepted subject to Foreign Exchange Management (Deposit) Regulations, 2000 (Please use separate form).
• 4. For deposit in the name of Minor, the Guardian must sign the Application Form. The interest and principal would be payable to the Guardian whose signatures have been given on Application Form.
• 5. Outstation applicants should send Demand Draft/cheques payable at PAR at New Delhi/Collection Centre only. However, the period of deposit shall commence only from the date of credit of the proceeds in our account by our bank.

Investments Details:

Scheme A – Non-Cumulative Scheme
Period (Months)	Minimum Deposit (Rs.)	Interest p.a. *(Quarterely)
12	Rs. 20,000/-	9.00%
24	Rs. 20,000/-	9.25%
36	Rs. 20,000/-	9.50%

Scheme B – Cumulative Scheme (Minimum Amount Rs. 20,000/-)
Period (Months)	Maturity Value (Rs.)	Interest* p.a.	Effective Yield
12	21,862	9.00%	9.31%
24	24,014	9.25%	10.03%
36	26,507	9.50%	10.84%
Interest compounded Quarterly and payable at maturity

Interest:

• 6. Investment under Scheme “A” interest shall be paid quarterly on 31st March, 30th June, 30th September, 31st December and on maturity. Under Scheme “B” Interest shall be compounded quarterly and paid on maturity.
• 7. In Scheme “A” post dated interest warrants from the date of acceptance of deposit upto the following 31st March will be sent in advance along with the Deposit Receipt and for subsequent year by 25th April.
• 8. In case of deposits placed or renewed for less than for 30 days before the date on which interest is due as aforesaid, interest will be paid along with interest for next quarter.
• 9. Interest on deposit will cease to run from the date of maturity.

Income Tax:

• 10.  (a) Tax at the applicable rates and in accordance with the provisions of the Income-tax Act, 1961, will be deducted at source from the amount of interest paid and/or credited to the depositor. Tax is not deductible if the aggregate amount of interest paid or payable during the financial year does not exceed ` 5,000 or the necessary statement/declaration in Form 15G/15H, in duplicate, as required under the said Act, is furnished to the Company along with the form at the time of placement of Deposit and at the begining of each Financial Year subsequently.

  (b) The sole/first depositor is requested to give his Permanent Account Number in the space provided in the Application Form as the same is required to be furnished with the relevant return in respect of Tax Deducted at Source.

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Tags: 2012, Fixed Deposit

Category: Blog, Fixed Deposit