| TERMS AND CONDITIONS GOVERNING THE DEPOSIT SCHEMES |
Applications
1. Application for Fixed Deposit in the prescribed form accompanied by cheque/bank draft in favour of the Company , should be submitted at Corporate Office of the Company or Managers to the Fixed Deposit Scheme at the addresses given on the previous page. |
| 2. Payments should be made by means of an “Account Payee” cheque/bank draft drawn on a scheduled bank payable at cities indicated on the previous page payable to “JAGATJIT INDUSTRIES LIMITED – FIXED DEPOSIT ACCOUNT”. |
| 3. Deposits will be accepted from Indian residents. Deposits on behalf of minors will be accepted only through their guardians who must sign the Application Form. Deposits from non-residents will not be accepted. |
Amount of Deposit
4. Deposits will be accepted in multiples of Rs.1,000 with a minimum amount of Deposit as under:-
i) Non-Cumulative Scheme
- Quarterly Interest Scheme – Rs.25,000
- Monthly Interest Scheme – Rs.50,000
ii) Cumulative Scheme
For – 6 months – Rs.50,000
- 1/2/3 Years – Rs.25,000 |
5. (a) Quarterly Interest Scheme
Interest will be payable every quarter on 30th June, 30th September, 31st December and 31st March and on maturity.
(b) Monthly Interest Scheme
Interest will be payable at the end of every month.
“A/c payee” interest warrants will be posted in advance for each financial year.
(c) Cumulative Scheme
The Deposits placed under this Scheme will carry interest compounded at monthly rest and payable on maturity of Deposit. Interest/Refund warrants drawn on Company’s Bankers are encashable ‘At Par’ at following cities in India:-Agra, Ahmedabad, Alwar, Allahabad, Amritsar, Ambala, Bangalore, Bhavnagar, Bhopal, Chandigarh, Chennai, Coimbatore, , Dehradun, Ernakulam, Faridabad, Ferozepur, Ghaziabad, Guwahati, Gwalior, Hardwar, Hyderabad, Hoshiarpur, Indore, Jalandhar, Jabalpur, Jaipur, Jammu, Jamshedpur, Jodhpur, Kanpur, Kapurthala, Kochi, Kolkata, Kota, Lucknow, Ludhiana, Madurai, Meerut, Mumbai, Mysore, Nagpur, New Delhi, Patna, Pune, Panipat, Patiala, Phagwara, Rohtak, Ranchi, Shimla, Saharanpur, Thiruvanthapuram, Udaipur, Varanasi, Vadodara,Yamunanagar. |
| 6. Interest on Deposits will start from the date of realization of cheque/bank draft by the Company and will ceased to run from the date of maturity of Deposit. |
| 7. Income Tax where applicable will be deducted at source in accordance with the provisions of the Income Tax Act, 1961. At present, tax is deductible if the aggregate amount of interest paid or credited during the financial year exceeds Rs.5,000/-.Permanent Account Number is mandatory to issue TDS Certificate. However, tax will not be deducted if the necessary Statement/Declaration in Form 15H (For Senior Citizens who are 65 years or more years of age) or Form 15G (can not be used if the income exceeds the maximum amount which is not chargeable to income tax) as required under the Act, is furnished to the Company at the beginning of each financial year starting from 1st April. With effect from 1.4.2010, it is mandatory to furnish the PAN otherwise tax will be deducted @ 20% in accordance with the provisions of the lncome TaxAct,1961. |
| 8. In respect of Deposits under Monthly Compounding Scheme, the Company will issue certificates to the Depositor(s) as at 31st March every year and on the date of maturity for the interest accrued and/or earned specifying the amount of Income Tax deducted at source, if any. |
Joint Deposits
9. Joint Deposits may be made in two or more names but not exceeding three. |
| 10. In the case of Deposits made in joint names, all correspondence will be addressed to the person whose name appears first on the Deposit Receipt. All Cheques/Warrants for payment of interest and repayment of principal amount will be drawn in favour of the said first named Depositor. Any discharge given by such person for payment of interest and the principal amount shall be valid and binding on all the Joint Depositors. For deduction of tax at source, the Company proceeds on the basis that only the first named Depositor has a beneficial interest in the Deposit. |
| 11. Joint Deposits will be payable to either or survivor(s) unless stated otherwise. |
| 12. In the event of death of the first joint holder, the repayment of Deposit and payment of interest will be made to the person first in order of the survivor(s) on production of a Death Certificate without reference to the heirs and/or legal representatives of the deceased. In the event of the sole Depositor, the Fixed Deposit amount together with the interest due thereon will be paid to the legal representative(s) of the deceased on production of proper legal representation such as Probate of the Will, Succession Certificate or Letter of Administration granted by a court of Competent Jurisdiction, PROVIDED that the Company may in its absolute discretion, dispense with the production of such legal representation upon such terms and conditions as it may consider adequate. |
Nomination Facility
13. Individual Depositors, singly or jointly, can nominate under this facility. The nominee shall have the right to receive the amount due in respect of the Deposit on death of all the Depositors. Power of Attorney holder or a guardian applying on behalf of a minor can not nominate. Nomination can be made only in favour of a resident Indian Individual. Transfer of Deposit in favour or a nominee and repayment of amount of Deposit to nominee shall be valid discharge by the Company against the legal heir. |
Bank Account Details
14. Applicant should provide the name of the bank, branch address, account type and account number of the sole/first applicant. In order to avoid any misuse of interest warrants/repayment warrants in transit, it is mandatory for the depositor to mention their bank account details in the application form. |
Deposit Receipts
15. Deposit Receipts will be forwarded by Registered Post/Courier at the address given in the Application Form within 8 weeks of realization of the cheque/draft. The Company will in no way be responsible for delays or loss in postal transit for the Deposit Receipts and the interest Warrants that may be sent to the Deposit Holders. |
| 16. Quarterly Interest Scheme, Monthly Interest Scheme and Monthly Compounding Scheme Deposit Receipts are neither transferable nor negotiable. |
| 17. In the event of loss, destruction or mutilation of the Fixed Deposit Receipt, the Company may, at its sole discretion, issue a duplicate receipt subject to compliance with such terms and conditions including indemnity from the Depositor(s) as the Company may require. All expenses in this connection will be borne by the Depositor(s). |
| 18. Matured Deposits and/or Interest accrued thereon remainining unclaimed and unpaid for a period of seven years will be credited to the Investor Education and Protection Fund as per the Provision of Section 205C of the Companies Act,1956 and thereafter no claim shall lie against these amounts. |
Renewal/Repayment of Deposits
19. The Deposits will be repaid only on maturity and not on demand or notice except at the sole discretion of the Company. The Company may decide to repay the Deposit, at the request of the Depositor before the maturity date, but after the expiry of 6 months from the date of Deposit, upon payment of the interest at a rate of 1% less than the rate the Company would have paid had the Deposit been accepted for the period for which the Deposit has run, in accordance with the provisions of the Companies ( Acceptance of Deposits) Rules, 1975 as amended from time to time. |
| 20. The Fixed Deposit Receipt duly discharged including discharge by Joint Depositor(s) on a revenue stamp should be sent to the Corporate Office of the Company 21 days before the date of maturity, to enable the Company to renew/refund the Deposit as the case may be on due date. In case of renewal, a fresh application form duly filled in should accompany the said discharged receipt. The application form can be had from the Corporate Office of the Company or the Offices of the Managers to the Scheme. No claim will be entertained by the Company if the Deposit Receipt, duly discharged, is not so presented at the time of refund/renewal.No interest will be paid after the maturity date under any circumstances. |
General
21. The Company will not accept or recognize any lien, assignment, charge or any other encumbrance on the Deposit or interest thereon. |
| 22. Any change in the order of joint names may be treated as premature repayment of Deposit. Quarterly Interest Scheme, Monthly Interest Scheme and Monthly Compounding Scheme Deposits are not inter changeable. |
| 23. Application for Deposits with thumb impression will not be accepted unless attested by a Notary Public or Magistrate. |
| 24. Notification to the Company regarding change in the address must be lodged at least 30 days before the date on which interest/payment etc. falls due. |
| 25. Deposits are subject to Delhi Jurisdiction. |
26. The Company reserves the right:
(a) To alter or amend without notice any or all the conditions stipulated above.
(b) To accept Deposit only for such periods as it may decide from time to time.
(c) To reject any application for a fresh Deposit or for renewal without assigning any reason.
(d) To repay the Deposit prematurely before the due date. |
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