PREMATURE WITHDRAWAL !

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a) Premature withdrawal of deposits within 3 months from the date of deposit will not be allowed. In case of death of a depositor premature withdrawal within 3 months will be allowed without interest.

b) Interest for premature withdrawal of deposit after three (3) months but before date of maturity including in the event of death of depositor will be regulated as follows:

i). No interest will be paid on the deposits closed after three (3) months but before expiry of six (6) months.

ii). After six (6) months from the date of deposit but before twelve (12) months -> interest @ 3% per annum less than the rate applicable for 12 months.

iii). After twelve (12) months from the date of deposit but before twenty four (24) months -> interest @ 2% per annum less than the rate applicable for 12 months

iv). After twenty four (24) months from the date of deposit but before thirty six (36) months -> interest @ 2% per annum less than the rate applicable for 24 months

v).After thirty six (36) months from the date of deposit but before the date of maturity -> interest @ 2% per annum less than the rate applicable for 36 months

c) One (1) month notice shall be given by the depositor for premature withdrawal of deposits exceeding Rs 1 Crore, if the deposit amount is less than Rs 1 Crore, 15 days notice is sufficient,

d) When the deposit held in joint names is sought to be prematurely withdrawn, the same should be discharged by all the surviving depositors along with a requisition letter signed by all the surviving depositors.

 
 
Why to Invest TDFC?
  • Wholly owned by Government of Tamilnadu
  • Registered with RBI as a Non Banking Finance Company vide Regn. No.07.00403
  • Operations fully computerized.
  • Making profit since inception (1975).
  • Loan facility is available against deposits.
  • Nomination facilities are available subject to the provisions of the RBI (Amendmant) Act 1997.
  • Trust can invest with TDFC under Sec.11(5)(VII) of the I.T.Act.