POLICY AS REGARD TO PAYMENT OF INTEREST FOR DELAYED PAYMENT OF PUBLIC DEPOSIT
The Company accepts deposits from the depositors as per the provisions of RBI Act, 1934 and the RNBC Directions issued by RBI and as per the terms and conditions of acceptance of such deposits as agreed to between the depositors and the Company.
The Company has observed that certain depositors do not submit Claim Form or do not complete KYC compliance or at times do not turn up at the Service Centre on the given date, to claim the maturity proceeds. The above results in delay in the repayment of their maturity proceeds. This is also equally applicable to payment of prematurity claims.
Requests to the depositors
In order to ensure that the depositors are able to enjoy the full benefits as per the terms of the respective schemes and are able to get their maturity proceeds in time, the depositors are requested as below:
- The depositors should continue to deposit their installment of deposits regularly/ in time and as per the terms of the scheme.
- The depositors should keep all the receipts issued by the Service Centre, against the deposits made by them and shall get the pass book updated from time to time. Any discrepancy shall be brought to the notice of the Service Centre immediately. If any discrepancy or difference in the amount is found between entries made in the passbooks and receipts duly countersigned by the authorized signatory of the bearing seal of the Company’s office, payment shall be made on the basis of receipts only. The depositors may also observe that the date of the maturity is specifically mentioned on the receipts and the pass book.
- The depositors should submit the maturity claim in the Claim Form as available at the Company’s Service Centre, along with the pass book and other documents as mentioned in the Claim Form and the evidence of KYC documents, to the Service Centre, well before the date of the maturity. The Service Centre staff and the field workers would be glad to help the depositors in completing all the formalities. The depositors may kindly note that the date of claim would be the date on which the documents are found to be complete in all respects.
- The depositors should visit the Service Centre on the given date to claim the maturity / prematurity proceeds.
Steps being taken by the Company for the benefit of the depositors
The depositors may kindly note that:
1. The Company issues letters to intimate the details of maturity of the deposit to the depositors, in advance, so as to ensure that such intimation letters reach to the depositors, at least two months before the date of maturity of the deposit.
2. In case the company fails to repay the deposit on the due date, along with interest on maturity, against the claim made by the depositor, then it shall liable to pay interest in the following manner:
- If the Company has intimated about the maturity to the depositor at least two months before the date of maturity and has sufficient evidence for the same receipt/acknowledgement from the depositor/Postal Department, but the depositor fails to submit his claim on maturity, then the company will pay interest at the rate as applicable to the deposit from the date of the claim till the date of repayment, along with the amount due on maturity.
- If the company has not intimated the details of maturity to the depositor, two months before the date of maturity, then, as and when the depositor makes a claim, the company will pay interest at the rate as applicable to the deposit from the date of maturity, till the date of repayment, along with the amount due on maturity.
In case the depositor has any grievance in this regard, he may bring the same to notice of the Service Centre and /or may write to The Executive Director, Vyavasaya Vikas Vishleshan, Sahara India Financial Corporation Limited, 6th Floor, Sahara India Bhawan, 1, Kapoorthala Complex, Lucknow.
