Monthly Income Scheme
A Monthly Income Schemes a financial instrument provided by PURVANCHAL MUTUAL BENEFIT NIDHI INDIA LIMITED which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account.
TERMS AND CONDITIONS
- Any deposit with PURVANCHAL MUTUAL BENEFIT NIDHI INDIA LIMITED cannot be below Rs. 20,000/- and any further add multiple of Rs.5000/-
- The principal is protected & returns are guaranteed.
- The depositor is required to fill a form prescribed under the Banking Companies (Nomination Rules) 1856, compulsory for every member who deposits with PURVANCHAL MUTUAL BENEFIT NIDHI INDIA LIMITED and in cases where the nominee is a minor; a guardian should be competently appointed.
- The monthly interest for the deposit will be transferred to the savings account of the customer opened in the Branch.
- A Savings account has to be mandatorily opening for every scheme with PURVANCHAL MUTUAL BENEFIT NIDHI INDIA LIMITED
- An FD (Monthly Income Scheme) can be opened only for a single individual facility is available.
- A Minor cannot open FD (Monthly Income Scheme) Account.
- The maturity / Pre-closure amount will be paid through a/c payee cheque or E-Transfer mode.
- In case of you lost your MIS Bond than Rs. 300/- with affidavit of Rs. 200 Stamp Paper will be required.
Issue of Passbook:
A passbook will be issued to every Member Account Holder. The Member Account Holder shall get the passbook updated at regular intervals. If any discrepancy or difference in the amount is found between the entries made in the passbook and receipts duly countersigned by the authorized signatory of the branch office bearing seal. Payments shall be made on the basis of receipts only.