Terms and Conditions

Application and Remittance Application for deposit and renewal thereof should be made on the prescribed application form duly completed in all respects and accompanied by cash/ cheque/ draft. Outstation deposit should be made by DD/MT Bankers cheque only. All Cheque / Draft should be crossed “Account payee” and made payable to ICST INDIA NIDHI LIMITED.

(a) Interest will accrue from the date of realization of Cheques.
(b) Interest ceases to accrue from the date of maturity
(c) No overdue interest is payable if such amount is unclaimed after the due date.
(d) Income tax, wherever applicable will be deducted as source in accordance to the provisions of income tax act 1961. Tax will not be deducted if declaration in for 15G/ 15H as applicable as required under the act is furnished to the company at the beginning of each financial year.
(e) In the case of cumulative deposit for the purpose of deduction of tax, interest will be deemed to accrued every year and tax will be deducted on the accrued interest in each financial year if warranted.

The depositor should send the discharged FD/RD completed and fresh application to the company to be made preferably 10 days before maturity

(a) No person can have more than one account individual name and the initial deposit should not be less than Rs.1000/-
(b) A minimum balance of Rs.1000/- should always be maintained in accounts having withdrawal facility.
(c) If the Passbook of company is spoiled or lost, a duplicate will be supplied on payment of Rs.10/-.
(d) No accounts shall be closed before 6 months from the date of opening. A charge of Rs.10/- will be made if the account enclosed within 6 months from the date of its opening.

(a) Repayment of any deposits will be made on the Due Date.
(b) The receipt duly discharges over a revenue stamp of Rs.10/- must be surrendered to the company for repayment amount will be normally paid through A/C payee cheque. However on request the same will be paid by NEFT for transfer for credit of bank account.

(a) Former of survivor, deposits will be accepted with this stipulation. All payments of interest and principal will be made to the former only during his/her life time, unless specifically authorised otherwise such payment will be made to the survivor only on production of death certificate only.
(b) Either or survivor, in the case of either or survivor deposits. Only two persons can make the deposits. All cheques for payment of interest will be drawn in favor of the second depositor. The discharge given by either depositor for payment of interest or principal shall be valid and binding on the other depositor and payment will be made to depositor, who has discharge the deposit receipt. In the event of death of either depositor, all payments, on account of principal and interest will be made upon maturity of deposits to the surviving depositor on production of death certificate.
(c) Any one or survivor, deposits will be accepted on favor of more than two persons and principal on maturity will be paid on the discharge on anyone of the depositors, to the depositors who has discharge the deposits receipts. In the event of death of either depositor, all payment of account of principal and interest will be made on maturity of the deposit to anyone of the surviving depositor who has discharge the receipt on production of death certificate. All cheques of payment of interest will be drawn in favor of the first named depositor unless authorised in favor of anyone depositor.
(d) Jointly, in the case of deposits made in joint names all correspondence will be addressed to the person whose name appears first in the deposits. All interest warrants, cheques for payment of interest will also be drawn in favor of the first named depositor unless authorised in favor of anyone of the other depositors by all the depositors jointly in the event of death of anyone of the depositors all payment will be made to the surviving depositor and successor of the deceased depositor, jointly on production of death certificate. succession joint depositors, the deposit amount on maturity will be paid to the first named depositor only on the joint discharge of all the depositors. Payment on maturity can be made to anyone of the other depositors provided all certificate issued by competent authority. During the life time of the depositors jointly so direct.

(a) The guardian must sign the application form and must mention his/her name. The company will made all payments in the name of the guardian.

(a) In the event of loss of destruction or mutilation of a Deposit receipt, the company may, as its sole discretion reissue a duplicate upon receiving an indemnity bond from the depositor. All expenses in this connection will have to be borne by the depositor.
(b) The company will not recognize any charge or assignment of deposits or another encumbrances.
(c) The company reserves the right to reject any application for deposits without assigning any reason therefore.
(d) Where the due date of any payment falls on a holiday the payment will be made on the next working day.
(e) It is not obligatory on the part of the company to give notice or advance in therefore about the maturity of the deposit.
(f) It is suggested that the depositor fills in the column “ Nominee” in the application form in favor of a person of his/her choice to receive the deposit amount in case of unfortunate death
(g) In order to be effective, depositor's instructions in relation to charge of address, tax exemption etc., must be notified to the company atleast thirty days before payment of interest or principal becomes due .
(h) If the aggregate of total deposits with the Nidhi exceeds Rs.20,000/- and above all the deposit (including R.D) made should be only by way of crossed A/C payee draft, cheques as per provisions of the income tax act 1961.
(i) The accumulated RD will on the ordinary course mature for payment 30 days after the date of payment of the last installment whichever is later. RD passbook will be issued to each depositor which will incorporate terms and condition.
(j) Loans will be allowed against RD accumulation.
(k) In the event of RD account being closed after 6 months period of its opening , an initial charge of Rs.10/- will be made and deducted amount repayable.
(l) The depositor will be provided with a passbook in which installment paid from time to time will be entered by the company. The entries should be examined by the depositor and if any errors or omission are discovered the attention to the company must be drawn immediately . The company will not be responsible for any loss.
(m)The company reserves the right to close any account in which the monthly installment are not regularly paid or the installment are allowed to fall in errors for a continuous period of 3 months after giving a fortnight notice.
(a) In case of non payment of the deposit or part thereof as per the terms and condition of the deposits, the depositor may approach the bench of the company law board jurisdiction. (b) In case of any deficiency of serving deposit. The depositor may approach the National Consumer Disputes Redressed Forum, the state level consumers or district level consumer disputes redressal forum for relief.
(c) The financial statement of the Nidhi as disclose and the representation made in the application form are true and correct and The Board of Directors are responsible for the correctness and veracity thereof.
(d) All disputes are subject to Jhansi Jurisdiction only.
(e) The financial activities of Nidhi is regulated by the department of the companies affairs. It must however, be distinctly understood that the department of company affairs does not undertake any responsibility the statement or the representation made or opinion expressed by the Nidhi and for repayment of deposit/ discharge of liabilities by the Nidhi.
(f) I have gone through the financial and other statements / particulars/ representation furnished made by the Nidhi and after careful consideration i am making the deposit with the Nidhi at any own risk.