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DAILY DEPOSIT
With effect from 01.10.2023, New Nitya soulful Nidhi Deposit Scheme introduced as SOULFUL NIDHI DAILY DEPOSIT (SNDD) . This scheme is intended to mop up the small savings and is specially designed for daily savers of small means and based on daily door collection. The Bank’s Authorized agent will collect your savings at your doorsteps at daily or less frequent intervals in tune with your convenience.
Locking period:
One such is Daily Deposit, which is almost similar to RD/FD accounts, though the deposits are made regularly instead of making in lump sum.
An SNDS account is opened in the name of the member and maintained by Soulful Nidhi in connection with the Deposits.
Deposit shall be due for repayment with applicable interest on the daily basis of one calendar month from the date of payment of the last Installment or on completion of the Tenure of the scheme, whichever is later. The effective date from which the credit shall be given for any Installment shall be the date on which Soulful gets clear funds into the Account of the Depositor/s.
Depositors can start investing in SNDS accounts with Soulful Nidhi for a minimum deposit of Rs.50, which can be increased in multiples of Rs.50.
Please note that the Installment Amount and the number of installments cannot be altered subsequently.
Payment of installment:
All deposits into the Account should be made either in cash, online or according to the Standing Instructions from the Depositor/s.
Installment for any calendar month must be paid on or before the last working day of that particular calendar month on daily basis.
The funds deposited on a date following the non-payment of the Installment for the previous day(s), shall first be appropriated towards the un-paid Installment.
In case of delay in payment of any Installment, and/or on premature payment of SNDD the Depositor/s shall be liable to pay penalty interest at the rate of as may be specified by Soulful Nidhi for the same period of delay The total interest so chargeable to the Depositor/s shall be recovered from the total amount payable at the time of maturity.
It may be noted that if a Deposit holder dies and there is no nomination in force at the time of his / her death, the Soulful shall pay the sum due to the deceased, to his / her legal heirs.
Duration of deposit:
Deposit can be maintained for a minimum tenure of 63 months.
In case of daily deposits relating to mortgage loans, the maximum period of daily deposits shall correspond to the repayment period of such loans granted by Soulful Nidhi Limited (SNL).
Withdrawal conditions before maturity:
Soulful Nidhi Limited shall recover before maturity penalty interest on your deposit as per rate prescribed in bellow table.
Nomination facility:
Nomination facility is available for the Account in the names of individuals. Only one nominee is permissible for an Account and the nomination is to be made by the Depositor/s duly witnessed by a third person.
The Depositor/s should ensure that the acknowledgement is given as per the nomination rules framed by RBI.
The Depositor/s has the liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of the Account with Soulful Nidhi .