MAHAMUDRA GLOBAL NIDHI LTD

Fixed Deposits

Fixed Deposit Scheme

A fixed deposit (FD) is a financial instrument provided by banks or NBFCs 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.

Pre Mature Closure of Deposits:-

 Fore closure of Deposits will not be permitted until completion of 3 months From the date of Deposits. Deposits foreclosed after 3 months but before 6 months from the date of Deposits no Interest will be paid. Deposits foreclosed after 6 months, interest at 2% shall be deducted from the normal rate of Simple Interest for the period of Deposit.

Savings Deposits

Savings Accounts

Savings money habit will improve the quality of life and will help you to feel better and to sleep better. One will be happier knowing he/she has some money aside for unexpected expenses and look forward to achieve some of their dreams. MGNL has introduced uniquely designed "savings Account" to inbuilt the habit of savings among people.


Feature of Saving Account
Main Features Savings Account
Minimum Deposit Rs 1000 only
Nomination Facility
Attractive Rate of Interest 6.00%
SMS Facility

Silent Features:
  • Nomination facility available for deposits.
  • There can be only one Nominee for a deposit account whether held singly or jointly.
  • A person legally empowered to operate a minor's account can file a nomination of the minor.
  • Applicants can make nomination by filling up the prescribed form.
  • The nomination Details can be changed during the subsistence of the account relationship by filling up the form prescribed.
  • For more details approach your branch.

Documentation required for account opening
Identity Proof : Address Proof :
Passport, Aadhaar Card Passport, Aadhaar Card
PAN Card Telephone bill
Voter ID Card Electricity bill
Driving License Bank statment with Cheque
Government ID Card Certificate/ID Card issued by post office
Photo ration Card
Senior citizen ID Card

Note -
  • Please produce the original documents for verification & a photocopy of each document.
  • Mandatory to provide permanent address and telephone number.
  • Please avail of the nomination facility.
  • Applicants can make nomination by filling up the prescribed form.
  • Mandatory to complete the KYC Norms.

Daily Deposits

Features of MGNL Daily Deposits

  • Minimum Deposit of the Scheme is Rs 10/- day and in multiples of 10.
  • Defaulter will be charged at the rate of Rs 2/- per Rs 100/- per 15 day.
  • The company reserves the right to attach/transfer any account to any of its branch.
  • The company reserves the right to reject any application for opening the account without assigning any reason.

Monthly Income Scheme

Terms & Conditions:-

  • Minimum MIS would be Rs. 10000/- and further in multiple of Rs.10000/-
  • Special MIS is applicable only for senior citizens, women, and Govt. employ and for pensioners.
  • Loan available against deposit up to 75% of deposited amount after one month from the date of deposit.
  • Rate of interest on loan against Deposit would be 5% higher than applicable rate of interest to your Deposit.

    • Payment before maturity not allowed for 90 days deposit scheme and payment before Maturity allowed to other MIS plans, in this case the calculation of interest on pre-mature payment will be applicable as per savings a/c's rate of interest and already paid interest amount will be deducted from the principal amount.

Recurring Deposit

Tenure of Payment:-

The tenure of the account is 12 months and above

Mode of Payment:-

All payments to the company shall be made either in cash or by cheque/draft against the receipt counter singed by its authorized signatory payments by any mode or media other than mentioned above shall be at the member account holder's own risk. The cheque/draft shall be credited in the name of member Account Holder subject to clearance by the bank. Out station cheques shall not be accepted

Issue of Passbook

A passbook will be issued to every member Account Holder. The Member Account Holder shall get the pass book updated at regular intervals. If any discrepancy or difference in the amount is found between the entries made in the passbook and receipts duly counter singed by the authorized signatory of the branch office bearing seal. Payment shall be made on the basis of receipts only.

Terms and Conditions:-

  • Interest will be calculated on yearly basis.
  • Recurring Deposit minimum amount Rs 100/-,thereafter in multiples of Rs 100/-
  • Loan on deposits will be charged at 18% yearly compound interest basis.
  • Lapse on payments of installment amount will make the defaulter pay Rs 2 per 100 per month with installment amount.
  • 1 month after paying last installment or maturity amount due date whichever is more will be applicable for payment of maturity amount.
  • Irregular deposits are not entitled for pre mature payment and loan facility against it.
  • On irregular deposits if all irregular pending deposits are paid then such account will be treated as regular. Even if there is default in payment of 1 installment, the said account will be treated as irregular.
  • After maturity date, payment on irregular accounts will be made after deducting the penalty amount maximum to the limit of interest earned on such account. No deductions will be made on principle amount of such accounts.

    • Loan facility on Recurring Deposits:
  • On 24 month and 36 month deposit schemes, after 1 year (after receiving of 12 installments) loan up to 60% of deposited amount will be given.
  • On 48 month and 60 month deposit schemes, after 1.5 year (after receiving of 18 installments) loan up to 60% of deposited amount will be given.

    • Pre Mature Closure of Deposits:-

     Foreclosure of Deposit will not be permitted until completion of 3 months from the date of deposits. Deposits foreclosed after 3 months but before 6 months from the date of Deposits no interest will be paid. Deposits foreclosed after 6 months, Interest at 2% shall be deducted from the normal rate of simple interest for the period of Deposit.

    Nomination

    Nomination facility available for deposits. There can be only one Nominee for a deposit account whether held singly or jointly. Applicants can make nomination by filling up the prescribed form. The nomination details can be changed during the account by filling up the prescribed form.

    Nomination
    Nomination facility available for deposits. There can be only one Nominee for a deposit account whether held singly or jointly. Applicants can make nomination by filling up the prescribed form. The nomination details can be changed during the account by filling up the prescribed form.


    For Deposit Details such as Rate of interest/Tenure/Maturity Amount, Kindly Contact our Office.