Recurring Deposit Is A Type Of Term Deposit Offered By WEMS FINANCE NIDHI LIMITED Which Help People With Regular Incomes To Deposit A Fixed Amount Daily Or Monthly Into Their Recurring Deposit Account And Earn Interest At The Attractive Rates Offered By Us. It Is Similar To Making Fixed Deposits Of A Certain Amount In Monthly Installments. This Deposit Matures On A Specific Date In The Future Along With All The Deposits Made As Per Recurring Deposit Frequency. Recurring Deposit Schemes Allow Customers An Opportunity To Build Up Their Savings Through Regular Deposits Of A Fixed Sum Over A Fixed Period Of Time. The Minimum Period Of A Recurring Deposit With WEMS FINANCE NIDHI LIMITED Is Six Months And The Maximum Is Five Years.
POPULAR RECURRING DEPOSIT SCHEMES:
POWER OF WEMS RD ACCOUNT SCHEME
| WEMS RD Scheme Code. | Quarterly interest compounded. | RD Frequency Amount Daily. | Maturity 12 Month/365 Days. | Maturity 24 Month/730 Days. | Maturity 36 Month/1095 Days. | Maturity 48 Month/1460 Days. | Maturity 60 Month/1825 Days. |
| RD DL SC 100 | 8.50% | 100.00 | 38,085.00 | 99,513.00 | 1,24,577.00 | 1,73,597.00 | 2,26,919.00 |
| RD DL SC 200 | 8.50% | 200.00 | 76,170.00 | 1,59,116.00 | 2,49,155.00 | 3,47,194.00 | 4,53,838.00 |
| RD DL SC 300 | 8.50% | 300.00 | 1,14,255.00 | 2,38,540.00 | 3,73,733.00 | 5,20,791.00 | 6,80,758.00 |
| RD DL SC 400 | 8.50% | 400.00 | 1,52,341.00 | 3,18,053.00 | 4,98,310.00 | 6,94,398.00 | 9,07,677.00 |
| RD DL SC 500 | 8.50% | 500.00 | 1,90,426.00 | 3,97,566.00 | 6,22,887.00 | 8,67,986.00 | 11,34,387.00 |
| RD DL SC 1000 | 8.50% | 1000.00 | 3,80,852.00 | 7,95,132.00 | 12,45,887.00 | 17,35,973.00 | 22,69,194.00 |
| RD DL SC 2000 | 8.50% | 2000.00 | 7,61,705.00 | 15,90,132.00 | 24,91,551.00 | 34,91,945.00 | 45,38,387.00 |
| RD DL SC 3000 | 8.50% | 3000.00 | 11,42,557.00 | 23,85,524.00 | 37,37,327.00 | 52,07,919.00 | 68,07,581.00 |
| RD DL SC 4000 | 8.50% | 4000.00 | 15,23,410.00 | 23,85,394.00 | 49,83,103.00 | 69,43,892.00 | 90,76,774.00 |
| RD DL SC 5000 | 8.50% | 5000.00 | 19,04,262.00 | 39,75,657.00 | 62,28,878.00 | 86,79,865.00 | 1,13,45,968.00 |
POWER OF WEMS RD ACCOUNT SCHEME-B
| WEMS RD Scheme Code. | Quarterly interest compounded. | Frequency Amount Monthly. | Maturity 12 Month | Maturity 24 Month | Maturity 36 Month | Maturity 48 Month | Maturity 60 Month |
| RDDLSC 1000 | 8.50% | 1000.00 | 12,563.00 | 26,229.00 | 41,094.00 | 57,263.00 | 74,854.00 |
| RDDLSC 2000 | 8.50% | 2000.00 | 25,127.00 | 52,459.00 | 82,189.00 | 1,14,527.00 | 1,49,704.00 |
| RDDLSC 3000 | 8.50% | 3000.00 | 37,690.00 | 78,668.00 | 1,23,280.00 | 1,71,791.00 | 2,24,551.00 |
| RDDLSC 4000 | 8.50% | 4000.00 | 50,254.00 | 1,04,917.00 | 1,64,377.00 | 2,29,055.00 | 2,99,408.00 |
| RDDLSC 5000 | 8.50% | 5000.00 | 62,817.00 | 1,31,147.00 | 2,05,472.00 | 2,86,319.00 | 3,74,260.00 |
| RDDLSC 6000 | 8.50% | 6000.00 | 75,381.00 | 1,57,376.00 | 2,46,566.00 | 3,46,582.00 | 4,79,112.00 |
| RDDLSC 7000 | 8.50% | 7000.00 | 87,944.00 | 1,83,605.00 | 2,87,660.00 | 4,00,846.00 | 5,23,964.00 |
| RDDLSC 8000 | 8.50% | 8000.00 | 1,00,508.00 | 2,09,834.00 | 3,28,755.00 | 4,58,110.00 | 5,98,815.00 |
| RDDLSC 9000 | 8.50% | 9000.00 | 1,13,071.00 | 2,36,064.00 | 3,69,849.00 | 5,15,374.00 | 6,73,667.00 |
| RDDLSC 10,000 | 8.50% | 10,000.00 | 1,25,634.00 | 2,62,293.00 | 4,10,943.00 | 5,72,637.00 | 7,48,519.00 |
Tenure Of Payment
The tenure of 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 countersigned by its authorised signatory by any mode or media other than mentioned above shall be at the member account holder’s riks. 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 passbook updated at regular intervals. If any discrepancy or difference in the amount is found between the entries made in the passbook and receipts dully countersigned by the authorised signatory of the branch office bearing seal. Payment shall be made on basis of receipts only.
Terms & Conditions
- It is mandatory to be a member in the Company.
- Company will issue shares worth Rs.100/- to member for RD Plan.
- Interest will be calculated on yearly basis.
- Recurring deposit minimum amount Rs.50/-,there after in multiples of Rs.50/-.
- Irregular deposits are not entitled to pre mature payment and loan facility against it.
- 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 deduction will be made on the principal amount of such loan.