RATE HIKE!! Fixed Deposit Interest rate - Zenith Birla (India) Limited

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Fixed Deposit scheme of the Zenith Birla (India) Limited has been revised and the new rates of interest as under will be applicable w.e.f 1st June 2012.

This new interest rate will be applicable for all new deposits accepted on or after 1st June 2012 and for all renewals falling after this date.

 New Interest Rates as follows

SCHEME A					SCHEME B
NON CUMULATIVE DEPOSIT PERIOD					CUMULATIVE DEPOSIT PERIOD
Period	Minimum Deposit	Old Interest Rates	Interest Rate		Period	Minimum	Maturity	Interest	Effective
	(Rs.)	(p.a)	(p.a.)			Deposit  (Rs.)	Value (Rs.)	Rate (p.a.)	Yield (p.a.)
12 months	10000	10.50%	11.00%		12 months	10000	11130	11.00%	11.30%
24 months	10000	11.00%	11.50%		24 months	10000	12506	11.50%	12.53%
36 months	10000	11.50%	12.00%		36 months	10000	14185	12.00%	13.95%
Interest payable half yearly					Interest compounded half yearly and payable on maturity

HIGHLIGHTS:

1.  An additional interest of  0.50% shall be paid to the following category, provided the applications are received directly by the Company.
    (a) Shareholders of Zenith Birla, or ( b) Employees of Yash Birla Group,  or (c ) Senior Citizens(60 years & above).

2.  In case of Single deposit of Rs.1,00,000/- and above, additional interest of  0.25% p.a. will be offered, irrespective of the period of deposit.

Note:  any person availing both the above option for three years (36 months)  will get total interest of 12.5% p.a. as per Companies (Acceptance of Deposit Rules) 1975

·         Minimum amount of deposit to be accepted is Rs.10,000/- and in multiple of Rs.1,000/- thereafter.
·         Nomination facility available
·         Premature withdrawal permissible as per the statutory guidelines and at the discretion of the company

·         Post dated Interest Warrants for each financial year will be dispatched in advance.
·         Income Tax will not be deducted upto the interest amount of Rs.5,000 in a Financial Year, subject to any change in the applicable Tax Laws.

 

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