Monthly Income Scheme

Conditions of Monthly Income Scheme:

a. Any deposit with Payquick cannot be below Rs. 25,000/-

b. A nomination is compulsory for every member who deposits with Payquick and in cases where the nominee is a minor; a guardian should be competently appointed.

c. TDS Deduction Forms 15 H for senior citizens, those who are 60 years or older; and Form 15G for everybody else is mandatory.

d. The monthly interest for the deposit will be transferred to the savings account of the customer or member.

e. An FD (Monthly Income Scheme) can be opened only for a single individual or joint account facility is available.

f. A Minor open FD (Monthly Income Scheme) Account. But Member Legal guardian.

g. Cash will be accepted up to Rs. 20,000/- and above which all transactions will be carried out only through DD or Cheque. In cash Cash Deposit so PAN mandatory

h. The maturity / Pre-closure amount will be paid through an a/c payee cheque.

i. Loan facilities are available from the Fixed deposits made with Payquick.

j. Loan eligibility – 75% to 85 % of the deposit amount.

k. Interest Rate – Actual Interest rate of deposit + 2%.to 4%.

l. Pre Closer Not allowed.

Pre Closure Conditions: (Monthly Income Scheme)

a. If the customer opting for pre-closure of the fixed deposit before expiry, the interest will be revised to the corresponding interest rate fixed for the period where the date of the pre-closure date falls. An additional 2% to 10% will be deducted from this rate as a penalty.