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There are 2 different types of Schemes of Fixed Deposits being offered by the Company, Cumulative Scheme & Non-Cumulative Scheme
In a Non-Cumulative Scheme the interest is payable on quarterly basis (For each Calendar Quarter i.e. 31st Mar, 30th Jun, 30th Sep & 31st Dec) and on Maturity.
In Cumulative Scheme, the interest gets added to the principal amount at the end of each Calendar quarter and is payable at the time of maturity along with the principal amount.
Deposits will be accepted only from Resident in multiples of Rs. 1,000/-, subject to a minimum of Rs. 10,000/-
The interest frequency is available only on quarterly basis.
In case of Non-Cumulative Scheme, the interest shall be remitted on the Calendar quarter end, in the First/ Sole Applicant’s Bank account.
In case of Cumulative Scheme, the Interest will be accrued on quarterly basis and added to the principal amount, net of taxed, and paid on maturity to the First/ Sole Applicant’s Bank Account.
The Company will be remitting the Interest/ Maturity proceeds to the First/ Sole Applicant’s Bank Account by way of RTGS/ NEFT/ ECS/ Direct Credit. For this purpose, a cancelled cheque or a self-attested copy of the Cancelled Cheque of the First/ Sole Applicant is to be provided at the time of Application/ at the time of revision/ updation.
The fixed deposits of the Company are governed as per Section 73(2)(a) and Section 76 of the Companies Act 2013 and the rules made thereunder.
Any Resident Individual, Company, Partnership Firm, Hindu Undivided Family (HUF), Trust & Foundation can apply in the Fixed Deposit of the Company.
Non- Resident Indian and Foreign National are not eligible to apply in the Fixed Deposit Schemes.
The Applicant can approach the nearest designated Future Group Outlets such as Big Bazaar/ fbb/ Central/ Brand Factory/ easyday/ Heritage Fresh/ Nilgiris/ foodworld wherein the Application Forms will be made available. The applicant can submit the Forms at such Designated Stores along with the necessary documents.
The Applicant can also download the Application Form from the Company website (https://felindia.in/deposits/application_form.html) and post/courier to FD Department of the Company at City Gold Mall, 3rd Floor, Near Shyamal Cross Road, 132, Feet Ring Road, Satellite, Ahmedabad - 380 015.
Additional Interest of 0.25% p.a. is offered to Shareholders of the Company, Existing Employees of Future Group, Senior Citizen, Members of Future Group Customer Loyalty program viz. Future Pay, Big Bazaar Profit Club, Easyday Saving Club, irrespective of eligibility of Depositor in one or more categories.
The additional interest benefit of 0.25% will be checked at the time of placement & issuance of FD and shall remain for the entire tenure of the FD being placed; irrespective of the Depositor criteria is altered during the tenor of the FD.
Physical FDR will be couriered to the registered address of the Sole/ First Applicant whereas the Digital FDR will be mailed on the registered email ID of the Sole/ First Applicant.
Yes, the Depositor can request for a Physical FD, in case the initial request was for a Digital FDR. The Depositor will have to submit a request for the same and the Physical FDR will be couriered to the Depositor’s Registered Address.
Yes, an applicant can apply in Duplicate FDR by sending in a duly filled Request Form for Issuance of duplicate FD mentioning the reason for loss/ issuance of Duplicate FD, along with an affidavit and Indemnity Bond for loss of FD Receipt and Cheque of Rs. 100/- towards processing charges to the Central FD Dept.
Yes application can be made in name of Minor, however the PAN card of the guardian of the minor and the Bank details of the Minor is mandatory. Also, the same Guardian cannot be made the nominee in such application.
Minor can also avail additional interest, if the additional interest criteria is fulfilled by his/ her guardian.
Joint Deposits can be made in two or three names.
In case of joint Deposits, all correspondence will be addressed only to the Sole/ First Applicant. All payment of interest and repayment of principal amount will be in favour of the Sole/ First Applicant. Request for discharge of deposit is required to be signed by all applicants
Nomination permits an applicant to nominate persons to whom the money lying in their account should go in the event of their death.
Nomination is not mandatory, but can be made in Fixed Deposit at the time of application / separately in Request Form indicating the name and address of the nominee. The applicant can change the nomination any time.
In case Customer wants to make changes in details of registered address, it can be done during the tenure of deposit by submitting Change Request Form to the Central FD along with the necessary supporting documents.
In case Customer wants to make changes in bank details, it can be done during the tenure of deposit by submitting Change Request Form to the Central FD along with the Cancelled Cheque or self-attested copy of the Cancelled Cheque of the new bank account.
Once placed, Depositor will not be permitted to interchange any of the Scheme, until maturity/ renewal.
There shall be no change in the applicable interest rates during the tenor of the deposit for FDs already placed with the company.
Form 15G is a self-declaration to be filled by Sole/ First Applicant who is below 60 years of age, for non-deduction of TDS whereas Form 15H is a self-declaration to be filled by Sole/ First Applicant above 60 years of age, for non-deduction of TDS.
The Form 15G/ 15H is required to be submitted at the beginning of each Financial year in Original. The same is to be submitted to the Central FD Dept. till the tenor of the FD.
As per the statute, no pre-mature withdrawal of deposits is allowed within a period of less than six months from the date of acceptance or renewal of such deposit.
For pre-mature withdrawal of deposits after the expiry of a period of six months from the date of such deposit, the Company will allow such withdrawal subject to reduction in rate of interest by 1% from the applicable rate of interest, for which tenure deposit remain invested with the Company.
For the above purpose broken period of less than six months will be ignored and six months and above will be considered as full year.
For prematurity of Physical FDRs, the Physical Deposit Receipt, must be discharged by all the joint holders along with a written request for pre-mature withdrawal signed by all of them. In case of Digital FDR, the Pre mature withdrawal request form duly signed by all Applicants is to be submitted.
Payment of interest and principal will be made by direct credit in sole/first-named depositor’s bank account through ECS/ Direct Credit/ RTGS/ NEFT, hence the company has requested canceled cheque of sole/ first applicant at the time of making application.
Renewal of Fixed Deposit will be done in multiples of Rs. 1,000 and interest in excess thereof will be refunded to the depositor through RTGS / NEFT / ECS / Direct Credit.
Renewal of the Deposits shall be subject to Scheme of Deposit and terms & conditions thereof prevailing on the date of renewal and as per the discretion of the Company.
Fixed Deposit Receipt are not transferable.
The Company will not recognize or accept any lien or assignment of Deposit or interest thereon.
Death of First/ Sole Depositor:
In case of Legal Heir/ representation, following documents will be required:
The Company does not accept deposits from Non Resident Indians and foreign nationals.