Any individual above the age of 18 who wishe to Deposit or Borrow money can become a Member by purchasing share/s
1. Aadhar Card, (Ration Card, Driving Licence, Voter ID Card, Passport)
2. PAN Card
3. Passport Size Photos – 2 Nos
4. Rs.10/- or Rs.100/- (for Equity Share as applicable)
5. Rs.50/- for Opening Savings Account.
For Placing Deposit with the Nidhi , Member/s should have Minimum Rs.100/- Share Amount in his/her name. Fixed Deposits can be opened as “Individual”, Either or Survivor”, “Former or Surviour” and ,“Anyone or Survivor”
Interest will be given by cash if less than Rs.20,000/- or credited to your Savings Deposit A/c with us or Interest will be credited to your Bank Account through NEFT for which you have to furnish your Bank Account Number. IFSC Code.
Interest will be credited on the 1st working day of the Month, if it happens to be holiday it will be credited on the next day.
Depositor have to submit Form 15 G / 15 H at the beginning of the Financial year and whenever there is a change in deposits to avoid TDS
Repayment of any Deposit will be made on the due date, on the original deposit receipt being surrendered to the Nidhi duly discharging over a revenue stamp of Re.1/- . Amount will be paid by cash if the Deposit/s in aggregate is below Rs.20,000/-. Deposits of Rs.20000/- and above will be paid by way of “A/c payee Cheque”/ NEFT/RTGS.
For Opening Recurring Deposit with the Nidhi , Member/s should have Minimum Rs.10/- Share Amount in his/her name. Recurring Deposits can be opened as “Individual”, Either or Survivor”, “Former or Surviour” and ,“Anyone or Survivor”
For Opening Saving Deposit with the Nidhi , Member/s should have Minimum Rs.10/- Share Amount in his/her name.
The Minimum balance to be maintained is Rs.50/- however, for getting interest the minimum balance should be above Rs,100/- . Balance more than Rs100000/-is not eligible for interest payment
Any person who is a Member and owns gold ornaments can avail the loan.
To obtain Gold Loan, a Member need to get valuation of his/her gold Jewellery at our Head Office or Branches. The loan amount will be sanctioned on the basis of gold valuation by our Jewel Appraisers by verifying its purity and the weight of stones etc. fixed on the ornaments.
Identity proof (Such as Aaadhar Card & PAN Card, Smart Ration Card, Driving License, Voter ID card, Passport etc.)
One passport size photograph.
Rs.10/- for Membership fees and Rs.50/- for opening Savings Bank Account.
The maximum tenure for gold loans is 12 months
Interest is calculated at the contracted rate of interest with monthly rests of Loan balance
We don’t charge any processing fee, appraiser fees or Insurance Charges apart from Stamp fee and Pass book Charge. (Rs.11/-)
Interest to be paid at the Counter of the Nidhi on or before last working day of the each month to avoid additional Interest.
Additional interest will be 2% more on the contracted rate of interest on Jewel loan.
On payment of the full loan amount and producing of the original loan pass book.
Any member owning an approved, constructed property within Chennai Corporation limits can avail the loan by submitting the Prescribed Application along with required documents.
On submission of Application Form and required supporting documents,the same will be sent to our Legal Advisor for verification and scrutiny and then to our Engineer for valuation.The documents are then placed before the Sub-Committee of the Board for sanction.On completion of Registration of the Mortgage Deed,the loan amount will be disbursed.
The following documents are required
Original Sale Deed of the property to be mortgaged
Parent documents of the property
Encumbrance Certificate for 25 years
Planning permit and approval
Property tax receipt – for the last 3 years
Electricity bill – paid up to date
Patta in the name of Mortgager
Income Proof and Bank Statement for 6 months
Any other documents as required by Legal Adviser
Mortgage loan can be availed From Rs. 1 lakh to maximum of Rs.15 lakhs
Instalments are calculated based on equated instalment along with interest on the reducing balance of loan amount every month.
Members having Deposits with the Nidhi can avail Loan on such Deposits upto a maximum of 75% percent.
Interest will be 3% over and above the Deposit Rate.