Fixed Deposit Scheme

Nomination Facility 

Nomination facility for individuals under section 58A(11) of the Companies Act, 1956 is available under the Schemes. The prescribed Nomination Form can be obtained from the Company on request. This should be filled up in duplicate and submitted to the company at the time of placing the deposit/ renewal.

Payment of Interest 

• All payments of interest shall be made by means of "Account Payee" cheque(s) drawn on Company's bankers payable at New Delhi only.
• Interest will be calculated from the date of realization of cheque(s)/ draft(s) and will cease on the date of maturity, unless the deposit is renewed through receipt of written request in the prescribed application form at the sole discretion of the Company. The Company shall neither send nor it is bound to send any intimation to the depositor regarding the maturity of the deposit or renewal of deposit
• In the case of under Schemes "A" & "C", interest for a period of less than a month will be paid alongwith the interest of next quarter/ month.

TAX at Source 

• No tax shall be deducted if the total amount of interest payable/ credited does not exceed Rs.5,000/- or any such amount notified by the Government from time to time for any financial year for any one individual. For any other "persons" like companies, tax will be deducted as per prescribed Income Tax enactments/ Rules. For issue of TDS Certificate, the Depositor shall inform in writing his PAN/ GIR No. Applications shall be rejected in case P.A.N. is not mentioned for interest liable to TDS.
• Income Tax at the appropriate rate will be deducted, if the total interest payable/ credited for any financial year exceeds Rs.5,000/- or any such amount notified by the Government from time to time unless the depositor files with the Company a declaration at the time of making his/ her deposit with the Company on the prescribed Form No. 15G/15H - Age 65 years or above (PAN Compulsory) to the effect that his/ her income is less than minimum amount liable to tax. The declaration in respect of each financial year (i.e. for the period beginning on the 1st April and ending on 31st March of the succeeding year) should be received by the Company by 31st March of each year & atleast one month before the date of maturity/ credit of interest in all schemes. If no such declaration is received well in time, tax deduction at source shall be made without reference to the deposit holder. The Company will issue the tax deduction certificate in due course of time, after payment of tax to the Central Government, separately for each financial year.

Joint Deposits 

• Deposit may be made in two or more names but not exceeding three in all.
• In case of deposits made in joint names, all correspondence will be addressed to the person whose name appears first in the application form. All cheque(s)/ Draft(s) for the payment of interest on Deposit and principal amount will be drawn in favour of the first named depositor. Any discharge given by the said depositor for payment of interest and principal amount shall be valid and binding on all joint depositors.
• In the event of death of the first or joint depositor, all payments of interest and principal will be made to the person first in the order of survivor(s) on the production of Death Certificate without reference to the heir(s) and/or legal representative(s) of the deceased.
• At the time of renewal of the Fixed Deposit, if any of the name(s) of joint depositor(s) is/ are to be deleted or any additional name(s) is/ are to be added, a consent letter from the outgoing depositor(s) will have to be filed with the Company.
• In case, nominee(s) are appointed by Jointholders, the first right of repayment shall vest in Jointholder(s) and nominee(s) shall only be entitled for any claim, in the event of death of all the Jointholders.

Death of the Sole Depositor 

In the event of death of the sole depositor, the deposit amount, together with the interest due thereon till the date of death, will be paid to the legal representatives, on the basis of probate of the will, succession certificate or letter of administration granted by the Court of competent jurisdiction to the satisfaction of the Company. However, if nomination is made by the depositor at the time of making the deposit, in the event of the death of the sole depositor, right of repayment of his deposit shall be vested in the nominee.

Fixed Deposit Receipt 

• Fixed Deposit Receipt will be dispatched to the depositor by registered post/ courier at the address given in the application form or may be collected personally from Company's office by Depositor(s), or their Authorised representative(s) from the Company's Office within eight weeks from the date of realization of cheque(s)/ Draft(s). However, in case of hand delivery request, the FDR's shall be dispatched at applicant's address, after the expiry of one month, when it is not so collected by him/ her.
• In the event of loss of Fixed Deposit Receipt, the Company may, at its sole discretion, issue a duplicate Receipt upon receiving an Indemnity Bond from the depositor(s) in the form to be prescribed by the Company after completion of necessary formalities. All expenses in this connection will be borne by the depositor(s).
• Fixed Deposit Receipt(s) are neither not transferable nor negotiable.
• Deposit once accepted under any one of the Schemes cannot be interchanged before the expiry of the deposit period i.e. before maturity, under any circumstances.

Renewal or Repayment of Deposits 

• The Fixed Deposits will be repaid on maturity and not on demand or notice.
• The Fixed Deposit Receipt duly discharged on a One Rupee Revenue Stamp should be sent to the Registered Office of the Company at least 30 days prior to the date of maturity to enable the Company to repay/ renew the deposit, as the case may be, on due date for renewal, the prescribed application form, duly completed should also be sent.
• Repayment of the principal amount will be made by means of an Account Payee Cheque(s) drawn on the Company's bankers payable at New Delhi only.
• When the due date of any payment falls on Sunday, Holiday or any other day on which the Company's Registered Office remains closed, the payment will be made on the next working day.
• The Company reserves the right to repay deposit before the date of maturity at its sole discretion without assigning any reason.
• In the event of the Company agreeing to repay any Deposit under Scheme 'A' or 'C' before the maturity date, rate of interest payable on such deposit will be governed by the Companies (Acceptance of Deposits) Rules, 1975 as amended from time to time. Excess interest paid if any, will be recovered from the principle amount at the time of payment. As per Companies (Acceptance of Deposits), Rules, 1975, there will be reduction of rate of interest by one percent, from the stipulated rate at the time of acceptance of deposits and shall be paid for the expired period of such deposits.
• Pre - mature withdrawal of deposits as per Rules, applicable. Any change in the order of joint names of depositors shall be treated as premature repayment of deposits and accordingly, lower rate of interest as may be applicable under the Companies (Acceptance of Deposits) Rules, 1975 would be applicable in such cases.

General 

• The application for deposit must be on Company's prescribed application form.
• Cheque(s)/ Draft(s) must be drawn on any Scheduled Bank favouring "ANSAL PROPERTIES & INFRASTRUCTURE LTD." payable at New Delhi.
• The Company will not accept or recognize any lien or assignment of the deposit or interest there on.
• The Company reserves the right to reject any application for a fresh deposit or for renewal without assigning any reason.
• The Company reserves the right to alter or amend from time to time without notice and without assigning any reason, any of the terms and conditions of the Deposit Scheme(s).
• The Deposits will be subject to jurisdiction of NCT of Delhi.
• The Company shall not be responsible for delays or loss in postal transit of Deposit Receipts and interest cheque(s)/ Draft(s) that may be sent to the depositors.
• Intimation to the Company regarding change of address, interest mandate etc., must be lodged at least 15 days before the date on which next payment of interest fall due or before the date of maturity.
• In the event of rejection of any application for whatsoever reason, money received by the Company shall be remitted to the applicant within 30 days from the date of receipt of application at the Registered Office of the Company.
• Company accepts deposits from Resident Indians only, for which investors have to declare their residential status at the time of making application of Fixed Deposits to the Company. In the category of Resident Indians, it includes Partnership Firms, HUF, Companies and Association of Persons. However, if application is made other than an individual name(s) separate disclosure has to made in the application Form of the status of the applicant(s) at the time of making application.
• Application has to be made in the name of Karta - in case of HUF, one of the Partners in case of Partnership Firms and authorised person in case of Association of Persons duly supported by authorising document.
• The Company appoints Brokers to procure fixed deposits, as permitted under Companies (Acceptance of deposits) Rules, 1975.
• The above terms and conditions form part of the prescribed application form.
• All future communications in connection with deposits be addressed quoting Fixed Deposit Receipt No. to:-