Fixed Deposit Details
Bank Name
Berar Finance Limited
Eligibility
Individuals: Resident Indian citizens of any age can open a Dhan Varsha Yojna account.
Minors: Minors can open a Dhan Varsha Yojna account with a guardian's consent.
Joint Holders: Two or more individuals can open a joint Dhan Varsha Yojna account.
Institutions: Institutions like trusts, societies, and associations can also open Dhan Varsha Yojna accounts.
Interest Rate
Up to 10%
Tenure
12-60 Months
Fixed Deposit Type
Regular
DHAN VARSHA YOJNA
Tax Benefits
Yes, Berar Finance Limited's Dhan Varsha Yojna is a tax-saving fixed deposit (FD) scheme that qualifies for tax benefits under Section 80C of the Income Tax Act of 1961.
Credit Ratings
PP-MLD[ICRA]BBB(Stable)
Interest Payment Frequency
monthly and quarterly. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Non Cumulative
Features
Minimum Deposit Rs. 10,000/- per account The tenure of the scheme ranges from 12 months to 60 months For senior citizens interest rate ranges from 8.75 to 9.75% Premature withdrawal is allowed with a penalty
Minimum Investment Amount
Rs. 10,000/- per account
Features & Benefits
Pros
Competitive Interest Rates
Flexible Deposit Options
Potential for Higher Returns with Compounding
Credible NBFC
Cons
Early Withdrawal Penalty
Pros & Cons
Account Opening Procedure
How to Open?
1. Visit a Berar Finance Limited Branch:
The most likely method is to visit a Berar Finance Limited branch in person. Use their branch locator to find the nearest branch to you [Invalid URL remove kiya gaya].
2. Complete the Application Form:
Obtain an application form for the Dhan Varsha Yojna from the branch. Fill out the form carefully, providing accurate and complete information.
3. Submit Required Documents:
Along with the completed application form, you will need to submit the following documents:
Identity proof (PAN Card, Aadhaar Card, Voter's ID, etc.)
Address proof (Utility bills, bank statements, passport, etc.)
KYC documents (if not already submitted)
Deposit amount (in the form of cash, cheque, or demand draft)
4. Pay the Account Opening Fee (if applicable):
There may be a small account opening fee associated with opening a Dhan Varsha Yojna account. Confirm the fee amount with the branch representative and pay it if applicable.
5. Collect Your Deposit Receipt:
Once your application is processed and your documents are verified, you will receive a deposit receipt acknowledging your investment.
Application Procedure
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