Product Details
Bank Name
Berar Finance Limited
Eligibility
Age: The minimum age to open a Dhanwardhi Yojana account is 18 years.
Resident: Applicants must be Indian residents.
KYC Compliance: Individuals must have completed their KYC (Know Your Customer) documentation.
Interest Rate
8.50-9.50%
Tenure
12-60 Months
Fixed Deposit Type
Regular
DHANWARDHI YOJNA
Tax Benefits
Berar Finance Limited's Dhanwardhi Yojana is a fixed deposit scheme that offers tax benefits under Section 80C of the Income Tax Act, 1961.
Credit Ratings
PP-MLD[ICRA]BBB(Stable)
Interest Payment Frequency
On maturity
Cummulative/Non-Cummulative
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
Fees and Charges
Pros
Competitive Interest Rates
Flexible Tenure Options
Suitable for Short-Term Goals
Credibility and Stability
Potential Loan Against Deposit
Cons
Early Withdrawal Penalty
Pros & Cons
Account Opening and 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 Dhanwardhi Yojana 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 Dhanwardhi Yojana 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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