GRUH Trust Deposit is a specified investment under section 11(5)(ix) of the Income-tax Act, 1961 as GRUH has been recognised by the Central Government for the purposes of section 36 (1)(viii) of the Income-tax Act, 1961.

Other terms and conditions are as stated in the deposit schemes and as contained in the Application Form.

Account Payee Cheque/DD should be drawn in favour of "GRUH Finance Ltd. " and be payable at any of the place where GRUH has an office.

Outstation depositors can send DD net of bank charges. Outstation cheques and pay-at-par cheques not participating in the local clearing will not be accepted

Deposits shall be accepted in multiple of Rs.1000/- for all schemes.

Application received from Trusts, AOP and partnership firms should be submitted along with relevant resolution, list of authorised signatories and specimen signatures.

Deduction of Income Tax at Source on interest shall be made in accordance with section 194A, of the Income Tax Act, 1961. Tax is deductible at source if the aggregate amount of interest paid or credited on all the deposits placed under the various schemes by the first depositor exceeds Rs. 5,000/- during a financial year. As per section 206AA of the Income Tax Act, 1961, where the depositor fails to furnish the PAN and interest on the deposits is subject to TDS as per applicable provision, the tax will be deducted at the rate in force or 20%, whichever is higher.

Declaration in Form 15G/15H or any other form or certificate for non-deduction of tax or deduction of tax at lower rate needs to be submitted by the depositor for each financial year.  All such declarations for tax concessions should be accompanied with a proof of the PAN of the depositor. Please note that requests for tax concessions received without proof of the PAN will be rejected and TDS in accordance with Para 1 above will be deducted at normal rate or higher rate as applicable.

Generally no tax is deducted at source, if the depositor submits declaration in form 15G (in duplicate along with proof of PAN). However, in case of fixed deposits from individuals, below 65 years of age, tax shall be deducted if the aggregate interest paid/credited to the depositors exceed Rs.1,60,000/- for the financial year in case of a male depositor or Rs.1,90,000/- for the financial year in case of a female depositor, even if the depositor submits form 15G.

A depositor can be considered a Senior Citizen if the first depositor is of 65 years of age and above. A senior citizen is required to submit declaration in form 15H (in duplicate along with proof of PAN). In case of a Senior Citizen the tax shall be deducted at source if the aggregate interest paid/ credited to the depositor exceeds Rs.2,40,000/- for the financial year, even if the depositor submits form 15H.

For deposits placed during the year, form 15G/15H should be submitted with the application form along with the proof of PAN. The depositors are also required to submit a declaration to the fact that the aggregate income earned by the depositor(s) in the nature of interest on securities, interest other than “Interest on Securities” and income in respect of units is not likely to exceed the maximum amount which is not chargeable to income tax during the current financial year.

Where the depositor submits declaration form 15G/15H or a certificate for TDS at lower rate (along with the proof of PAN), after the beginning of the financial year, the tax concession can be considered only from date of receipt of the declarations/certificates as aforementioned. Interest will not be recalculated for the tax that has already been deducted till date of receipt of the declaration form 15G/15H or a certificate for TDS at lower rate.

For the Cumulative Deposit Scheme, interest will be deemed to accrue every year on a net of tax basis and tax will be debited for each financial year as per the Income Tax laws in Force.

Tax will not be deducted at source when deposit amount does not exceed the limits as specified in ROI Chart, (subject to Para 1 as stated above). Wherever Tax is deducted at source 16A form certifying the TDS will be issued, only if the depositor has furnished the proof of PAN. In the absence of proof of PAN form 16A will not be issued.

For renewal, discharged FDR along with fresh application form duly filled in should be sent to GRUH's office where the Depositor had originally placed the deposit.

For repayment, duly discharged FDR should be submitted 2 weeks before the date of maturity to GRUH's office where the Depositor had originally placed the deposit.

Interest will normally cease on the date of maturity. However, interest on a matured deposit beyond maturity will be paid, provided the deposit is renewed in accordance with terms of acceptance from the date of maturity.

No interest beyond maturity date will be paid if the depositor exercises repayment option at any time after the date of the maturity.

If the company fails to repay deposit along with interest on maturity on the claim made by the depositor, interest shall be paid from the date of claim till the date of repayment, at the rate applicable to the deposit.

When the date of maturity falls on any day on which GRUH’s office remains closed repayment will be made on the next working date.

Repayment will be made by A/c payee cheque payable at place where GRUH has an office or by cheque payable at par or by D.D, in the name of the first named depositor.