- The NHB has granted a certificate of registration to GRUH for carrying on the business of a housing finance institution vide Certificate No. 01.0015.01, dated July 31, 2001 under Section 29 A of the National Housing Bank Act, 1987.
- The deposit acceptance activities of GRUH are regulated by NHB. It must, however, be distinctly understood that the National Housing Bank does not undertake any responsibility for the financial soundness or for the correctness of any statements or representations made or opinions expressed by GRUH, and for repayment of deposits/discharge of liabilities by GRUH. GRUH deposits programme is designed in accordance with NHB regulations with the objective to channelize resources for housing.
- GRUH also retains the discretion to vary the terms and conditions as it may deem fit, provided such alterations are not inconsistent with the Housing Finance Companies (NHB) Directions 2010 as are in force from time to time.
- Income-tax will be deducted at source from interest, wherever applicable, as per Statutory requirements.
- The fixed deposit programme is rated “MAAA” by ICRA Ltd, and “FAAA” by CRISIL – both NHB approved rating agencies
- The deposit acceptance activity of GRUH is regulated by National Housing Bank (NHB) and if NHB changes any of the directions of the Housing Finance Companies (NHB) Directions 2010 then GRUH retains the discretion to change any of the terms and conditions, including interest rate, in accordance with the changes carried out by NHB to the extent and from such date, as may be decided by GRUH.
- The Data Processing of GRUH’s Fixed Deposits is centralised at Ahmedabad. Hence processing of the data including issue of Fixed Deposit Receipts, Interest warrants, Payment of Brokerage, Premature withdrawal of deposits and Loan against deposits will be processed at the centralised office for fixed deposits. The centralised processing is introduced to provide speedier services. The centralised deposit cell will extend services directly to the depositors.
- Loan facility upto 75% of the deposit amount can be availed by the depositor under any of the deposit schemes after three months from the date of deposit. The interest rate, chargeable on the loan would be two percentage points above the interest rate payable on the deposit. For availing loan, necessary documents will have to be executed by the depositor. Such Loans shall be subject to other Terms & Conditions framed by GRUH.
- The Loan against Deposit (LAD) along with interest is payable on maturity of the deposit. Prepayment of the LAD will be accepted without prepayment charges.
- Premature withdrawal is not permitted before the expiry of three months from the date of deposit. After the expiry of three months from the date of deposit, the company at its sole discretion may permit premature withdrawal of the deposit at the request of the depositors. Premature withdrawal of deposits however cannot be claimed as a matter of right by the depositors. The interest on such premature withdrawal of deposits will be paid at the following rates:
|Premature withdrawal effected||Individual Depositors||Non-Individual Depositors|
|After three months but before expiry of six months||Maximum 4% p.a.||No Interest|
|After six months but before the date of maturity||1% less than the rate at which interest would have been ordinarily paid had the deposit been accepted for the period for which such deposit had run or if no rate is specified for that period, then 2% lower than the minimum rate at which the public deposits are accepted by GRUH||1% less than the rate at which interest would have been ordinarily paid had the deposit been accepted for the period for which such deposit had run or if no rate is specified for that period, then 2% lower than the minimum rate at which the public deposits are accepted by GRUH|
- Provided further that in the event of death of depositor, the deposit may be repaid prematurely to the surviving depositor/s in the case of joint holding with survivor clause, or to the Nominee or to the legal heir/s with interest at the contracted rate upto the date of repayment.
- All outstanding post-dated interest warrants should be surrendered at the time of premature withdrawal failing which an equivalent amount will be deducted from deposit amount.
- The brokerage is paid upfront for the entire period of deposit to GRUH’s authorised agent. In case of premature withdrawal, the brokerage is payable for the period completed and excess brokerage paid will be recovered from the deposit amount.
- In case of any deficiency in servicing the deposits, the depositor may approach the National Consumers Redressal Forum, the State Level Consumers Disputes Redressal Forum or the District Level Consumers Dispute Redressal Forum for relief.
- In case of non-repayment of the deposit or part thereof in accordance with the terms and conditions of the deposit, the depositor may make an application to the National Housing Bank.
- Disclaimer under section 58AA(8) of the Companies Act, 1956: Attention of the applicant is drawn to the effect that the Company has not made any default in the repayment of deposit or interest thereon, nor any waiver of interest is made by the Company in the past.
- All depositors are required to submit the proof of identity and address to comply with the norms of Know Your Customer (KYC). The recent photograph of the depositors along with a copy of photo identification is required to be submitted for proof of identity. A proof of address is to be submitted for verification of the residential address of the depositor(s). As a one time exercise the depositor(s) are requested to fill in the Customer Relationship Form (CRF) and obtain a Customer Identification Number (CIN). Kindly refer to the section on KYC at GRUH for more information.
- Depositor who is a relative of a Director should give a declaration that he is related to the specific Director in the capacity of a relative as defined in the Companies Act, 1956.
- Wherever TDS is deducted and 16 A forms are to be issued, PAN should be furnished. In the absence of the PAN 16 A forms shall not be issued.
- It is mandatory to furnish PAN of all depositors irrespective of the amount of deposit placed with GRUH.
- Individuals who have completed 60 years of age should be the first depositor for purpose of eligibility under the Senior Citizen Scheme. Proof of age should be submitted along with the deposit application form.
- Each deposit application form shall be accompanied by not more than one pay-at-par Cheque/D.D. Non CTS cheques will not be accepted.
- Deposits with GRUH Finance Ltd. are not transferable. GRUH Finance Ltd. does not recognize or accept any lien on fixed deposits and /or interest.
- FDRs & cheque / warrants will be sent to the first depositor by registered post / courier within 2 weeks. GRUH will not be responsible for non-receipt/loss or any delay in transit.
- In case of loss/misplacement of FDR/cheques by the depositor, relevant legal procedures will have to be followed.
- Change of address of first depositor should be intimated to GRUH, along with the proof of address.
- Interest will be payable on basis of month from the date of receipt of cheque / DD along with completed application form. Depositors have an option to receive the interest on Non-Cumulative deposits through ECS, at select locations.
- Interest payment amount will be rounded off to the next higher rupee.
- In the event of death of the first depositor, the repayment of deposit and payment of interest at the contracted rate will be made to the person first in order of survivor/s, nominee on submission of death certificate.
- Any discharge given by the first named depositor for principal and / or interest will be valid and binding on all joint depositors irrespective of the option for repayment exercised by the depositors.
- GRUH reserves the right to change/amend/alter/vary any of the terms/rules for acceptance/repayment of deposits including interest payable thereon, in accordance with Housing Finance Companies (NHB) Directions, 2010.
- Acceptance of deposits is subject to Ahmedabad jurisdiction.
- Detailed terms and conditions are mentioned in the application form.
- Deposits solicited by GRUH are not insured.
Renewal/Repayment of Deposit
- The depositor(s) are required to submit the discharged FDR along with an application form for renewal of the deposit.
- The depositor(s) who want to withdraw the deposit on maturity are required to submit the FDR, duly discharged, 2 weeks before the due date of maturity.
- 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, Pay-at-Par cheque or by DD in the name of the First Depositor.