(On Deposit of Rs.10000/-)

Terms & Conditions:-

• Minimum FD would be of Rs. 1,000 and further in multiple of Rs. 1,000
• Interest calculation Quarterly compound.
• Loan available against deposit up to 70% of deposited amount after one month from the date of deposit.
• Rate of Interest on loan against FD would be 6% higher than applicable rate of interest to your deposit.

Savings Deposits

Savings Accounts

Savings money habit will improve the quality of life and will help you to feel better and to sleep better.One will be happier knowings he/she has some money aside for unexpected expenses and look forward to achieve some of their dreams.MGNL has introduced uniquely designed "savings Account" to inbuilt the habit of savings amoung people.

Daily Deposits

Features of MGNL Daily Deposits

• Minimum Deposit of the Scheme is Rs 10/- day and in multiples of 10.
• Defaulter will be charged and Rs 2/- per Rs 100/- per 15 day.
• Saving account is of continuing nature. There is no maximum period.
• The company reserves the right to attach/transfer any account to any its branch.
• The company reserves the right to reject any application for opening the account without assigning.

Monthly Income Scheme

Terms & Conditions:-

• Minimum MIS would be RS 10000/- and further in multiple of 10000/-
• Special MIS is applicable only for senior citizen,women,and Govt.employ and for pensioners.
• Loan available against deposit up to 75% of deposited amount after one month from the date of deposit.
• Rate of interest on loan against Deposit would be 5% higher than applicable rate of interest to your Deposit.
Payment before maturity not allowed for 90 days deposit scheme and payment before Maturity allowed to other MIS plans,in this case the calculation of interest on pre-mature payment will be applicable as per savings a/c's rate of interest and already paid interest amount will be deducted from the principal amount.

Interest Payment Table (On Deposit of Rs 50000/-)

Recurring Deposit

Tenure of Payment:-

The tenure of the account is 12 months and above

Mode of Payment:-

All payments to the company shall be made either in case or by cheque/draft against the receipt counter singed by its authorized signatory payments by any mode or media other than mentioned above shall be at the member account holder's own risk.The cheque/dreft shall be credited in the name of menber Account Holder subject to clearance by the bank.Out station cheques shall not be accepted.

Issue of Passbook

A passbook will be issued to every member Acccount Holder.The Member Account Holder shall get the pass book updated et regular intervals.If any discrepany or difference in the amount is found between the entires made in the passbook and receipts duly countersinged by the authorized signatory of the branch office bearing shall bemade on the basis of receipts only.

Terms and Conditions:-

Interest will be calculated on yearly basis.

Recurring Deposit minimum amount Rs 100/-,thereafter in multiples of Rs 100/- .

Loan on deposits will be charged at 18% yearly compound interest basis.

Lapse on payments of installment amount will make the defaulter pay Rs 2 per 100 per month with installment amount.

1 mpnth after paying last installment or maturity amount due date whichever is more will be applicable for payment of maturity amount.

Irregular deposits are not entitled for pre mature payment and loan facility against it.

On irregulsr deposits if all irregular pending deposits are paid then such account will be treated as redular.Even if there is default in payment of 1 installment,the said account will be treated as irregular .

After maturity date,payment on irregular accounts will be made after desucating the penalty amount maximum to the limit of interest earned on such account.No deductions will be made on principle amount of such accounts.

Loan facility on Recuring Deposits :

On 24 month and 36 mpnth deposit schmes,after 1 year (after receving of 12 installments) lan up to 60% of deposited amount will be given.

On 48 month and 60 mpnth deposit schmes,after 1.5 year (after receving of 18 installments) lan up to 60% of deposited amount will be given.

Pre Mature Closure of Deposits:-

Fore closure of Deposit will not be premitted until completion of 3 months from the date of deposits.Deposits fore closed after 3 months but before 6 months from the date of Deposits foreclosed after 6 months.Interest at 2% shall be deducted form the normal rate of simple interest for the period of Deposit.