About Kores India Limited Fixed Deposit
Kores India Limited is a multi-faceted establishment that deals with a wide range of products. It operates across multiple divisions as well as multiple locations across the country. The organisation deal with products such as foundry, textiles, pharmaceuticals and chemicals, engineering products, office goods, computer systems etc.
Kores India Limited has a workforce of more than two thousand employees spread over a vast network that deals with both distribution as well as manufacturing. The organisation also offers attractive fixed deposit schemes with competitive interest rates to its clients and customers.
Fixed Deposit Schemes Offered By Kores India Limited
Kores India Limited offers customers two types of fixed deposit schemes:
- Non-Cumulative Scheme - Under this fixed deposit scheme interest is payable at the end of the calendar quarter ie: 30th June, 30th September, 31st December and 31st March / at the time of maturity
- Cumulative Scheme - Under this fixed deposit scheme interest will be compounded quarterly and paid at the time of maturity and / or interest in case of prematurity request
Features and Benefits of Kores India Limited Fixed Deposit
The Kores India Limited Fixed Deposit schemes come with a number of attractive features and benefits:
- The minimum fixed deposit amount for the Non-cumulative Scheme is Rs 25,000, while the minimum fixed deposit amount for the Cumulative Scheme is Rs 10,000
- Additional amounts can be made in multiples of Rs 5,000 only
- The period of the deposits will be for 1, 2 or 3 years
- Under the Non-cumulative Scheme interest is paid every quarter, while under the Cumulative Scheme interest is compounded on an annual basis and is payable at the time of maturity
- If the income earned through interest is more than Rs 5,000 then TDS will be deducted. However, if the account holder submits a completed Form 15G/H then no TDS will be deducted
- Both fixed deposit schemes offer nomination facilities
- Should any charges arise relating to bank draft, then the company will bear the costs
- Interest payments of deposit repayments will be carried out via ECS to the bank account of the depositor. Hence it is mandatory for a copy of a cancelled cheque to be provided
Eligibility Criteria for Kores India Limited Fixed Deposits
In order to apply for a fixed deposit with Kores India Limited, the following eligibility criteria is required to be met by the applicant:
- The applicant must be any of the following:
- An individual who is a resident
- A firm
- A minor
- A Hindu Undivided Family
- A trust
- A company
- Minors can only apply for a fixed deposit through a natural guardian, who will be required to sign the fixed deposit application form
- The applicant must enclose a copy of his or her PAN Card with the completed application form
- The application must be complete in all respects and must be submitted along with a cheque or draft
How to Apply for Kores India Fixed Deposit
Interested parties can apply for a fixed deposit with Kores India Limited by following the steps outlined below:
- Acquire the application form either from the main office or download the application form from the Kores India Limited official website
- Submit the completed application with a banking slip as well as all relevant documents to any of the RR offices
- Applicants are required to mention their bank account details as well as PAN Card number on the application form
FAQs for Kores India Limited Fixed Deposit
- Are premature withdrawals allowed under these fixed deposit schemes?
Premature withdrawals cannot be made during the first six months of the fixed deposit term. Should any premature withdrawals take place after six months have lapsed then they shall be subject to interest rate reductions as well as any other terms and conditions laid down by the company.
- What are the rules regarding fixed deposit receipts?
- The applicant will receive his or her fixed deposit receipt at the address given within eight weeks of the approval of the application
- Should the depositor misplace the receipt, the company may issue a duplicate receipt at the expense of the depositor
- Fixed deposit receipts issued to the applicant by the company cannot be tansferred
- What should be done with regards to change of address?
Any change in address should be notified to the company at least 30 days in advance of the date of payment due
- What are the conditions under which a joint fixed deposit can be opened?
- Joint fixed deposits can be opened under a maximum of three names
- The first depositor will be regarded as the beneficial owner of the deposit
- Any correspondence will be issued to the first depositor
- All payments and repayments of interest and principal amounts will be the responsibility of the first depositor