National Housing Bank

National Housing Bank Fixed Deposit interest rate up to 9.25% p.a.national housing bank National Housing Bank

Company Profile

The Sub-Group on Housing Finance for the Seventh Five Year Plan (1985-90) identified the non-availability of long-term finance to individual households on any significant scale as a major lacuna impeding progress of the housing sector and recommended the setting up of a national level institution.

The Committee of Secretaries considered the recommendation and set up the High Level Group under the Chairmanship of Dr. C. Rangarajan, the then Deputy Governor, RBI to examine the proposal and recommended the setting up of National Housing Bank as an autonomous housing finance institution. The recommendations of the High Level Group were accepted by the Government of India.

The Honble Prime Minister of India, while presenting the Union Budget for 1987-88 on February 28, 1987 announced the decision to establish the National Housing Bank (NHB) as an apex level institution for housing finance. Following that, the National Housing Bank Bill (91 of 1987) providing the legislative framework for the establishment of NHB was passed by Parliament in the winter session of 1987 and with the assent of the Honble President of India on December 23, 1987, became an Act of Parliament.

 

Who can apply / invest?

Resident Individuals / Domestic Company / Shareholder / Employee.

General Terms & Conditions

1] Non-Cumulative Scheme – Interest shall be payable half yearly on 1st April and 1st October every year.

2] Cumulative Scheme – Interest will be compounded quarterly and payable on maturity.

3] Deposits shall be accepted for a minimum of Rs. 50,000/- and multiples of Rs. 10,000/- thereafter.

4] Additional rate of 0.60% p.a. for Sr. Citizens.

5] Interest payment will take place through ECS / Post Dated Cheques.

6] Nomination facility available.

7] Fixed Deposit Receipt (FDR) will be dispatched directly to the depositor by registered post /courier service at the address provided in the application form within 08(eight) weeks or such extended period as may be decided by Company, from the date of DD/cheque realisation.

Important Information (Instructions)

Attach following document along with the application form :-

1] Self attested copy of PAN Card and address proof (all the applicants in case of joint application).

2] Stick Passport size photograph of sole applicant on application form.

3] Signature of all applicants on the application form.

4] At par A/c Payee Cheque / DD (payable at Pune) should be drawn in favour of “NHB SUNIDHI TERM DEPOSIT”   or   “NHB SUVRIDHI (Tax Saving) TERM DEPOSIT”.

5] One cancelled cheque (for ECS).

6] Send your application form on our address.

7] The Acknowledgement copy will be sent by Email / Post.

8] Keep photocopy of application form for your record.

9] Free Home Service is available.

For Renewal of Deposit

Send us below mentioned documents along with the Original FDR

1] Stick Rs.1 Revenue stamp on the back side of fixed deposit receipt and across Signed by all depositors.

2] Signature of all applicants on the application form.

3] Self attested copy of PAN Card and address proof (all the applicants in case of joint application)

4] One cancelled cheque (for ECS).

5] Stick Passport size photograph of sole applicant on application form.

Interest Rates (%)

NHB SUNIDHI Term Deposit Scheme

Period
Amount (In Rs.)
Interest Rate (%)
Annualised Return (%)
Interest Rate (%) Sr. Citizen
Annualised Return (%) Sr. Citizen
12 Months50,000/-7.257.457.858.08
24 Months50,000/-7.257.457.858.08
36 Months50,000/-7.507.718.108.35
60 Months50,000/-7.507.718.108.35

NHB SUVRIDDHI (Tax Saving) Term Deposit Scheme

For
Period
Interest Rate (%)
Annualised Return (%)
Minimum Investment
Maximum Investment
Individual60 Months7.50%7.71%10,0001,00,000
Sr. Citizen60 Months8.10%8.35%10,0001,00,000

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