Godrej & Boyce Manufacturing Co. Ltd. is currently one of the biggest and most diversified privately-held industrial corporations in India.
The company was established in 1897 and specialises in a wide variety of products and solutions such as appliances, security solutions, electronics, construction and real estate, locking solutions and systems, industrial products, storage solutions and many more. Godrej & Boyce Manufacturing Co. Ltd. has a nationwide network of retail stores with more than 2,200 wholesale dealers and over 18,000 retail outlets. Godrej & Boyce Manufacturing Co. Ltd. also offers a fixed deposit scheme that is open to the public, which offers attractive and competitive rates of interest.
Features and Benefits of Godrej & Boyce Manufacturing Co. Ltd. Fixed Deposits
Godrej & Boyce Manufacturing Co. Ltd. Fixed Deposits come with a number of salient features and benefits such as:
- The minimum deposit accepted in order to open a fixed deposit is Rs 25,000, while all higher amounts will only be acceptable in multiples of Rs 1,000
- The rate of interest offered is 9.50% per annum
- The term period or duration of the fixed deposit is for three years only
- Interest is paid out on a half-yearly basis ie: interest will be paid on September 30th and March 31st each year as well as on maturity
- Any interest payments or repayments of principal amount will be carried out via NECS/NEFT
- Nomination facility is available to both single depositors as well as joint deposits that involve no more than two applicants
Eligibility Criteria for Godrej & Boyce Manufacturing Co. Ltd. Fixed Deposit
In order to apply for Godrej & Boyce Manufacturing Co. Ltd. Fixed Deposits, applicants must fulfil the following eligibility criteria:
- The applicant must be an Indian resident. Non-resident Indians are ineligible to apply.
- A copy of the applicant’s PAN card is mandatory and must be submitted along with the completed application form. Therefore it is compulsory for applicants to have an income-tax PAN
- The applicant will mandatorily have to provide details of his or her bank account into which interest and refund will be credited.
How to Apply for Godrej & Boyce Manufacturing Co. Ltd. Fixed Deposit
Individuals interested in opening a fixed deposit with Godrej & Boyce Manufacturing Co. Ltd. can do so by following the procedure below:
- Download the application form from the official website of Godrej & Boyce Manufacturing Co. Ltd.
- Complete the form with all relevant details
- Submit the form along with a copy of your PAN card as well as a copy of a cheque or a cancelled cheque to any of the following places:
- The company’s Registered Office in Mumbai
- The company’s Mumbai (Fort) Office
- The offices of any of the managers to the fixed deposit scheme
- All payments are to be made via cheque or bank draft, which is to be drawn on a scheduled bank and payable at Mumbai. All cheques or bank drafts should be crossed ‘’A/C Payee’’ and are to be drawn in favour of “GODREJ & BOYCE MFG. CO. LTD.” No outstation cheques or drafts will be accepted.
FAQs for Godrej & Boyce Manufacturing Co. Ltd. Fixed Deposits
- What will happen to any unclaimed interest or an unclaimed fixed deposit?
Any interest or fixed deposit that is unclaimed for more than seven years will automatically be transferred by the company to the credit of Investor Education and Protection Fund.
- What are the Income-tax ramifications on this fixed deposit?
Income-tax if applicable will be deducted as source. However if form 15G/15H is submitted to the company at the commencement of each financial year then no tax shall be deducted.
- What are the terms and conditions regarding joint fixed deposits?
Joint deposits can be opened by up to three people, as long as the second and third person is not a minor. All correspondence will be directed only to the first depositor.
- Can I make premature withdrawals from my fixed deposit?
No premature deposits are allowed prior to six months from the date of acceptance of the application. In the event of premature withdrawal after the expiry of six months the company may allow withdrawals subject to reduction in interest rates as well as any other terms and conditions that may apply.