Vadivel Murugan 30 May 2018

interest on deposits

sir/madam,
my mother was having deposits of around 5 lacs with a local fund company. all deposits were for one year. my mother expired on 27.05.2016. the deposits were getting expired during the year. we are four legal heirs. we didn't receive any formal information from that company. recently we visited the local company for withdrawal of deposits after getting legal heirs certificate. the fund company informed as follows:
1. if deposits are withdrawn from the company then no interest will be paid for the period from may 2016 till this day.
2. if deposits are continued with them in other name then interest from may 2016 till this day will be given.
we are not clear as how to proceed further.

we sincerely request your advice please.

thanks,
k.vadivel murugan.
8870086920

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3 Replies

Suri.Sravan Kumar (senior) 31 May 2018

You did not state clearly in your qry about the company. Is it a NBFC or manf company or local private company. You must think about co's having crisil rating. If the rating is good you can think about renewing the deposit with them. If there is no rating or rating is poor you must put the money in Bank or Mutual funds or NCD's etc.

Vadivel Murugan 31 May 2018

Samayapuram Mariamman Benefit Fund(nidhi) Limited is a Public incorporated on 24 November 1994. It is classified as Non-govt company and is registered at Registrar of Companies, Chennai. Its authorized share capital is Rs. 5,000,000 and its paid up capital is Rs. 4,034,840.It is inolved in Other financial intermediation. [This group includes financial intermediation other than that conducted by monetary institutions.]

Samayapuram Mariamman Benefit Fund(nidhi) Limited's Annual General Meeting (AGM) was last held on 23 September 2017 and as per records from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on 31 March 2017.

Directors of Samayapuram Mariamman Benefit Fund(nidhi) Limited are Sarojini Jayaprakasam, Mallika Arumugam, Thiruvalluvan Palaniyandi, Uthayasankar Mookan Kathan, Ramalingam Anbazhagan, .

Samayapuram Mariamman Benefit Fund(nidhi) Limited's Corporate Identification Number is (CIN) U65991TN1994PLC029322 and its registration number is 29322.Its Email address is tcspl_2000@yahoo.co.in and its registered address is 3/2, 4TH CROSS SUNDAR NAGARK.K. NAGAR, TRICHY 21 K.K. NAGAR, TRICHY 21 K.K. NAGAR, TRICHY 21 TN 620021 IN , - , .

Current status of Samayapuram Mariamman Benefit Fund(nidhi) Limited is - Active.

if the company not pay interest for the period from may 2016 till this date, then how to proceed further.

sorry sir(s), i didn't spell my query earlier. pls suggest.

Suri.Sravan Kumar (senior) 31 May 2018

Thanks for your reply. The contract came to an end on the date of death of your mother. Legally speaking the liability of the company in paying interest gets discharged on the death of the deposit holder or on the date of maturity, which ever is earlier. So the co has right to treat the deposit as fresh and pay interest from the date of issuance of deposit receipt. whether to pay interest from May 2016 onwards depends upon the terms and conditions of deposit..