Desai Fin Investments

A. Monthly Income Scheme
Who can open an account
Any individual can either singly or jointly open this account. It can also be opened by minor who has attained age of ten years.

How to make deposit
There shall be only one deposit in the account

Limit on Deposit
The minimum deposit required is Rs.6,000 and the maximum permissible deposit is Rs.3,00,000 for a single account and Rs.6,00,000 for a joint account.

Return on investment
8% p.a. payable monthly.

Tenure
The tenure of account is 6 years

Premature Withdrawal
The amount deposited can be withdrawn after 3 years. If the amount is withdrawn before 3 years then 5% of the amount deposited shall be deducted.

Tax liability
The interest qualifies for deduction under section 80L up to a maximum limit of Rs.9,000. No TDS is deducted from interest. The wealth tax exemption is available. The bonus also qualifies for deduction under section 80L.

Nominations
Nomination facility is available.

Fixed deposits are normally unsecured loans issued by corporates, banks ,financial institutions and others.

The companies to fund their short term requirements or other financial requirements borrows from the general public and provides a better rate than the banks. 
The company enters into a contract with the depositor, wherein the company has an 
obligation to pay the interest payment & principal at a pre-determined time & at a pre- specified rate

The main difference between a fixed deposit and a bond is, the bonds are transferable instruments whereas fixed deposits are non transferable. Hence apart from interest earnings fixed deposits cannot offer capital appreciation as the same can be surrendered only to the issuer before its maturity.

In case of a premature withdrawal by the depositor, the depositor gets his capital back at a 1% lesser rate than the contracted rate. The premature withdrawal is only possible after a minimum holding of six months. The company fixed deposits in India are governed by the company law board and the Reserve Bank of India