1 Company Profile: 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 Hon’ble 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 Hon’ble President of India on December 23, 1987, became an Act of Parliament. • The National Housing Policy, 1988 envisaged the setting up of NHB as the Apex level institution for housing. • In pursuance of the above, NHB was set up on July 9, 1988 under the National Housing Bank Act, 1987. • NHB is wholly owned by Reserve Bank of India, which contributed the entire paid-up capital. • The general superintendence, direction and management of the affairs and business of NHB vest, under the Act, in a Board of Directors. • The Head Office of NHB is at New Delhi.
NHB SUVRIDDHI (Tax Saving) Term Deposit Scheme
Minimum Deposit Amount Rs.10000/- For General Public For Senior Citizens Period Interest Rates (% Maturity Yield Interest Rates (% Maturity Yield p.a.) Value (Rs.) (%p.a.) p.a.) Value (Rs.) (%p.a.) 60M 9.25 15797 11.59 9.85 16267 12.53
Note: • Deposits shall be accepted for a minimum of Rs. 10,000/- and multiples of Rs. 10,000/- thereof • Application forms should be accompanied by a cheque/DD/payorder in favour of “NHB SUVRIDHI (TAX SAVING) TERM DEPOSIT” payable at the collecting Bank i.e. IDBI BANK LTD. • In case of deposit of Rs.1 crore and above, written approval of NHB has to be obtained by the arrangers before accepting the deposit. • Interest will be compounded quarterly. • Interest shall be payable half yearly or on maturity. • Nomination facility is available on the deposit. • Interest shall be paid on 1 st April and 1 st October every year. • No loan will be extended on the deposit by National Housing Bank.
Who can apply: • Resident individual • HUF
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Stamp on Application Form:
RRFCL 003
Refund / Renewal of Deposit:
• Deposits can be renewed by submitting the Deposit Receipts discharged on reverse(with revenue stamp of Re.1/-)along with a fresh Application Form duly filled and signed by sole/joint Depositor(s ) 4 week prior to the date of maturity . Any renewal of Deposit in advance of its maturity date, as of its maturity date will be subject to the rate of Interest and other items and conditions prevailing on the date of said maturity date. • No change in the first name of the depositor is permitted at the time of renewal. • The Fixed Deposit will be repaid only on maturity and not on demand or notice except at the discretion of the Company. • Repayment of the principal amount will be made by account payee cheque/demand draft on the Company's Bankers encashable at par. • Company reserves the right to repay the deposit in case of non receipt of renewal request 4 weeks before the date of maturity.
MANDATORY DOCUMENTS TO BE SUBMITTED AS PER KNOW YOUR CUSTOMER NORMS, DIRECTED BY RESERVE BANK OF INDIA Category, if To prove Document to be submitted along with application form (i) Passport (ii) PAN Card (iii) Voters Identity Card (iv) driving license (v) Identity card (vi) Letter from recognized public authority o public -Proof of Identity servant verifying the identity and residence of the customer
(any one document mentioned above) A. Individual (i)Telephone bill (ii) Bank account statement (iii) Letter from any recognized public authority (iv) Electricity bill (v) Ration Card (vi) -Correct permanent Letter from employer address (any one document mentioned above)
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