Fixed Deposit
Fixed Deposit (FD) is a financial instrument provided by ODB Nidhi to its members, which provides members a higher rate of interest than a regular savings account, until the given maturity date. For a fixed deposit is that the money cannot be withdrawn from the FD as compared to a recurring Deposit or a demand deposit before maturity.
ODB Nidhi offer additional services to FD holders such as loans against FD certificates at competitive interest rates.
Recurring Deposit
Recurring deposit is a type of term deposit offered by ODB Nidhi which help people with regular incomes to deposit a fixed amount Daily or Monthly into their recurring deposit account and earn interest at the attractive rates offered by us. It is similar to making fixed deposits of a certain amount in monthly installments.
This deposit matures on a specific date in the future along with all the deposits made as per Recurring deposit Frequency. Recurring deposit schemes allow customers an opportunity to build up their savings through regular deposits of a fixed sum over a fixed period of time. The minimum period of a recurring deposit with ODB Nidhi is six months and the maximum is Five years.
Loan Against Deposit
If a member has invested in a bank fixed deposit/Recurring Deposit/Insurance Policies/National Saving Certificates etc., he/she can easily get a loan against it without having to break it.
This is similar to a personal loan. However, the loan is structured as an overdraft facility against your fixed deposits.In case of a deposit with ODB Nidhi, you can borrow after three months of investing.
Loan Against Property
Loan against property is a loan which a member avail by keeping his/her commercial/residential property as a collateral.
Another name for Loan against property is a secured loan. The security in this kind of loan is the property owned by the person applying for the loan. The value of your property decides the amount of potential loan you will be sanctioned