Fixed Deposit Scheme – Omaxe Ltd-JAN 2015
Omaxe is incorporated in the year 1989. The company is presently engaged in the business of Construction & Real Estate Development, directly & through its subsidiaries & joint venture companies. The company has 91 subsidiaries as of 31 March 2012. (As on today may be cross 100+).
Presence of Company is in 12 State across 39 Cities in India an 19 Township , 16 group Housing, 9 Commercial Malls/hotels, 10 Infrastructure/EPS Project under development. The Company is listed on BSE & NSE
Period Min. Amount Interest Rate % p.a. Yield (% p.a.) 1 Year 50,000 11.50% 11.61% 2 Year 50,000 12.00% 12.12% 3 Year 50,000 12.50% 12.63%
- Interest is compounded monthly and payable on Quarterly basis (Scheme A)
- Interest is compounded monthly and payable on Maturity (Scheme B)
- Account pay should be made in favor of ” Omaxe Ltd – Fixed Deposit Account“
- No TDS – below interest 5000 per financial year.
Who Can Apply
- Resident Individual
- Minor through their Guardians
- HUF Body Corporate/ Reg. Soc.
Proof of Identity : Pan Card, Passport, Voter ID, Driving Lic., etc
Proof of Address : Telephone Bill, Bank Statement, Electric Bill, Ration Card, Letter from any recognized public Authority
- Payment of Interest
__Interest to be calculated monthly on deposite.
__Interest to be calculated from the date of encashment of Cheque/DD in Omaxe A/C.
__PDC of principle amount along with Fixed Deposite Receipt.
- Premature Withdrawal
Company reserved right to repay the deposit prior to the date of maturity. In case of premature repayment, deposit receipt must be dicharged by all the depositors as per specimen signature register with company.
- Is TDS Deductible on Interest Income
Yes, If interest income credited or paid during financial year exceeds Rs.5000/- to any person against one or more deposit in the same name.
TDS is deducted @ 10%. If in case depositor has not furnished copy of Pan Card, TDS is deducted @ 20% as per I.T. Rules.
No rating for Fixed deposit scheme from any rating agency. (Company overall rating CARE BB / CARE A4)
The real estate industry is marred by slum in demand mainly due to high level of prices, higher interest rate. Industry is facing issues on the funding part as well due to reluctance of the banking sector to lend to the sector, lower cash flows due to hampered project execution because of rising cost, labour shortage and dampened demand.