Is Power Finance a Government Organization?

Yes. Power Finance is a Government Organization, fully owned by the Government of Tamil Nadu.

Whether Power Finance is registered with RBI?

Yes. Power Finance is registered with Reserve Bank of India as a Non-Banking Finance Company and the Registration No. is 07.00389.

Is it possible to make the deposit in the name of Minor?

Yes. The deposit can be made in the name of Minor jointly through guardian.

What are the Deposit Schemes offered by Power Finance?

Power Finance is offering two types of Deposit Schemes viz.

1.	Regular Interest Payment Scheme (RIPS) (Interest is payable monthly or quarterly or annually) click here for the scheme
2.	Cumulative Interest Payment Scheme (CIPS) (Interest is payable at the end of the maturity period) click here for the scheme

Where from the Application form can be obtained?

Application forms can be obtained from the Registered Office of the Corporation at No. 490/3-4, Anna Salai, Nandanam, Chennai - 600 035. Ph: 24329945 / 24329946.The prescribed application form can be downloaded from the website. click here for application form.

How is the deposit amount to be remitted?

The deposit amount should be remitted in the form of crossed Demand Draft or Cheque in the name of TAMIL NADU POWER FINANCE AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED payable at Chennai.

Local cheques (Chennai) only will be accepted.

Outstation depositors can remit the amount after deducting DD commission or Bank Charges. [eg. for depositng Rs.10,000, depositor may send DD for Rs. 9980/- after dedecting bank commision of Rs.20/- ].

Whether Nomination facility is possible?

Yes. Nomination facility is available. There should be only one Nominee. The prescribed form for nomination has to be submitted. click here for the nomination form.

Whether Power Finance has collection centres or branches?

No. We don't have any collection centres or branches. But, we have authorised agents for moblisation of deposits.click here for the list of authorised agents.

Whether Joint deposit is possible?.

Yes, the amount may be deposited jointly with two other persons. ( The number of depositors should not exceed three including the first named depositor)

NRI DEPOSITS

Whether deposits from NRI can be accepted?

Yes. The deposits from NRI can be accepted for a period of 36 months only. The maturity value of the deposits and interest on deposits will not be repatriated outside India. Income Tax at the applicable rate will be deducted at the time of payment of interest.

The deposit amount should be remitted in our account at State Bank of India , Commercial Branch, 232 NSC Bose Road, Chennai 600 001 through normal banking channel or from ordinary non-resident / non-resident external / foreign currency non-resident accounts of the prospective investor maintained with the bank authorised to deal in foreign exchange in India.

RATE OF INTEREST

	What is the rate of interest payable on Deposits now?
	Click here for the rates of Interest.

	Whether ECS facility is available for payment of interest?
	Yes. ECS facility is available for payment of interest on deposits under Regular Interest Payment Scheme for the centres at Chennai / Mumbai / Delhi / Kolkata / Hyderabad and Bangalore.

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LOAN ON DEPOSITS

	Whether loan can be availed on deposit?
	Yes. The loan (two loans only) can be availed upto 75% of the deposit amount after three months from the date of deposit.
	What is interest rate on loan on deposits?
	The rate of interest on loan will be 1% more than the rate of interest payable on deposits.
	What is the procedure for obtaining loan on deposit?
	A prescribed loan application form duly executed by all the depositors along with duly discharged Original Deposit Receipt should be submitted to Power Finance. click here for loan application form.
	What is the procedure for repayment of the loan on deposit?
	The loan amount along with interest should be repaid in one lump sum. In case, if the loan is not settled up to the date of maturity, the deposit amount will be adjusted against loan together with interest, as applicable, and the balance will be refunded.

PREMATURE CLOSURE OF DEPOSITS

Whether the deposit can be pre-closed?

Yes. The deposit can be pre-closed after three months from the date of deposit.

The pre closure of deposit will not be permitted upto 3 months from the date of deposit.

What will be the rate of interest on pre-closure of deposit?

If the deposit is pre-closed, the interest will be regulated as follows:

After 3 months from the date of deposit but before completion of 6 months from the date of deposit	:	No interest
After 6 months from the date of deposit but before completion of 12 months from the date of deposit	:	3%
After 12 months from the date of deposit but before completion of 24 months from the date of deposit	:	2% less than the rate applicable for 12 months deposit
After 24 months from the date of deposit but before completion of 36 months from the date of deposit	:	2% less than the rate applicable for 24 months deposit
After 36 months from the date of deposit but before the date of maturity	:	2% less than the rate applicable for 36 months deposit

The excess interest paid, if any, will be adjusted and the balance amount paid.

What is the procedure to be adopted for pre-closure?

The Original Deposit Receipt duly discharged by all the Depositors has to be submitted along with the request signed by all the Depositors for pre mature closure of Deposit.

MATURITY OF DEPOSIT

	What is the procedure for closure of Deposit on maturity? The original deposit receipt duly discharged by all the depositors by affixing one rupee revenue stamp on the back side of the deposit certificate has to be forwarded to Power Finance. On receipt of the certificate, the amount will be refunded. How will the deposit amount be refunded on maturity for outstation depositors?
	The amount will be refunded by cheque for depositors at Chennai. The amount will be refunded by Demand Draft or "at par" cheque for out station depositors.
	What is the procedure for Renewal of Deposit?
	The deposit receipt duly discharged by all the depositors together with fresh application form duly filled in has to be submitted on or before the date of maturity.
	What is the procedure for renewal of Deposit after the date of maturity?
	If the request for renewal of deposit is received, within three months from the date of maturity, the deposit will be renewed from the date of maturity itself at the interest rate operating at the time of maturity. If the request for the renewal of deposit is received after three months from the date of maturity, the same will be treated as fresh deposit on the date of receipt of renewal application and interest rate prevailing on the date of receipt of renewal application will be made applicable. In such cases, interest will be paid for the intervening period (from the date of maturity to the date of receipt of renewal application) on maturity value or amount so renewed, which ever is less, at 2% less than the interest rate applicable for 12 months deposit prevailed on the date of maturity or on the date of receipt of renewal application, whichever is lower.
	What is the procedure for transfer of depsoit in joint account in the event of death of the first name depositor?
	In the event of demise of the first named depositor, the deposit amount will be refunded / transferred to the second named depositor on production of Death Certificate, duly attested, and on surrender of original deposit receipt. In the event of demise of the first and second named depositors, the deposit amount will be refunded / transferred to the third named depositor on production of Death Certificates, duly attested, and on surrender of original depsoit receipt. What is the procedure for transfer of deposit in single name (with out joint holder) ? In the event of demise of the depositor, the deposit amount will be transferred to the nominee, so nominated by the depositor, on production of Death Certificate, duly attested, and on surrender of original deposit receipt. A prescribed application signed by the nominee as depositor duly attested by a Notary Public is to be submitted. Whether Income Tax will be deducted from the interest on deposit? Income Tax in terms of provisions of Income Tax Act, 1961 as amended from time to time will be deducted from the Interest payable. As per statutory provisions, if the aggregate amount of interest payable to a depositor in any one Finacial Year exceeds Rs.5,000/- Income Tax at applicable rate as prescribed in the Income Tax Act / Finance Act as amended from time to time will be deducted. Non Assessee are required, if necessary, to furnish Form 15G for individuals (todown load click here) or Form 15AA for Trust in case of Trusts for Financial year as per the Income Tax Act, for non deduction of tax at source.

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