Payquick’s Monthly Income Fixed Deposits Schemes are the term deposits where the interest earned is credited directly back to the investor account per month. This type of investment vehicle is an ideal option for individuals who want to earn a regular fixed income on a monthly basis. The monthly income fixed deposits help in creating wealth and fetch higher interest than the savings account. Scheme updated: 01.January.2022 to 31.March.2022

Conditions of Monthly Income Scheme:

a. Any deposit with Payquick cannot be below Rs. 25,000/-

b. A nomination is compulsory for every member who deposits with Payquick and in cases where the nominee is a minor; a guardian should be competently appointed.

c. TDS Deduction Forms 15 H for senior citizens, those who are 60 years or older; and Form 15G for everybody else is mandatory.

d. The monthly interest for the deposit will be transferred to the savings account of the customer or member.

e. An FD (Monthly Income Scheme) can be opened only for a single individual or joint account facility is available.

f. A Minor open FD (Monthly Income Scheme) Account. But Member Legal guardian.

g. Cash will be accepted up to Rs. 20,000/- and above which all transactions will be carried out only through DD or Cheque. In cash Cash Deposit so PAN mandatory

h. The maturity / Pre-closure amount will be paid through an a/c payee cheque.

i. Loan facilities are available from the Fixed deposits made with Payquick.

j. Loan eligibility – 75% to 85 % of the deposit amount.

k. Interest Rate – Actual Interest rate of deposit + 2%.to 4%.

l. Pre Closer Not allowed.

Pre Closure Conditions: (Monthly Income Scheme)

a. If the customer opting for pre-closure of the fixed deposit before expiry, the interest will be revised to the corresponding interest rate fixed for the period where the date of the pre-closure date falls. An additional 2% to 10% will be deducted from this rate as a penalty.

Monthly Income Scheme
SNo. Period (In Months) Intrest Rate (% Per Annum)
1 12 Month 8%
2 24 Month 9%
3 36 Month 10%
3 60 Month 12%

Monthly Income Scheme Chart
SNo. Mínimum Deposit Amount) 12 Monthly Payout 24 Monthly Payout 36 Monthly Payout 60 Monthly Payout Maturity Amount
1 50000 334 375 417 500 50000
2 100000 668 750 834 1000 100000
3 200000 1336 150 1668 2000 200000
4 500000 3340 3750 4170 5000 500000
5 1000000 6680 7500 8340 10000 1000000
6 2500000 16700 18750 20850 25000 2500000