The Mumbai based Infrastructure development company Pratibha Industries has floated fixed deposit schemes having maturity period of one, two and three years respectively. The minimum deposit amount is Rs. 20, 000 and in multiples of Rs. 5000 above this amount for deposits of more than Rs. 20, 000.
The interest rates offered for the different maturity periods are: 11.5 percent for deposits of one year; 12 percent for deposits of two years and 12.25 percent for deposits of three years. The rate of interest for three years deposits is one of the highest interest rate offered by banks in this segment. It is about 250 - 300 basis points above the interest rate provided by most banks. Senior citizens, shareholders and employees of the company will be provided an extra interest of 0.25 percent. Interest will be provided on the fixed deposits either on a half yearly basis, or on a yearly basis or on a cumulative basis.
Premature withdrawal of deposits is not allowed but in exceptional cases the company may repay the deposit amount prior to its maturity subject to a decrease in the rate of interest or other such penalties as decided by the company.
It is to be noted that Pratibha Industries is a profit making company. As on 31st March, 2012, its net profits stand at Rs 83.24 crore.