Vatika Hotels Fixed Deposit

Terms and conditions governing the Fixed Deposit Schemes:

1. Acceptance of Deposits
  1. Deposits will be subject to Section 73(2)(a) and section 76 of the Companies Act, 2013 and rule 4(1) and 4(2) of the Companies (Acceptance of Deposits) Rules, 2014 and any other Regulations amended or that may be prescribed from time to time, by the Central/State Government or the Reserve Bank of India or any other statutory authorities.
  2. Deposits will be accepted only from Resident Individuals, minors through their guardians, Trusts and HUF's, Corporate, AOP, Registered Societies. Deposits will not be accepted from NRIs and Foreign Nationals
  3. Deposits from minors will be accepted. In such cases, however, the name of the guardian of the minor should be mentioned and the guardian should sign for the minor. In case the guardian is a joint depositor, guardian should sign on behalf of the minor as well as for himself/herself.
  4. In case of deposit in the name of minors received through their natural legal guardian the amount will be refundable to the person whose name is mentioned in the natural legal guardian and who has signed the application form alongwith natural legal guardian's copy of PAN card
  5. In case of deposits from the shareholders of the company, shareholders should be the holder of shares on the date of deposit.
  6. Deposits in joint names will be treated as the deposit from shareholder if any one of the joint depositor is a shareholder.
  7. Company reserves a right to refuse to accept any deposit at its discretion and without assigning any reason thereto.
  8. Deposits shall be accepted as per the Fixed Deposit Scheme 2016 mentioned above. Where the choice of a particular scheme is not indicated in the application form, the deposit will be treated as placed in cumulative scheme for 1 year. Deposit once accepted under one scheme cannot be interchanged with another scheme before the maturity date of the relevant deposit. However the interchange option can be exercised at the time of renewal of such deposit.
  9. Acceptance of Deposit will be the date of realization of cheque


2. Application for Fixed Deposits
  1. Application for acceptance or renewal of deposits under Fixed Deposit Scheme 2016 must be made in the prescribed form. The prescribed form duly filed in & accompanied by local cheque / bank draft in favor of "Vatika Hotels Private Limited" and crossed account payee only. Outstation cheque are not acceptable unless payable at Par.
  2. Application shall be accompanied by self attested copy of PAN card. Form 15G/15H & mailing address proof which are mandatory without which application shall not be processed.


3. Period of Deposits

The deposit will be accepted for a period of 1 year, 2 years and 3 years only.


4. Payment of Interest
  1. The period of deposit and the calculation of interest thereon will commence from the date of realization of cheque/draft by the Company.
  2. The deposit shall not carry interest beyond the due date unless it is renewed.
  3. The deposit shall not carry interest beyond the due date unless it is renewed.
  4. Scheme 'A' & 'C' - Non Cumulative Scheme: Interest at the applicable rate will be compounded monthly & payable quarterly on 31st March, 30th June, 30th September, 31st December and on maturity through cheque/online transfer (as opted by the depositor) after deduction of TDS where applicable.
  5. Scheme 'B' & 'D' - Cumulative Deposit Scheme: Interest at the applicable rate will be compounded monthly & payable on maturity through cheque/online transfer (as opted by the depositor) and income tax & surcharge, where applicable, will be deducted at the close of each financial year and on maturity.


5. Deduction of Tax
  1. Under the regulation currently in force if the interest credited or paid or likely to be credited or paid to any person during a financial year exceeds Rs. 5,000/- (Rupees Five Thousand Only) against one or more deposit in the same name(s), tax at the appropriate rates will be deducted there from. For Scheme B and D interest will be deemed to accrue every year and tax wherever applicable will be deducted in each financial year as per the Income Tax Law. Tax will not be deducted if the prescribed declaration or certificate from the concerned authorities, as required under the Income Tax Law is furnished to the company alongwith Application Form and in April for subsequent years.
  2. In case where the total income of the depositor is less than the exempted limit liable to tax, no tax will be deducted on submission of declaration in the prescribed Form 15G/15H(*in case of Senior Citizen aged 60 years or above). This declaration form should be submitted in duplicate alongwith the application in the first year and in April for subsequent financial years. Further in case of deposits where interest in a financial year exceeds Rs. 5000/- (Rupees Five Thousand only) and the depositor(s) has not submitted form 15G/15H, Interest cheques would be issued after deduction of tax at source. In case the deposits are made in joint names, the company would proceed on the basis that only the first name depositor has the beneficial interest in the deposits and will be treated as the payee for the purpose of deduction of Income Tax at source.


6. Joint Deposits
  1. Deposits will be accepted by the Company in joint names, not exceeding two in number.
  2. In the case of deposits made in joint names, all correspondence will be addressed to the person whose name appears first on the application form. All cheques for payment of interest or repayment of principal amount will also be drawn in favor of the first named depositor. Any discharge given by the first named depositor for payment of interest and principal amount shall be valid and binding on all joint depositors.
  3. In case of deposits made in joint names, in the event of death of the first named depositor, all payment on account of principal amount and interest due thereon will be made to the person named first in the order of survivor(s) on production of Death Certificate without reference to the heirs and/or legal representative(s) of the deceased.
  4. At the time of the renewal of the fixed deposit receipt, if any of the name of the joint depositor is to be deleted, a consent letter from the outgoing depositor is required


7. Deposit in the name of minor (Sole/first named depositor)

In the case of a deposit where the sole/first named depositor is minor, the deposit receipt as well as Demand Draft/cheque for payment of Interest and (or) repayment of deposit will be issued in the name of the Minor through his/her Guardian and whose signatures have been given on application form. It would be advisable for the guardian to open a separate bank account in favor of the minor.


8. Succession

In the event of death of the sole depositor, the fixed deposit amount together with interest due thereon will be paid to the nominee, if any, stated in the application, on proof of identity. In the event of death of Sole Depositor without mentioning a nominee in the application form, the deposit amount will be paid to the legal representative(s) of the depositor on the production of proper legal representation such as 'Probate of the Will', 'Succession Certificate', or 'Letter of Administration' granted by the Court of Competent Jurisdiction and to the satisfaction of the Company. However the company at its sole discretion may dispense with production of probate of the will, succession certificate or the letter of Administration upon such terms as to indemnity or otherwise as it consider adequate.


9. Nomination Facility

Nomination Facility (optional) is available to the sole depositor and to joint depositors. The nominee must be Resident Indian individual only. The nominee shall not be an NRI, Trust, Society, Body Corporate, Partnership Firm, Karta of HUF or holder of power of attorney. A minor can also be nominated, however, in such a case, the sole applicant/joint applicants should appoint a guardian other than himself/themselves. In the event of the death of the depositor(s), the Company will deal with the nominee or the appointed guardian till the minor nominee attains majority, as the case may be. Nominations stand rescinded upon repayment/renewal of deposits.


10. Fixed Deposit Receipts
  1. Fixed Deposit receipts are non transferable and non negotiable under Fixed Deposit Scheme 2016
  2. Fixed Deposit Receipts will be forwarded to the first named depositor by registered post/courier service at the address given in the application form within 21 days from the date of receipt of money or realization of cheque or date of renewal, as the case may be.
  3. In the event of loss of the Fixed Deposit Receipt, the Company may at its sole discretion issue a duplicate receipts subject to compliance with such Terms and Conditions including indemnity by the depositor(s) as the company may require. All expenses in the connection will be borne by the depositor(s)


11. Premature Withdrawal / Renewal / Repayment of Deposits
  1. The Company may at its sole discretion or on the request of the depositor to withdraw the deposit amount prior to date of the maturity of deposit but not earlier then 6 months from the date of acceptance of deposit.

    However, in exceptional cases beyond the control of the Company, premature withdrawal will be allowed irrespective of the period.

    In the event the Company agrees to repay a deposit before the maturity date then the rate of interest payable and/or the rate of interest to be reduced will be governed by Rule 15 of Companies (Acceptable of Deposit) Rules, 2014 as amended from time to time.

    The premature withdrawal of amount deposited can be entertained only after surrendering of all un-encased interest cheques, if any.
  2. The Fixed Deposits receipts duly discharged on a revenue stamp should reach the Company at least 21 days before the date of the maturity to enable the timely renew or refund the deposits as the case may be. In case of renewal, a fresh application form duly filled in should accompany the said discharged receipt. The application form can be obtained from the Company's website. Where the fixed deposit receipt not presented for renewal within the aforesaid time, the retrospective renewal to the deposit will be entirely at the discretion of the Company. This will not be obligatory on part of the company to send intimation or notice with regard to due date of maturity of Deposit(s).
  3. Where the due date of any payment falls on a Sunday, Bank Holiday or any other day on which the Company's office remains closed, the payment will be made on the next working day


12. General
  1. The Company will not recognize any lien, assignment, charge or any other encumbrance on the Fixed Deposits and/or interest thereon
  2. The Company reserves the right to reject any application for acceptance and/or renewal of deposits without assigning any reasons thereof
  3. The company reserves the right to alter or amend from time to time without notice and without assigning any reasons, any of the terms and conditions mentioned herein above so long as such alterations or amendments are not inconsistent with the Companies (Acceptance of Deposits) Rules, 2014 or the amendments therein from time to time
  4. The Company reserves the rights to discontinue acceptance of deposits at any time at its discretion.
  5. All cheques/drafts received alongwith Fixed Deposit Application are subject to realization. In case, cheques/drafts are dishonored, the application will be rejected. However, the applicants may submit fresh applications with fresh cheques/drafts
  6. The Company shall not be responsible for delay or loss in postal transit of deposit receipts/repayment/interest cheques that may be sent to the depositors
  7. Notice in writing regarding change of address etc. must be lodged with the Company atleast 30 days before the date on which interest payment / repayment of principal amount falls due.
  8. All communication with regard to Deposits should be addressed quoting FDR number and date to the Corporate office of the Company.
  9. Disputes, if any, arising in connection with these Fixed Deposit Scheme will be subject to the jurisdiction of Gurgaon, Haryana.
  10. The Company shall credit all such amount of Matured Deposits/Interest accrued thereon to the 'Investor Education and Protection Fund' if remain unclaimed/unpaid for a period of seven years from the date they became due for payment as per the provision of Section 205C of the Companies Act, 1956 read with Investor Education and Protection Fund (Awareness & Protection of Investors) Rules, 2001.

Note: All communications in connection with this application should be addressed to:

Fixed Deposit Department

Corp. Office: Vatika Triangle, 7th Floor, Sushant Lok-1, Block-A, Mehrauli-Gurgaon Road, Gurgaon-122002, Haryana, India Phone: 0124-4355555, 0124-4177777, Fax: 0124-4177700, E-mail:, Website: