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Who can invest in Power Finance ?
All Individuals, HUF, Public Institutions / Trusts, Charitable Trusts, Universities, Temples, Government Departments and  Corporates can invest with Power Finance.
   
T N Power Finance  a Government Organisation?
T N Power Finance is fully owned by Government of Tamil Nadu.
   
Whether T N Power Finance is registered with RBI?
Yes. It is registered wit RBI as a Non Banking Finance Company vide Registration No.07.00389
   
What are the Schemes available in T N Power Finance?
1)Regular Interest Payment Scheme  2) Cumulative Interest Payment Scheme
   
What is the Minimum amount required to  be invested to get the interest payment regularly under the Regular Interest Payment Scheme?
Under the Regular Interest Payment Scheme the minimum amount required to be invested  is Rs. 20000/- and the minimum period is 36 months in order to get monthly interest. The minimum amount is Rs. 10000/- and minimum period is 24 months in the case of quarterly interest.  For annual interest, the  minimum period is 36 months and minimum amount is Rs. 10000/- and further investments in multiples of Rs.1000/-
   
What is the Minimum amount required  to be deposited in the case of Cumulative Interest Payment Scheme ?
In the case of Cumulative Interest Payment Scheme –I ( CIPS-I), the minimum amount required to be invested is Rs. 10,000/- and the minimum period is 12 months. In the case of Cumulative Interest Payment Scheme- II ( CIPS-II), the minimum period is 60 months and minimum amount is Rs. 623/- and further investments in multiples of Rs.623/-
   
Whether the money invested in T N Power Finance is safe?
TN Power Finance is wholly owned by Government of Tamil Nadu. Since inception the Corporation is consistently making profit. The Corporation has no Non Performing Assest. Further, it has reserves and surplus of Rs.259.32 crores as pn 31.03.2008. The financial performance of the TN Power Finance will vouchsafe for the safety of the investment.
   
If the parent of a minor is not alive, who can be the  guardian ?
Only the persons(s)who have been appointed as guardian by the competent authority will be treated as guardian.
   
What is to be done, on a minor attaining majority?
The erstwhile guardian should send us a letter intimating the same duly attaching the signature of the minor turned major
  .
What are the modes of payment of interest?
In respect of deposits under RIPS, interest will be paid on monthly/quarterly/ annual basis as applicable.  For quarterly payments, interest will be paid at the end of March, June, September and December.  For annual payment, interest will be paid at the end of March. Interest, as applicable on the date of acceptance will be paid. Interest upto Rs. 25,000/- per instrument will be credited to the depositors’ Bank account  through Electronic Clearing Service (ECS) for depositors at  Chennai, Coimbatore, Trichy, Madurai, Mumbai, Delhi, Kolkota, Hyderabad and Bangalore. For others, interest will be paid by means of interest Warrant payable at par at selected branches of Indian Bank in India.  For  them post dated interest warrant will be issued at the option of the depositors. Interest amount exceeding Rs. 25000/- per interest warrant will be paid by cheque to the Chennai depositors and  by means of at par cheque for the depositors out side Chennai.  In case of deposits under Cumulative Interest Payment Scheme, the interest will be paid at the time of maturity.
   
Can you send the interest warrant favouring the second named depositor?
Payment of interest will be drawn / transferred in favour of  the first named depositor only.
   
What is the maximum number of Joint depositors ?
Three including first named depositor.
   
Can you open more deposits in the same name?
Yes. However, all deposits held in the same name or in the same order ( in case of joint deposits) are required to be clubbed together for the purpose of calculation of Income Tax.
   
Will Income Tax be deducted at source from Interest?
It is obligatory on the part of the Corporation  to deduct Income Tax at source if the estimated annual interest paid / credited on a deposit account exceeds Rs. 5000/-.  However, Non Assessees (individuals, HUF ) can avoid such deduction by furnishing a self-declaration in Form 15 G / Form 15 H for Senior Citizens above 65 years of age..  In the case of trust non deduction certificate from the concerned income tax authority has to be furnished. 
   
What is Form 15 G / Form 15 H – Where do I get the form?
Form15 G / Form 15 H can be obtained from us or by down loading from web-site itself.    It is a self declaration given by  the depositor saying that he is not having taxable income for the current financial year and no tax need to be deducted at source.  It is a self declaration  which needs no attestation by anybody except in the case of Left Hand Thumb Impression, where it needs to be attested by the joint deposit holder.   It is to be submitted in duplicate  since a copy has to be retained in our files and one copy to be sent to IT department.
   
Is it not enough to furnish the form once at the time of placing the deposit?
No. Form 15 G / 15 H is required  to be furnished at the beginning of each financial year.
   
In case of need of money urgently, can I withdraw the deposit before the maturity  of the deposit?
Yes, but as  per RBI directions, withdrawal of deposits within 3 months from the date of deposit /renewal is prohibited
  .
Is premature withdrawal permitted?
Yes. The terms and conditions in our applications as per clause(8) is as follows:

a) Premature withdrawal of deposits within 3 months from the date of deposit will not be allowed . In case of death of     a depositor premature withdrawal within 3 months will be allowed without interest.
b) Interest for premature withdrawal of deposit after three months but before date of maturity including in the event of     death of depositor will be regulated as follows:

No interest will be paid on the deposits closed after 3 months but before expiry of six months.

After 6 months from the date of deposit but before twelve months interest @ 3% p.a less than the rate applicable for
12 months deposit will be paid.
After 12 months from the date of deposit but before 24 months interest @ 2% p.a less than the rate applicable for
12 months deposit will be paid.
After 24 months from the date of deposit but before 36 months interest @ 2% p.a less than the rate applicable for
24 months deposit will be paid.
After 36 months from the date of deposit but before the date of maturity interest @ 2% p.a less than the rate applicable for
36 months deposit will be paid.

What is the procedure for preclosure of deposits?
The original deposit receipt duly discharged by all the depositor/s on one rupee revenue stamp along with a covering letter requesting for preclosure of  the deposit, duly signed by all the depositors must be forwarded. 
    
What is the procedure for getting repayment of the deposits?
The original deposit receipt duly discharged by the depositor on one rupee revenue stamp to be forwarded to the registered office.  Repayment will be made by means of Cheque / At Par Cheque / D .D.
   
Can a part amount be withdrawn and the balance amount be renewed?
Yes. Application is to be given accordingly.
   
What is the mode of repayment?
All Payment will be made by Account payee  Cheque / At Par Cheque / DD
   
Is the signature of one of the depositors enough for payment of maturity?
Yes.  In case of  E  or S /. A or S, any one of depositor may discharge the certificate. However payment will be made in the name of first named depositor. In case the single depositor or the first named depositor  happens to be a minor, the guardian has to discharge the FDR .
   
Can you send the payment in advance?
Maturity repayments are made one month in advance by issuing post dated cheque / at par cheque.  In places where at par cheque facility is not available, repayment will be made by means of DD on the date of maturity.  If the date of maturity falls on a Sunday or a Holiday, the payment will be made on the next working day.
   
Can you send the payment directly to my bank, under an advice to me?
Yes.  In that case clear, bank details are to be given.
   
Will you allow a loan on the deposit?
As per RBI’s directives, loan upto 75%  of the deposit amount after three months from the date of deposit / renewal is allowed.
   
What is the  rate of interest charged for loan on deposits?
1% p.a over and above the contracted rate of interest on deposits.
   
What are the documents to be executed for availing loan on deposits?
  Loan application, promissory note and letter of lien duly signed by all the depositors, along with original FDR duly discharged by all the depositors.  The loan amount will be paid in the name of First named depositor only.
How do you recover loan interest?
  In the case of Regular Interest Payment Scheme, loan interest will be recovered from the periodical interest payment and in the case of Cumulative Interest Payment Scheme, the same is adjusted from the repayment proceeds at the time of maturity. If the depositor desired to repay the loan before the maturity date,  they can repay the loan.  Loan amount along with Interest on loan on deposit is to be settled in one lump sum .  If the loan is not settled, on  maturity loan amount along with interest will be adjusted in the maturity proceeds and the balance will be repaid to the depositor. 
What are all the documents needed and the formalities to be complied with for effecting change in the name, in the case of death of the depositor?
In the case where nomination is furnished: Death Certificate, Claim form duly notarised along with original FDR duly discharged by the nominee for change in name. In the case of death  without nomination:  Death certificate, legal heir certificate issued by the competent authority, consent letter from legal heir/s in favour of the claimant, affidavit and claim form duly notarized along with original FDR duly discharged by the claimant for change in name.
   
What are all  formalities to be complied with  for obtaining duplicate FDR,  in the event of original FDR  lost / stolen etc.,
Immediately after the loss of deposit certificate, intimate the same to TN Power Finance.  On receipt of intimation a draft indemnity  will be sent to the depositor.  The Indemnity is to be executed on Rs. 80/- non judicial stamp paper by all the depositors duly notorised.  On verification of the authentication duplicate FDR shall be issued.  If the original FDR is found at a later date, the same is to be sent to the office for  cancellation.
   
 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.
  .
 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)
   
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