Nidhi’s are owned and controlled by the people, or members, who use their services. Your vote counts. A Board of Directors is elected by members to manage Nidhi. Nidhi operate to promote the wellbeing of their members.
For more information about how exactly SIDD is different (and better), click here.
Joining in SIDD makes you the boss! When you open an account with a SIDD, you open up a “share” of the organization. That means, you, and all our other members, are shareholders (owners) of the SIDD. It’s one big happy family of equal opportunity owners. Each member gets a vote in how the SIDD is run, typically by electing the Board of Directors to represent the membership in operational decisions, like where to locate branches, what rates to offer, and what community events to support
There are three easy ways to become a member of SIDD: Online, at a branch, or through SIDD@work.
You can view a listing of all SIDD branches here.
You can make deposits into your SIDD account several ways:
The minimum balance to keep your savings account open is ₹ 100. To earn interest, you must maintain a daily average minimum balance of ₹ 100. SIDD interest is paid Quarterly.
RBI /MCA regulations has limit of ₹ 1,00,000 in a year in savings accounts.
We’re dedicated to offering our members competitive rates while being totally transparent about fees, payments, and terms. We list our rates online for all our products. Click here to find our rates. Looking for a loan rate just for you? Reach out, we’re happy to chat about what works for you.
You can repay the loan at any point of time during the loan tenor by repaying the due interest and principal loan amount through RTGS / NEFT / Cheque.
A customer can repay the loan amount in part or full by drawing a cheque in favour of SIDD or through RTGS/NEFT at any point of time during the loan tenure.
The minimum amount required to open a SIDD Fixed deposit account is ₹ 25,000
Yes, you can surely get monthly interest on your FD. Check FD Monthly Interest Rates using our FD Calculator
Here are the steps to open a SIDD Fixed Deposit Account Online
The minimum period for a SIDD Fixed Deposit is 12 Months.
You can always consider renewing your SIDD Fixed Deposit, as you approach the maturity period. However, in case you don’t choose to renew your SIDD Fixed Deposit, you can receive the final maturity amount directly in the bank account linked with your FD.
The full form of FD is fixed deposit, and it is a type of high-yielding deposit offered by banks and NBFCs in India. FD is one of the best investment instruments for risk-averse investors seeking fixed returns.
While they are offered by both – banks and NBFCs, FDs offered by NBFCs offer higher returns. When choosing the right NBFC to invest in FD, it is advisable to check the interest rates and research about the safety of your deposit.
Consider investing in a SIDD Fixed Deposit to get high returns on your investment, while ensuring the highest safety of your FD. Get guaranteed returns up to 8.70%, by investing in a SIDD FD.
There is no processing fee in case of Loan against FD.
You can take a loan up to 80 % of the invested amount in a cumulative FD, and about 60% of the invested amount in a non-cumulative FD, to tend to your financial needs.
No. There are no foreclosure or part pre-payment charges applicable on your Loan against Fixed Deposit.
The rate of interest on your loan against fixed deposit is 3% more than the prevailing FD interest rates.
We have a CCTV, gold vault and motion detector installed in all branches to ensure the highest safety for your gold ornaments.
Our gold is insured. In case of loss of your gold due to theft, the full value of your gold will get reimbursed to you basis the current gold price prevailing, as per recorded weight and carat.
Cash/ Bank Transfer.
Yes, you have the option to renew your loan post (1) one year.
Yes. you can close your loan.
You can use the fastest Loan Against Property from SIDD to fulfil all your financial obligations and also enjoy loan disbursement in (6) Six days.
The eligibility of a Loan Against Property is calculated by taking into the following parameters in account:
Yes, your property needs to be insured for fire and other calamities during the tenor of your loan. You will have to provide proof of insurance to SIDD every year or whenever required.
You need to ensure that the title of the property is clear, free of any litigation, and should not have an existing mortgage or loan.
Yes, you can. All the co-owners of the property will be considered as co-applicants of the loan.
You may make a part payment whenever you choose to.
An amortization schedule is a table giving the reduction of your loan amount by monthly instalments. The amortization schedule gives the break-up of every EMI towards repayment of interest and the outstanding principal of your loan.
When interest rates go up, the interest component of an EMI also goes up. The EMI is kept constant but will result in a lower principal component. If the rates move up continuously, then there might be a situation where the interest Component becomes more than the EMI. In such a situation, principal component (EMI minus interest component) gives a negative figure. Consequently, the outstanding balance, instead of being reduced from the opening principal with the principal component, gets increased with the negative principal component. This is commonly referred to as negative amortization.
A loan where the amortization is negative does not get repaid, since the regular payments are insufficient to cover the interest component. The unpaid interest gets added to the principal and makes it grow. The situation gets reversed only when interest rates start falling. In this situation, the customer has to part-prepay the loan amount, increase the EMI of the loan, or do both.
You can avail a Loan Against Property for the following:
You can not avail a Loan Against Property for the following:
The TAT (Turn Around Time) for issuance foreclosure statement is typically 15 working days.
The process Loan Against Property disbursement is as follows:
Submission of documents
You’ll have to submit a set of documents (see ‘Eligibility & Documents’ page for details) depending on your loan application documents you’ve handed in.
Sanctioning of Loan
Your credit worthiness is calculated by SIDD, based on your income, age, employer or firm with whom you work, and CIBIL report. If you are self-employed then your nature of work, bank statements, and CIBIL report, and then plans out the maximum loan amount that SIDD can offer you. You are then issued a Loan Sanction Letter.
Acceptance of Loan
If you agree with the terms and conditions of the loan, you will have to submit a signed duplicate copy of Loan Sanction Letter.
Disbursement of Loan
The loan will be disbursed once all relevant papers of the property have been verified, all pertinent documents have been submitted, and the loan agreement has been executed.
Your EMI consists of two parts—paying back the principal amount you borrowed, plus the interest rates charged ‘on’ it. Three factors come into the equation—how much you borrowed, the rate of interest, and the loan tenure. There are ways to bring your EMI down: for one, it drops automatically if there is a decrease in interest rates, or if you pay back more than you need to (called a ‘partial prepayment’).
Loan Against Securities itself states that it is loan against marketable securities in which customer pledges his investment in favour of lender and borrow fund to meet his financial and personal requirement without selling his investment.
To take care of all your investment as well as personal needs, meet contingencies, subscribing to primary issues, rights issues. It is the ideal way to get liquidity without liquidating them. It would make sense to avail of this facility when you are expecting a certain sum of money a few months down the line and you need some funds in the interim.
Broadly, there are two types of loans under this category:
SIDD offers Loan Against Securities for term loan & Flexi Loan. In a term loan, a customer borrows for a certain period like 3, 6, 9 & 12 months and can repay the loan amount at the time of completion of the loan tenure. In a Flexi Loan, a customer can request for repayment as well as disbursement up to his eligibility amount at any time during the tenor of loan.
You can choose to foreclose your loan anytime you want after payment of interest and the principal loan amount. There are no foreclosure charges.
All our loans come with the Part-Prepayment facility. With this, you can part prepay as much as you want during the tenor of loan.
With our online application facility, you can apply for a Loan Against Shares from wherever you are. What’s more, you get instant approvals.
The loan eligibility amount is calculated based on:
