No Inerest paid to nominee on Redemption in case death of Account Holder

Location/place: Madhyam Khanda, North Guwahati

Name of company/service: Sahara Credit Cooperative Soceity Ltd

I, Bhanu Baruah, nominee of “Real Estate Bond” of “Sahara India Real Estate Corporation Ltd, of account/control number-11122906012 in the name of Late Amiya Kr. Baruah..

That in the event of my husband’s sad demise, I went to redeem the account value at nearest Sahara branch, but I was told only the face value( installment amount) paid will be redeemed and no added interest will be paid.

For “Real Estate Bond” the rate of interest is fixed at 27% over a period of 5years (for, Rs.200 X 60months, maturity value is 15254 after 5years ), but even in that case the scheme does not pay any interest in the event of death of the account holder, which means even if a account holder pays for say 55months out of maximum 60months and there is unfortunate event of account holder, the nominee will get only the paid monthly/half-yearly installment and no added benefit/interest will be paid on it.