tme s limted,bt drms r unlmtd (Mba ( fin.) Ca final Student) (257 Points)
28 March 2011HI
Hi frnds ,i want to know wht is FDR in Banking terms,how it works and what is the difference between fdr and deposit at call and Govt Treasury Receipt
rgds
KK
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 28 March 2011
tme s limted,bt drms r unlmtd
(Mba ( fin.) Ca final Student)
(257 Points)
Replied 28 March 2011
Acually i want to know about the security deposit with the purchaser in the shape of F.D.R
pls explain me in this regard
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 31 March 2011
| Originally posted by : tme s limted,bt drms r unlmtd | ||
 |
Acually i want to know about the security deposit with the purchaser in the shape of F.D.R pls explain me in this regard |
 |
its called earnest money or bid money
you have to get an FDR made out in name of the party for a specific period of specific amount from your bank account only, which is to be submitted with tender
after completion of the work they will endorse on back of FDR to the extent to advise bank to pay back to YOU, and u get the money back.
in case u are defaulter then they will encash the FDR and it will be penalty for you, as you can not claim it back.
tme s limted,bt drms r unlmtd
(Mba ( fin.) Ca final Student)
(257 Points)
Replied 31 March 2011
may i know if there is any interest on this FDR ,if yes then who can get interest on this FDR ,the person who is making FDR or the purchaser???
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 31 March 2011
FDR interest is payable at the time of maturity or at intervals
if selected at maturity then the amount will go with principal to the person who encash the FDR
if selected at monthly / quarterly intervals, then the bank account used for creating FDR will get credited on dates.
tme s limted,bt drms r unlmtd
(Mba ( fin.) Ca final Student)
(257 Points)
Replied 31 March 2011
Thanks for the vital information
CAclubindia
