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Fixed Deposit foray by Neesa Group

Neesa Group of companies, a well-diversified conglomerate headquartered at Gandhinagar, Gujarat is a rapidly growing business group with interests in the field of Hospitality, Infrastructure, Information Technology, Education, Agri Biotech, Metal Casting, Construction & Food Processing.

The Company is currently engaged in the business of developing and managing hotels, resorts, time share - product design and sale, city club, golf clubs products service, vacation club, club membership, spa hotel, catering, banqueting  travel, educational institutes, academies, spa retail - chain of day spas, restaurant and caf's.

Since its inception in the year 2005, Neesa Leisure Ltd, the group's hospitality and leisure arm  has come up with a chain of 10 luxurious retreats and business hotels marketed under the brand name Cambay. Taking a step further, the Neesa Group has forayed into Fixed Deposits.

This recently launched Fixed Deposit Scheme offers interest rates as high as 12%. The Central Government's decision to grant investment linked deductions under the Income Tax Act to companies developing hotels, and the highly impressive hospitality industry figures in 2010, are pointers for a sound and stable returns on customer's investment.

The table below gives the specific details:

FIXED DEPOSIT SCHEME

Scheme-A Non-Cumulative      Scheme-B Cumulative Deposit

There is a minimum amount of deposit of Rs.25,000 and thereafter in multiple of Rs.1000 for both cumulative and non-cumulative schemes. Interest will be payable on quarterly basis on deposit of six months or more and payable on maturity for Scheme- A (Non-cumulative). Interest shall be compounded quarterly and paid on maturity for Scheme-B (Cumulative).   

There is no deduction of Tax at Source on interest amount upto Rs.5000 per annum. There is 0.50% p.a. additional interest for senior citizens, employees and investments amounting to or above Rs. 5 lakhs.

Individuals, Minors (through Natural Guardians), HUF's Association of Persons, Societies , Domestic Companies and Trusts are eligible to invest in Neesa Group's fixed deposits.

Other terms and conditions for acceptance of deposits are contained in the application forms available at the registered office of the Company, leading brokers and also can be downloaded from the company website - http://www.neesagroup.com/

The company's  EBIDTA stood  at Rs. 55.2 Crore in 2010 and the estimated net worth will be Rs. 600 Cr by the year 2011. Expansion plans are also chalked out with 4 - Star and Business hotels in Dahej SEZ, Jodhpur and Neemrana.

For the latest updates on your organization, please write to: bienu.vaghela@apnapaisa.com