Recurring Deposits are an ideal way to invest small amounts of money every month for an agreed number of months. On completion of agreed period, the depositor is paid a specified amount which represents the total amount of installments plus interest. Interest applicable is Fixed Deposit for relevant period. RD provides an opportunity to plan for a specific goal like Daughter’s marriage, Education etc.

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FEATURES & BENEFITS:

  • The minimum monthly installment of deposit is INR.1,000 per month and thereafter in multiples of INR.500. The period of deposit should be in multiples of 3 months with a minimum period of 12 months and maximum of 60 months.
  • Nomination facility is available for Recurring Deposit.
  • The interest rates applicable are in accordance with the Interest rates for the Term Deposits. Pl refer to Interest Rate Chart.
  • No tax is deducted at source on the interest earned.
  • Loan facility is available during the period deposit account, up to 75% of the outstanding balance in the account.
  • Access to the liquidity any time.
  • Access to the deposit from anywhere of our branches.
  • Free transfer of your funds through standing instructions from your Current or Savings Bank Account to your Recurring Deposit Account every month for the payment of your instalments to ensure regular payments and avoid penalty for delayed payments.
  • You can monitor your regular monthly update about payments through the Pass Book issued to you.

ELIGIBILITY:

The following types of persons are eligible to open Term deposits under the scheme.

  • Resident Individuals.
  • Nomination facility is available for Recurring Deposit.
  • Hindu Undivided Families.
  • Sole Proprietorship Firms.
  • Partnership Firms.
  • Limited Companies. ( Both Private Ltd and Public Ltd )
  • Trust Accounts.
  • Association / Clubs / Societies.

ADVANTAGE PLUS:

“Advantage Plus” is a specifically designed deposit for the depositors who wish to have flexibility in monthly installments. Under this scheme, the depositor has the flexibility of fixing the monthly installments of maximum 5 times of agreed amount or INR 1 Lakh whichever is lower.
All other terms pertaining to Recurring deposit scheme are applicable. Note: Please refer to Savings Bank or Current Account for account opening formalities or contact our Customer Services Department.

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