RECURRING DEPOSIT
About Recurring Deposit
The advantage in opening a Recurring Deposit Account that the depositor would be able to save certain sums in fixed monthly instalments so that he / she would be able to meet an anticipated liability / obligation after the end of a specified period.
Make the smart choice, save with Recurring Deposits Scheme and maximize the returns from your savings.
Type Of Recurring Deposit
1. Regular Recurring Deposit :
Invest Minimum Rs.100/- Or Its Multiples monthly & Get Attractive Returns as given below.
Interest Rate Changes From 16-05-2023
Sr | TENURE | INTEREST RATES |
1 | 7 DAYS TO 45 DAYS | 3.25 % |
2 | 46 DAYS TO 90 DAYS | 4.25 % |
3 | 91 DAYS TO 181 DAYS | 4.75 % |
4 | 182 DAYS TO 13 MONTHS | 7.00 % |
5 | 13 MONTHS 1 DAY TO 24 MONTHS | 7.00 % |
6 | 24 MONTHS 1 DAY TO 36 MONTHS | 8 % |
7 | ABOVE 36 MONTHS | 7.75 % |
- Reinvestment Deposit should be in 3 Month & its Proportion
- Additional Interest of 0.25 % for senior citizens.
Who Can Open An Account ?
- An Individual in his/her name.
- More than one person jointly.
- An illiterate person .
- A blind / visually Impaired / Incapacitated Persons.
- A guardian on behalf of minor in the minor's name.
- A proprietary or Partnership Firm / Company , Limited Liability Partnership Firms.
Minimum Deposit : Rs. 100/-
- Interest will be paid on the deposits at the rate in force from time to time.
- Interest amount will be paid at the time of maturity.
PASS BOOK
The Bank will issue a Pass Book showing the name, address, instalment amount, the period for which the deposit is accepted, maturity date and maturity amount.
GENERAL
The Bank reserves the right to alter, amend, and rescind the rules from time to time.
Benefits
- Savings in monthly installments.
- Attractive Interest Rates.
- Deposit is accepted in fixed monthly installments.
Terms & Conditions
- Recurring Deposits will be in equal monthly installments. The core monthly installment should be minimum Rs. 100/ in its multiples. There is no maximum limit.
- A minimum tenure of 12 months (& in multiples of 3 months thereafter) up to a maximum tenure of 7 years.
- Installments of any calendar month should be paid on or before last working day of that calendar month and if it is not so paid. Penalty will be charged on the installments in arrears at the following rates. Rs.2.00 for every Rs.100/- p.m. for deposits of over 5 years.
- Effective from June 1, 2015 TDS is applicable on Recurring Deposits under Section 194A.
- On premature withdrawal of RD Interest will be applied at 1.00% below the rate applicable for the period the deposit has remained with the bank.
- Minimum lock-in period for RD account is 6 month and account holder’s request for premature withdrawal before this lock-in period would e arn zero interest and in such cases, only the principal amount deposited would be refunded to the account holder by the banks.
- Bank reserves the right to revise the terms and conditions, Such revised terms and conditions shall be binding on the Depositor/s.
- Installments may be remitted by Standing instructions by transferring the ‘Core deposit’ amount each month from the current & savings ccounts in the same branch or from another branch to their Recurring Deposit accounts free of charge
- Should the balance in the account be insufficient to make the transfer, the standing instructions may be treated as cancelled under advice to he depositor.
- The Deposits in this type of account earn compound interest on quarterly basis.
- Deposit shall be due for repayment on the date falling on completion of one calendar month from the date of payment of the last Installment r on completion of the Tenure, whichever is later
- Loan and Advance facility is available under the scheme up to 90% of the deposit amount and accrued interest. ROI is charged @ ROI on d deposit + 2%.