General Information :
Encourages savings habits to save for future necessity like, to create a fund for your children's education or marriage or to buy a car or for a dream holiday.
Recurring deposit is a scheme where depositor commits to deposit a fixed amount for a fixed period of time (for instance Rs 500 every month for 12 months) and gets a lump- sum amount at the end of defined period. The terms i.e., fixed amount, interval and fixed the period that is decided at the time of opening the deposit cannot be modified / altered.
High interest rates of interest.
Minimum amount required to open RD account is Rs 100/-, subsequent deposits in multiples of Rs. 100/-.
Deposit tenure minimum 12 months and maximum 120 months.
Facility :
Loans against deposits available up-to 90% of deposits available.
Nomination Facility - Available.
Pass-book.
Document Required :
Applicants must satisfy the following documentation requirements:
Identity proof (PAN, EC Card, Driving Licence, and Passport).
Passport Size Photograph - 2.
Proof of residence address.
Introduction as pe bank norms.
Note: Mandatory to provide Permanent Address and telephone number.
Interest Rate :
Interest will be compounded quarterly and paid on maturity.
On pre-mature withdrawal of deposited amount interest will be calculated at 1% below the rate applicable for fixed period of deposit.
Interest as per bank circulars at time of opening of Recurring deposit account.