RECURRING DEPOSIT

Recurring Deposit is a product to provide a person with an opportunity to build up saving through regular monthly deposits of fixed sum over a period of time.

Key features of the Scheme:
  • Monthly deposits of Minimum Rs.100/- and in multiples of Rs 10/- No maximum.

  • Minimum period 12 months maximum 120 months.

  • Rate of interest as applicable to Bank's TDR / STDR for the period of the RD.

  • Loan / Overdraft up to 90% available against the balance in RD account.

  • TDS is applicable.

  • Premature withdrawal allowed and for this, rules for TDR/STDR is applicable.

  • Nomination facility available and it is advised to avail of the facility.

  • Passbooks are issued

Most Important Terms & Conditions
  • Where the depositors fail to pay an instalment for a calendar month, no reminders will be sent by the Bank.

  • Penalty charges for non-Deposit of monthly instalments:

  • For a/c of period 5 years and less --Rs. 1.50 per Rs. 100/- per month

  • For a/c of period above 5 years- Rs. 2.00 per Rs. 100/- per month.

  • A service charge will be levied on Recurring Deposit accounts paid out on or after the date of maturity, wherein there is default in payment of three or more consecutive instalments and the account has not been regularized.

  • A service charge of Rs.10/- will be levied on such accounts at the time of payment at or after maturity.

  • In case six consecutive instalments are not received, the account should prematurely be closed and balance paid to the account holder.

  • Instructions for disposal of maturity proceeds are accepted at the time of opening of accounts.ng of accounts.