RECURRING DEPOSIT

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Recurring Deposit
Recurring Deposit
Recurring Deposit

Recurring Deposit scheme provides an opportunity to build up savings through regular monthly deposit of fixed sum over a period and have sufficient funds to achieve specific financial goals at the end of specific period.

Features

  • Period of deposit Minimum - 12 months, Maximum - 120 months
  • Available at all branches
  • Minimum deposit amount is Rs. 100/- per month (thereafter in multiples of Rs. 10/-)
  • Penalty is charged on delayed payment of instalments.
  • In case six consecutive instalments are not received, the account shall prematurely be closed, and balance paid to the account holder.
  • Customer while opening RD or anytime during the period of deposits should give maturity instructions as detailed below:
    • Credit Proceeds to Savings Bank / Current Account
    • Issue IOI
    • Issue STDR

Terms and Condition

Bank also sends intimation to customers by way of SMS calling for instructions on disposal of maturity proceeds.

  • Nomination available in favour of individual only.
  • Universal Passbook is issued.
  • Loan/OD against deposit is available.
  • Transferability allowed among our branches
  • Rate of Interest as applicable to Term Deposits for Public and Senior Citizens.

Last Updated On : Wednesday, 17-08-2022

Interest Rates

7.20%

2 years to less than 3 years

7.30%

5 years and up to 10 years

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