RECURRING DEPOSIT

Personal BankingDepositsGovt SchemesStocks & Securities
Recurring Deposit

Recurring Deposit product provides an opportunity to build up saving through regular monthly deposits of fixed sum over a period of time

Features

  • Period of deposit Minimum - 12 months, Maximum - 120 month
  • Available at all branches
  • Minimum deposit amount is Rs. 100/- per month (thereafter in multiples of Rs. 10/-)
  • Maximum Deposit Amount: No upper limit
  • Penalty charges for non-Deposit of monthly Instalments:
    • For a/c with maturity period 5 years and less Rs. 1.50 per Rs. 100/- per month
    • For a/c with maturity period above 5 years- Rs. 2.00 per Rs. 100/- per month
  • AA service charge of Rs. 10/- 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.
  • In case six consecutive instalments are not received, the account shall 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.
  • 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.

Terms and Condition

Premature Closure Allowed subject to premature penalty as under:

  • For Term Deposit upto Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
  • For Term Deposits above Rs 5.00 lacs, applicable penalty will be 1% (all tenors)
  • The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
  • TDS is applicable as per Income Tax Rules.
  • Form 15G/15H can be submitted by the Depositor to get exemption from tax deduction as per Income Tax Rules.

Last Updated On : Monday, 22-03-2021

Interest Rates

5.45%

3 years to less than 5 year

5.50%

5 years to less than 10 years

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