The advantage in opening a Recurring Deposit Account that the depositer would be able to save certain sums in fixed monthly installments so that he/she would be able to meet an anticipated liability/obligation after the end of a specified period
ELIGIBILITY:
- Any person or persons approved by the Bank.
- Co-operative Societies, Registered Trust, Institutions and Associations.
- By two or more persons in their joint names.
- By a natural guardian i.e., father or mother approved by the bank on behalf of a minor.
MINIMUM DEPOSIT: Rs.100/-
INTEREST:
- Interest will be paid on the deposits at the rates in force as per the Reserve Bank’s directive from time to time.
- Interest amount will be paid at the time of maturity.
| Period | 8% | 8.5% | 8.75% | 9% | 9.5% | 9.75% | 10% |
| 12 months | 1253 | 1256 | 1258 | 1260 | 1263 | 1265 | 1266 |
| 24 months | 2609 | 2623 | 2630 | 2637 | 2650 | 2658 | 2664 |
| 36 months | 4077 | 4109 | 4125 | 4142 | 4174 | 4191 | 4207 |
| 48 months | 5666 | 5726 | 5756 | 5787 | 5848 | 5880 | 5911 |
| 60 months | 7386 | 7485 | 7535 | 7585 | 7687 | 7739 | 7791 |
| 72 months | 9248 | 9398 | 9474 | 9551 | 9707 | 9787 | 9866 |
| 84 months | 11263 | 11479 | 11589 | 11700 | 11926 | 12041 | 1215 |
PASS BOOK: The Bank will issue a Pass Book showing the name, address, installment amount,the period for which the deposit is accepted, maturity date and maturity amount.
LOAN AGAINST DEPOSIT: 85% Loan against deposit amount is available.
GENERAL: The Bank reserves the right to alter, amend, rescind the rules from time to time.
TAX DEDUCTION AT SOURCE (TDS): No TDS on Recurring Deposit Accounts.