Recurring Deposits Information

Recurring Deposits Information

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.