Information
A Recurring deposit is an ideal way to invest small amounts of money every month and receive a large sum on maturity. It allows you to prepare for expected expenditures and build up a reserve for unexpected occurrences requiring substantial amounts of money at short notice.
Features:
- Start with a minimum of Rs. 500/-
- Nomination facilities available
- Attractive interest rates
- Higher interest rates for Senior Citizens
- Amount of installment once fixed, cannot be changed
- Deposits will be accepted for a period of Above 12 months up to 10 Years only
Eligibility:
- Individuals (singly or jointly)
- Minor by guardian
- Organisations
- Co-op. Societies
Charges:
-
Penalty for delayed monthly installment Rs. 1.50 per Rs.100 p.a.
- In case of payment before maturity, interest up to 15 days will be Nil.
- Above 15 days 1% less than applicable rate of Interest for the actual period for which deposit is kept with the Bank.
| Period |
Interest Rates |
A/c closed Before Maturity |
| 1 Year |
7.00% |
5.00% |
| Above 1 Year Up-to 3 Year |
7.50% |
5.50% |
| Above 3 Year Up-to 10 Year |
8.00% |
6.00% |
