RECURRING DEPOSIT

Recurring Deposit is a product to provide a person with an opportunity to build up saving through regular monthly deposits of fixed sum over a period of time.

Key features of the Scheme:
  • Monthly deposits of Minimum Rs.100/- and in multiples of Rs 10/- No maximum.

  • Minimum period 12 months maximum 120 months.

  • Rate of interest as applicable to Bank's TDR / STDR for the period of the RD.

  • Loan / Overdraft up to 90% available against the balance in RD account.

  • TDS is applicable.

  • Premature withdrawal allowed and for this, rules for TDR/STDR is applicable.

  • Nomination facility available and it is advised to avail of the facility.

  • Passbooks are issued

Most Important Terms & Conditions
  • Penalty charges for non-Deposit of monthly instalments:

    • For a/c of period 5 years and less --Rs. 1.50 per Rs. 100/- per month

    • For a/c of period above 5 years- Rs. 2.00 per Rs. 100/- per month

  • Instructions for disposal of maturity proceeds are accepted at the time of opening of accounts.