Recurring Deposit is a kind of Term Deposit, wherein customer can park fixed amount every month in RD (Recurring Deposits) account over a period of time. Standing instruction facility is available.
- Individual, Joint Accounts and Minors are eligible to open RD(Recurring Deposits) account.
- Minimum period 13 months.
- Minimum Deposit Amount Rs. 100/-.
- Nomination facility is available.
- Passbooks are issued.
- Loan facility is available up to 90% of available balance in RD(Recurring Deposits) account
- Pre-mature withdrawal is allowed and penalty applicable as per the rule.
- Penalty charges will be applicable in case default in monthly installment.
- TDS will be applicable on the interest earned as per the prevailing rate.
- Monthly installment of ₹ 2531/- for 36 months will give Rs. 1 Lakh on maturity.