Recurring Deposit
आवर्ती जमा
6.75%p.a. on monthly instalments
General Information
- Encourages savings habits to save for future necessity like, to create a fund for your children's education or marriage or to buy a car or for a dream holiday.
- Depositor commits to a fixed amount for a fixed period of time (for instance Rs 500 every month for 12 months).
- Parameters set at opening cannot be modified / altered.
- Minimum opening amount Rs 100; subsequent deposits in multiples of Rs 100.
- Duration minimum 12 months and maximum 120 months.
Interest Rate
- Interest will be compounded quarterly and paid on maturity.
- Early withdrawal: interest will be calculated at 1% below the rate applicable for the fixed period.
- Rates follow bank circulars at the time of opening of the Recurring Deposit account.
Facility
- Borrowing available up to 90% of deposit value.
- Nomination Facility - Available.
- Passbook provided.
Eligibility
Resident Indian individuals, Self Help Groups or a Co-operative Society.
Document Required
- Identity proof (PAN, EC Card, Driving Licence, and Passport).
- Passport Size Photograph - 2.
- Proof of residence address.
- Introduction as per bank norms.
- Note: Permanent address and telephone number are mandatory.