Reccuring deposit
The advantage in opening a Recurring Deposit Account that the depositor 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.
Maturity Value of Deposit of Rs.100/- p.m.
|
Period |
5% |
5.5% |
5.75% |
6% |
6.5% |
7% | 7.5% | 8% | 8.5% | 8.75% | 9% | 9.5% | 10% |
| 12 months | 1233 | 1236 | 1238 | 1240 | 1243 | 1246 | 1250 | 1253 | 1256 | 1258 | 1260 | 1263 | 1266 |
| 24 months | 2529 | 2542 | 2548 | 2555 | 2569 | 2582 | 2596 | 2609 | 2623 | 2630 | 2637 | 2650 | 2664 |
| 36 months | 3890 | 3921 | 3936 | 3951 | 3982 | 4014 | 4045 | 4077 | 4109 | 4125 | 4142 | 4174 | 4207 |
| 48 months | 5321 | 5377 | 5405 | 5433 | 5491 | 5548 | 5607 | 5666 | 5726 | 5756 | 5787 | 5848 | 5911 |
| 60 months | 6825 | 6915 | 6961 | 7006 | 7099 | 7193 | 7289 | 7386 | 7485 | 7535 | 7585 | 7687 | 7791 |
| 72 months | 8406 | 8540 | 8607 | 8676 | 8815 | 8956 | 9101 | 9248 | 9398 | 9474 | 9551 | 9707 | 9866 |
| 84 months | 10067 | 10255 | 10351 | 10448 | 10645 | 10846 | 11052 | 11263 | 11479 | 11589 | 11700 | 11926 | 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:
90% 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.
