Recurring Deposit

The advantage in opening a Recurring Deposit Account that the depositer 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.
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):

TDS on Recurring Deposit Accounts.