Basic RD
our popular basic recurring deposit scheme
Learn more about the regular Recurring Deposit Scheme.
This is among our earliest high interest bearing recurring scheme. Loan against such deposits provided.
Product Highlights:
- Any person approved by Bank may open a Recurring Deposit Account
- Recurring Deposits can be opened for monthly instalments in sums of Rs. 10.00 or in multiples of Rs. 10.00
- Account can be opened with monthly instalments of 12, 24, 36, 48, 60, 72, 84, 96 and 120 months.
- Simple interest is eligible, depending upon the period of deposit.
- Premature closing is allowed, subject to penalty if any.
- Nomination facility is available.
- Loans can be obtained against the deposit amount.
- Every depositor shall pay the monthly instalment for any month within 30 days from the date of that instalments, failing which interest will be charged on the instalments in arrears at the appropriate rate ruling from time to time.
- Depositors are at liberty to pay the deposit in advance for any number of instalments.
- The fraction of month shall be treated as full month for the purpose of calculating penal interest.
- Standing instruction is accepted for transferring the monthly instalments from the customer’s SB / CA account.
- If a depositor is habitually late in depositing the instalment or if the deposit is in arrears for a period exceeding three months, the bank may at its discretion close the account. On such closure, the deposit shall be entitled to the amount already deposited with interest at the rate applicable to the period for which the deposit remained with the bank less 1% penalty.
Deposit Rate of Interest:
Deposit Maturity Calculator:
A monthly investment of Rs. 1,000.00 for 60 months (Total Investment Rs. 60,000.00) will fetch you interest at 5.50% p.a. and will give you a maturity value of around Rs. 69,152.00. Interest Earned being around Rs. 9,152.00 at the end of 60 months.
Download the Application Form:
