Recurring Deposit Account
An ideal scheme of monthly savings for salaried people, businessmen, professionals, housewives etc. It mainly encourages small investors to save in easy monthly installments over a fixed period of time.
Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, visually impaired persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a "Recurring Deposit Account" in single/joint name/s
- Minimum deposit is Rs.100/-per month
- Minimum Period of deposit is 12 months.
- Delayed payment of installments are accepted with nominal penalty.
- Monthly minimum balance in the account earns compound interest every quarter.
- Recurring Deposit accounts are exempted from TDS
- Loan on deposit amount available depending on the length of the unexpired period of the deposit.
- Nomination facility available.
- The rates of interest are as fixed by the Bank from time to time.