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.
Eligibility :
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.
Features:
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 are available.
The rates of interest are as fixed by the Bank from time to time.