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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.