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Recurring Deposit

Recurring Deposit - Make savings habit a rewarding and recurring experience.
Looking for a steady way to build up savings for the future without compromising on the comfort of your monthly income? Recurring deposit is the way to go! RD allows you to build up a sizable capital over a period, in a regular, systematic and safe way.

Features & Benefits

Minimum Rs.50/- per month (in multiples of Rs.50/-). No ceiling on maximum amount.
Deposit can be opened for period ranging from 1 year to 10 years.(In multiples of 3 months).
Standing instruction facility will enable automatic transfer of instalment amount from your savings account.
Earn Interest at Cumulative Fixed Deposit rates, compounding quarterly.
Premature closure is allowed at any point of time with a penalty @1% on the applicable rate of interest for the corresponding period for which the deposit remained with the bank.
Loan facility is available for Recurring deposit against the amount present in your deposit account, subject to terms and conditions with interest @ only 2% above deposit rate.
TDS applicable as per the extant IT guidelines.
Nomination facility available.

Who can Open?

Individuals
Individuals jointly with other Individuals
For minor individual by Guardian
HUF
Sole proprietary concerns
Clubs/Associations
Firms
Joint stock companies
Any other entities as permitted by RBI

Interest Rates & Charges

For Deposit interest rates Click here
For Service charges and fees Click here