Recurring Deposit
Recurring Deposit Account is that the Depositor would be able to save certain sums in fixed monthly Instalments so that he/she would be able to meet and anticipated liability/obligation after the end of a specified period.
Recurring Deposit account can be opened with a monthly instalment of mere Rs.100 or in multiples thereof, for a period of 1 to 2 years
The depositor will get the instalment amount along with the interest on the due date. Facilities for Loan, foreclosure, nomination are available.
- Eligibility
- Individual – Single or Joint (salaried class, small traders etc)
- Minors – Through a guardian (below 18 years)
- Regd.Societies & Trusts etc.
Interest Rates
- 1 year to below 2 years–8.00%, Additional interest @ 0.50% for Senior Citizen
- Premature Withdrawal: Allowed (1% deduction on running period interest rate).
- Loan Against RD: Available against RD (85% of RD Outstanding Amount)
Documents Required (KYC)
- Proof of Identity-Aadhaar Card, PAN Card, Passport, Voter ID, Driving License
- Proof of Address (any one)- Aadhaar Card, Utility bill (electricity bill, water bill etc.), Passport
- Passport-sized photographs(2 No’s)
- PAN Card or Form 60
- In case of minors: Birth certificate and guardian’s documents