RECURRING DEPOSIT ACCOUNT
- ELIGIBILITY : Individuals, Joint accounts, Minor accounts, Illiterates, Clubs, Societies, Associations, Schools, Trusts.
Should have an account with Society Ltd. - MINIMUM AMOUNT : Rs.1000/- per month.
- MAXIMUM AMOUNT : No Maximum limit.
- MATURITY PERIOD : 12 months to 10 years.
- INTEREST RATE : As mentioned below.
- NOMINATION FACILITY : Available.
- OVERDRAFT / LOAN FACILITY : Overdraft/loan facility is available against security of the balance in the account.
- PREMATURE PAYMENT : Premature payment is allowed subject to penalty of lower interest.
- OTHER FEATURES : A pass book is issued in Recurring Deposit Accounts. Delayed payment of monthly instalments invite penalties. Monthly instalment can be deposited by way of standing instruction from Saving Account
INTEREST RATE ON RECURRING DEPOSITS ACCOUNT
- 01 to 06 Months - 09.00%
- 07 to 12 Months - 11.00%
- 13 to 18 Months - 11.25%
- 19 to 24 Months - 11.50%
- 25 to 36 Months - 12.00 %
- 37 to 48 Months - 12.00 %
- 49 to 60 Months - 13.00 %
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