Deposit Schemes
Recurring Deposits
Interest Rate
| Sno | Duration | General | Senior citizens |
| 1 | 7-14 days | 4.00% | 4.50% |
| 2 | 14-45 days | 5.00% | 5.50% |
| 3 | 46-90 days | 5.50% | 6.00% |
| 4 | 91- 180 days | 6.00% | 6.50% |
| 5 | 181-365 days | 6.25% | 6.75% |
| 6 | Above 1 year to 2 years | 7.50% | 8.00% |
| 7 | Above 2 years to 3 years | 8.25% | 8.75% |
| 8 | Above 3 years | 7.00% | 7.50% |
Recurring Deposit is a special type of deposit account which enables a depositor particularly in fixed income group to save by paying into the account an agreed fixed sum of money monthly over a stipulated period.
The deposits in this type of account earn compound interest on quarterly basis.
Longer the period for which monthly deposits are agreed to be made higher is the rate of interest subject to rules.
1. Nomination facility is available to these deposit accounts
2. Initial Deposits: Minimum Rs. 100/- and there is no maximum limit .
3. Loan/Overdraft up to 85% available against the balance in Recurring Deposit account and the applicable rate of interest is 2% more than the interest paying.
4. Range of term of the deposit:15months -10 years
5. Penalties are applicable for Premature closure of Deposit allowed at 1% below rate applicable for the period the deposit has remained.
A Recurring Deposit account where the compounding of interest is to be done on quarterly basis shall be accepted for periods in multiples of three months only with minimum period of 15 months and maximum period of ten years.
Installments of current month should be paid on or before the date of opening of the deposit
A Recurring Deposit account where the compounding of interest is to be done on quarterly basis shall be accepted for periods in multiples of three months only with minimum period of 15 months and maximum period of ten years. Instalments of current month should be paid on or before the date of opening of the deposit
