Saturday 12 April 2014

RECURRING DEPOSIT

Key features-
 Monthly deposits of Minimum  Rs.100/- no maximum.

 Minimum period 12 months maximum 120 months.

 Rate of interest as applicable to Bank’s TDR / STDR for the period of the RD.

 Loan / Overdraft up to 90% available against the balance in RD account.

 TDS is not applicable.

Most Important Terms & Conditions

1.     Monthly Rs. 100/- no maximum. b) Deposit in Multiple of Rs.10/-
2.     Minimum period 12 months maximum 120 months
3.     Rate of interest as applicable to Bank’s TDR / STDR for the period of the RD
4.     Premature withdrawal allowed at 0.5% below the rate applicable for the period the deposit has remained with the Bank
5.     Loan / Overdraft facility available against the balance in RD account
6.     Penalty charges for non-Deposit of monthly instalments:
a.     For a/c of period 5 years and less --Rs. 1.50 per Rs. 100/- per month
b.    For a/c of period above 5 years- Rs. 2.00 per Rs. 100/- per month
7.     No Cheque Book / ATM Card will be issued
8.     Passbooks are issued
9.     Nomination facility available

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