Recurring Deposits Account

Info

Details

Requirements for Opening Account

The requirements for opening of accounts are the same as mentioned under Savings Accounts.

Minimum amount

Rs. 100/- per month.

Maximum amount

No Maximum limit

Maturity Period

12 months to 10 years.

Interest Rate

1 to 3 year - 8.5% , 3 years & above - 9%

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 installments invite penalties. Monthly installment can be deposited by way of standing instruction from Saving or Current Account