deposits:

Recurring Deposit

Recurring deposit is a deposit  which is accumulated over an agreed period of deposits and are withdrawals only at the end of the specified period. Under recurring deposit scheme a  person can deposit a fixed sum every month for a period of 12, 24,36,48,60, months. 
 
In a Recurring Deposit, a scheme sees your small investment every month turn into a huge amount at maturity.

Features and Benefits:

• Invest little sums every month.
• Facility of standing instructions through which the amount can be debited from your savings account..
• Highest Interest Rate.
• Recurring Deposits accepted equal monthly installments.
Eligibility: 
Individual, Minor by guardian
Charges: 
Penalty for delayed monthly installment
 
  • Minimum Amount Rs.1000
  • No upper limit
  • Minimum Period -15 days & Maximum Period -10 years
  • Interest Rates
  • Minimum Balance Rs. 250 (A/c without cheque book)
  • Minimum Balance Rs. 500 (A/c with cheque book)
  • Minimum Balance – Rs.1000 (A/c without cheque book)
  • Minimum Balance – Rs.2000 (A/c with cheque book.