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.