Recurring Deposit

RECURRING DEPOSIT

Under a Recurring Deposit account (RD account), a specific amount is invested in bank on monthly basis for a fixed rate of return. The deposit has a fixed tenure, at the end of which the principal sum as well as the interest earned during that period is returned to the investor. Recurring Bank Account provides the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access those savings any time. Since a recurring deposit offers a fixed rate of return, it does not provide protection against inflation.

RECURRING

The advantage in opening a Recurring Deposit Account that the Depositor would be able to save certain sums in fixed monthly Installments so that he / she would be able to meet and anticipated liability / obligation after the end of a specified period.
ELIGIBILITY
Any person or persons approved by the Bank. Co-operative Societies, Registered Trust, Institutions and Associations.By two or more persons in their joint names. By a natural guardian i.e. father or mother approved by the bank on behalf of a minor.
INITIAL DEPOSIT
Initial cash deposit of Rs.100/- which balance should always be maintained in the Recurring Account.

Interest Rates (wef 02/03/2023)

• 15 to 45 days – 5.00%
• 46 to 90 days – 5.50%
• 91 to 179 days – 6.00%
• 180 to 364 days – 7.00%
• 1 year to below 2 years – 8.00%
• Above 2 years below 3 years – 7.50 %
• Above 3 years  – 6.25 %

Additional interest  @ 0.50% for Senior Citizen limited to term deposits (Fixed deposits and Recurring deposits) for one year and above.