Recurring Deposits

Recurring Deposit

  • This scheme helps in saving easily and systematically, through fixed monthly installments
  • Deposit period ranging from 6 to 120 months, in completed 3 months.
  • Senior citizens are eligible for additional interest of 0.50% p.a. for deposits of 1 year to 5 years.
  • Penalty will be levied as per extant rules for delayed remittances of instalments
  • Standing instruction for transfer of monthly instalments from SB Account to RD account will be provided free of charge.
  • The deposit once made should continue till the date of maturity. However, the premature withdrawal will be allowed as a special case. The depositor/s, with a written request, may opt for repayment of deposit amount before the date of maturity, the interest payable shall be 1% p.a. less than the rate applicable to normal term deposits for the period for which the deposit remained with the Bank.

The scheme is open to:

  • An individual in his/her own name
  • More than one individual in their joint names payable to all of them jointly or any one or more of them or survivor/s.
  • A guardian on behalf of a minor, furnishing a declaration as to the date of birth of the minor
  • A Hindu Undivided Family Non-individuals like Trusts, educational institutions, clubs, companies,
  • Firms, Limited Liability Partnership, Association of Persons etc.
  • Non-Residents (Ordinary) accounts
  • Non Residents (External) accounts

For more details, please contact our nearest Branch.

 Click Here to download the Application Form

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