V-GenUth Unnati+ Recurring Deposit
- A Special Recurring Deposit to meet the Higher Educational needs of Children.
- Recurring Deposit Account designed for children age day 1 to 18 years.
- All children up to and inclusive of the age of 18 years can open the account
- In respect of children below the age of 10, the account will have to be opened as ‘minor by guardian’ account
- Children who have attained the age of 10 can open the account in their own name
- The monthly instalment is fixed.
- The minimum period of deposit is 36 months
- The maximum period of deposit is 120 months
- Penalty will be levied as per extant rules for delayed remittances of instalments
- Premature closure will be dealt with as per extant rules
- Standing instruction for transfer of monthly instalments from SB Account to RD account will be provided free of charge.
- The Recurring Deposit on maturity will be converted to a Fixed Deposit/VCC as per the request of the Guardian/Parent.
- Loan eligibility - 5 times the maturity amount in Recurring Deposit or Fixed deposit (in-case the recurring deposit is kept as fixed deposit after maturity) subject to a maximum of Rs. 10 lakhs (for education within India) and Rs. 20 lakhs (for education abroad or education at IIT, IIM, ISC in India) as per the prevailing guidelines in force in respect of Education Loan scheme.
- Sanction of Education Loan at a concession of 1% on the prevailing rate.
For more details, please contact our nearest Branch.
Click Here to download the Application Form