Variable Recurring Deposit
- The depositor has to choose a core monthly instalment (with a minimum of Rs.10/- or in multiples of Rs.10/-) and he can remit any amount subject to this minimum with a maximum of 10 times the core monthly instalment.
- Accordingly the depositor has to indicate the core monthly instalment in the account opening form itself. Initial deposit shall be the core instalment.
- 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.
- The deposit once made should continue till the date of maturity. However, the premature withdrawal will be allowed. 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 for the period for which the deposit remained with the Bank.
- In case of premature withdrawal of deposits within 3 months of opening of account, no interest should be paid.
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