Recurring Deposit

Recurring Deposit is a product to provide a person with an opportunity to build up saving through regular monthly deposits of fixed sum over a period of time

Features

  • Available at all branches
  • Maximum Deposit Amount : No Limit
  • Penalty charges for non-Deposit of monthly Instalments:
  • Universal Passbook will be issued.
  • Transferability among our Branches : Allowed
  • Rate of Interest as applicable to Term Deposits
  • In case six consecutive instalments are not received, the account shall prematurely be closed and balance paid to the account holder.
  • Instructions for disposal of maturity proceeds are accepted at the time of opening of accounts.
  • Nomination : Available

Terms and Condition

  • Premature Closure available.
  • TDS is applicable as per Income Tax Rules.
  • Form 15G/H can be submitted by the Depositor to get exemption from tax deduction as per Income Tax Rules.