|Interest Application||Quarterly compounding|
|Salient Features||A recurring deposit scheme with the option of varying the monthly installments is called the Variable Recurring deposit scheme
|Min Amt||Initial deposit Rs.25 or in multiples of Rs.25 upto a maximum of Rs. 1 lakh|
Can vary subsequent monthly instalment subject to a maximum of Rs. 10 lakhs per month.
|Min Period||• Minimum period – 12 months and the maximum period – 120 months|
|Other Requirements/Details||• Loan, nomination and foreclosure facilities. |
• No penal interest on delayed payment of instalments
• Interest will be paid on the minimum balance between 10th and last day of the month. TDS not applicable