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Variable Recurring Deposit
Interest ApplicationQuarterly compounding
Salient FeaturesA recurring deposit scheme with the option of varying the monthly installments is called the Variable Recurring deposit scheme
Min AmtInitial 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 applicable

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