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Recurring Deposit

Recurring Deposit

Interest Application

  • Quarterly compounding

Salient Features

  • A regular monthly savings grow into a large sum to meet the financial needs at the end of the agreed period

Min Amt

  • Monthly instalment Rs.100 and in multiples thereof

Min Period

  • Minimum 6 months
  • In multiples of 3 months with a maximum of normally 10 years

Other Requirements/Details

  • Loan, Foreclosure, Nomination facilities are available. TDS applicable
  • Senior Citizens are eligible for additional rate of 0.50% p.a for an aggregate amount up to Rs.10 crore.
  • However, no single deposit to be opened in a day for more than Rs 2 Cr within the overall limit of Rs 10 Cr tagged to a single CIF.
  • The above ceiling is applicable to all types of term deposits standing in the name of the Senior Citizen as the principal account holder at one or more branches put together.
  • Penalty on foreclosure of term deposit.

( Last modified on Apr 24, 2020 at 03:04:06 PM )