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Variable Recurring Deposit

Variable Recurring Deposit

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.500 or in multiples of Rs.100 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 – 36 months and the maximum period – 36 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.
  • Senior Citizens are eligible for additional rate of 0.50% p.a for an aggregate amount up to Rs. 10 crore. 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 22, 2020 at 05:04:23 PM )