Recurring Deposit (RD)

Recurring Deposit (RD) is a facility for those people who have regular incomes, and who wish to regularly deposit a small, fixed amount at pre-determined periods, and for a fixed period. The interest depends on the period for which the client agrees to deposit the said RD amount.

Key points to know about Recurring Deposits:
A savings account is required to open a recurring deposit account.
The interest rate depends on the length of the RD term.
Upon maturity, the amount is credited directly to the savings or current account.
To set up automatic deduction, you need to create an SI.

For pre- closure of RD:
i)No interest will be paid if the RD is pre-closed within 3 months
If the RD is pre-closed after 3 months but before maturity, the rate of interest is 1% less than the prevailing rate for the tenure the deposit has completed or savings rate whichever is higher.

Features
Instalment amount and the deposit term have to be fixed at the time of account opening.
Minimum deposit term of 6 months
No limit for maximum deposit amount
Customers opening RD accounts are allowed to prematurely close the account.
A customer can maintain any number of RD Account in his name or in the joint names with another.

Eligibility
Individual
On behalf of minor

Installment Amount	Installment Period
Minimum Amount: Nu.100	Minimum: >6 months
Maximum Amount: No Limit	Maximum: 120 months

Requirements

For Individual

Copy of Citizenship ID Card
Two Passport sized photograph
Legal stamps

For Minor

Copy of Citizenship ID Card of the parent or guardian
Two passport-sized photographs of the guardian
Health card of the minor

Interest Rate

Here are the interest rates based on the duration:

Minimum Term: > 6 Months

SL.NO	Time Period	Rate (p.a)
1	> 6 Months <= 9 Months	5.75%
2	> 9 Months <= 1 Year	6.00%
3	> 1 Year <= 2 Years	7.00%
4	> 2 Year <= 3 Years	7.50%
5	> 3 Years <= 4 Years	8.00%
6	> 4 Years <= 5 Years	8.25%
7	> 5 years <= 6 Years	8.50%
8	> 6 Years <= 7 Years	8.60%
9	> 7 Years <= 8 Years	8.80%
10	> 8 Years <= 9 Years	8.90%
11	> 9 Years <= 10 Years	9.00%
12	> 10 Years	9.10%

Recurring Deposit

Recurring Deposit (RD)

Key points to know about Recurring Deposits:

For pre- closure of RD:

Features

Eligibility

Requirements

For Individual

For Minor

Interest Rate

Recurring Deposit Calculator

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