Flexible Recurring Deposit
- A flexible deposit in which the depositor can save a minimum stipulated amount of money every month for 3 years.
- Option to remit up to 10 times of the stipulated monthly installment in a month.
- Option to withdraw part of the Deposit at the end of 1st and 2nd year.
Who can open :
- An Individual in his/her own name.
- Individuals in their joint names with suitable repayment instructions.
- Minor represented by parents / guardian.
- Clubs, Societies, Associations, Educational Institutions, Trusts, Firms, Partnerships, Joint Stock Companies, Executors, Administrators, HUFs, Govt. Departments, etc.
Period of Investment
- Fixed period of Three years
Amount of Deposit
- Minimum: Rs.500/- p.m. and thereafter in multiples of Rs.100/-
- No Maximum Limit.
Rate of Interest
- The rate of interest depends on the period of deposit, payable at the rate as decided by the Bank from time to time.
Interest Payment Frequency
- Interest is compounded on quarterly basis and ploughed back into the principal at the end of every financial year and paid on maturity.
- Up to 10 times the initial Deposit Amount is permitted every month.
- Penalty @ Rs. 1.50 per Rs. 100/- per month is applicable , if base amount installment is not paid for relevant month.
- TDS is applicable as per norms.
|On completion of 1st year :-|
50% of the accumulated principal
On completion of 2nd year :-
50% of the remaining principal
If no withdrawal is made on completion of first year, One withdrawal at the end of 2nd year up to 75% of the 1st year deposit amount + 50% of 2nd year deposit amount is allowed.
- Nomination facility
- Premature closure facility as per the rules lay down by the Bank.
- Loan facility up to 90% on the deposit