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Corp Recur Deposit

Flexible Recurring Deposit
Scheme
  • 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.
Additional Deposit
  • Up to 10 times the initial Deposit Amount is permitted every month.
Penalty
  • Penalty @ Rs. 1.50 per Rs. 100/- per month is applicable , if  base amount installment is not paid for relevant month.
TDS
  • TDS is applicable as per norms.
Withdrawals
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.
Add-ons
  • Nomination facility
  • Premature closure facility as per the rules lay down by the Bank.
  • Loan facility up to 90% on the deposit

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