Recurring Deposits are an ideal way to invest small amounts of money every month for an agreed number of months. On completion of agreed period, the depositor is paid a specified amount which represents the total amount of installments plus interest. Interest applicable is Fixed Deposit for relevant period. RD provides an opportunity to plan for a specific goal like Daughter’s marriage, Education etc.
The following types of persons are eligible to open Term deposits under the scheme.
“Advantage Plus” is a specifically designed deposit for the depositors who wish to have flexibility in monthly installments. Under this scheme, the depositor has the flexibility of fixing the monthly installments of maximum 5 times of agreed amount or INR 1 Lakh whichever is lower.
All other terms pertaining to Recurring deposit scheme are applicable. Note: Please refer to Savings Bank or Current Account for account opening formalities or contact our Customer Services Department.