Recurring Deposit (RD)

Eligibility

Individual
Joint
Either or Survivor
A Guardian on behalf of a minor
HUF
Partnership
A Company
Association
Co –operative Institutions
Any other Institutions

Investment

Minimum - Rs.100/-
Maximum - No ceiling

Period of deposit

Minimum 15Months
Maximum 120 Months

Interest rate

Depending upon the period of the deposit as prevailing from time to time.Visit our Deposits Interest rate Page Click here

Periodicity of interest payment

Quarterly Compounding

Special rate for senior citizen

0.50% Extra for SENIOR CITIZENS (60 Years & above) for the deposits of all periods.

Bulk deposits

0.50% Additional Rate of interest on Single rupee term deposits of Rs.1.00 Crore & above invested for a period of One year and above.

Tds on interest

Applicable

Nomination facility

Applicable as per income tax act.

15 G / H	Available

Loan facility

Available

Margin to be maintained based on residuary period of deposit (available period from the date of loan to the date of maturity of deposit)

Residuary period of Deposit	Margin	Amount of Loan
Less than One year	10%	90% of the value of Deposit
One year to Less than Two years	15%	85% of the value of Deposit
Above Two years	25%	75% of the value of Deposit

The rate of interest chargeable on the Loans shall be 2% more than the rate of interest payable on the term deposits for General Public & 1% More in case of for Senior Citizen.Maximum period 1 year/ 12 months for Over Draft Facility against term deposits

Penalty for premature closure

In case of payment before maturity Interest up to 30 days will be Nil
Above 30 days, 1% less than applicable rate of Interest for the actual period for which deposit is kept with the Bank.

Auto renewal of deposit

Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance.

Overdue deposits

If a Term Deposit matures and proceeds are unpaid, the amount left unclaimed with the Bank shall attract rate of interest as applicable to saving account or the contracted rate of interest on the matured Term Deposit, whichever is lower or as per RBI guidlines charges from time to time.

Application & documents

Application in the Banks’ prescribed form.
Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card).
Recent 2 Photograph .
Proof of Identity and address as per KYC Norms.
Any other related documents as applicable to proprietor ship concern, Partnership Firm, Company, HUF, Co –operative Institutions, etc..

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