Recurring Scheme
This scheme is been introduced for monthly saving where you can deposit a certain amount specified period by the bank. Recurring deposit account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate.
Along with this we have various schemes of deposits like Fixed Deposit Monthly Interest Scheme, Quarterly Interest Scheme, Half Yearly Interest Scheme,
Minimum Amount of deposit: 100 & in multiples of 100/-
Period : Min-12 Months & Max-120 Months
Monthly saving scheme where a specified amount is deposited regularly for a fixed period by the bank.
To save regularly and earn a higher interest rate over a specific period.
₹100 and in multiples of ₹100
Minimum: 12 months, Maximum: 120 months
Monthly Standing Instructions accepted for installment credit
– Installment credit through ECS facility
– Loan against Recurring account as per rules
Term Deposit
Sr. No. | Period | General | senior citizen | co-operative society |
1 | 30 days to 90 days | 4.00% | 4.50% | 5.00% |
2 | 91 days to 180 days | 5.00% | 5.50% | 5.50% |
3 | 181 days to 365 days | 5.25% | 5.50% | 5.50% |
4 | Above 12 Months to 24 Months | 7.00% | 7.50% | 8.00% |
5 | Above 24 Months to 36 Months | 7.50% | 8.00% | 8.00% |
6 | Above 36 Months | 6.50% | 6.75% | 7.50% |
7 | Saving account | 3.00% |
Term Deposit Schemes
• Interest amount will be paid Monthly.
• Interest will be paid in cash or credited to the customers Bank Account through ECS / Pay Order/ NEFT.
• Interest amount will be paid Quartely.
• Interest will be paid in cash or credited to the customers Bank Account through ECS / Pay Order / NEFT.
• Interest amount will be paid Quartely.
• Interest will be paid in cash or credited to the customers Bank Account through ECS / Pay Order / NEFT.
Under this scheme investor invest a certain amount for a given period and j amount is paid on maturity with interest on quarterly compounding basis. I This is the most common form of deposit.
GENERAL :-
• Individual/Two or more persons in their joint names.
• Co-operative Societies, Registered Trust, Institutions and Associations etc.
• By a natural guardian
Notes for All Schemes
- Rate of Interest: As per RBI directive & Bank’s policy.
- Premature withdrawal: Allowed subject to prevailing bank rules.
- Renewal: At prevailing interest rates if overdue period ≤ 14 days from maturity; otherwise, interest as per Savings Bank rate if renewed for minimum period.
- Loan against Term Deposit: Available immediately as per rules.
- TDS: Applicable as per rules.
*Condition apply.