Through Regular Income cum Recurring Deposit one can enjoy an increasing rate of interest with a longer tenure of deposits. The compound interest levied on this type of scheme helps your savings grow a lot faster. This plan also facilitates overdrawing your account by the means of a pre-issued cheque up to 95% of the deposit.
Features
Benefits | · Stay free from stress with this plan as it will take care of your money and shall provide you with the comfort of liquidity. · Senior citizens gets to enjoy the benefit of 0.50% of an additional interest which applicable only for deposits of Rs 10,000 and above. |
Overdraft/Withdrawal Facility | Available, this plan does not give you much formalities on overdraft or withdrawals, thus you can enjoy up to 95% of the withdrawal of the deposit amount. |
Nomination facility | Available |
Minimum Amount | Rs 1000 and later in multiples of Rs 100 thereafter |
Tenure | Minimum of 12 months to a maximum period of 120 months. |
Pre-mature Payment | There is no penalty for pre-mature payment of deposit up to Rs 5 lacs provided the amount should remain in the bank for a period of at least 12 months. |
Pre-mature Withdrawal | Available, although if you withdraw the amount before the time of maturity then interest will be calculated at 1% below the rate applicable for the period of deposit. |
TDS | TDS is deducted on the interest payment as per the guidelines of the bank. |
Documents | · Passport size photo · Address Proof · an introduction as per bank norms |
Terms and Condition
- The interest on your deposit account is credited on a quarterly basis.
- You have to pay a minimum amount of Rs 1000 to open the account and later pay multiples of Rs 100.
- No penalty for pre-mature payment.
- Interest will be calculated 1% below the rate applicable for the period of deposit on pre-mature withdrawal of the deposit balance.