Recurring deposits are those accounts, which are intended to facilitate people to save a fixed amount of money every month for an agreed period of time. After the maturity period, the depositor will get back the deposit amount with interest. This is a very useful method to grow your savings and it will encourage your saving habit.Recurring deposits are term deposits more or less like fixed deposits in their very nature. The interest rates for them are the same that are applicable to fixed deposits. Deposits will be for a minimum period of 12 months or multiples thereof subject to a maximum of 60 months.
Account may be opened in the name of an individual or more than one individual jointly
Note: Loans may be made up to a maximum of 90% of the instalments paid subject to payment of interest @ 1% over the rate of interest applicable for the deposit.
Rate of Interest for Recurring Deposits from 16.08.2017
|Period||Ordy. Persons (%)||Senior Citizens (%)|
|Above one year to less than 3 years||8.25||8.75|
|3 years to 5 years||8.00||8.50|