Recurring Deposit

People with regular saving habits expecting to earn a fair return on the deposits over a period of time can avail the benefits of our Recurring Deposit scheme. While opening the account, the depositor has to agree to credit a fixed amount once a month for a specific period predetermined at the time of account creation. The total deposit along with the interest there in is payable on maturity. However, the depositor can close the account before its maturity and get back the money along with the premature rate of interest till that period. The account can be opened by a person individually or jointly with another, or by the guardian in the name of a minor.

Salient features about the scheme are:

  • Recurring deposit for periods ranging from 12 to 60 months with fixed monthly remittances.
  • No Income tax deducted at source (for Members Only). Premature withdrawal is permitted without any heavy loss of interest.
  • Ideal for persons who can set apart a portion of their monthly earnings, especially regular monthly income earners, viz. traders, pensioners, etc. Its an easy way to save money.
  • Loans, premature withdrawal and Nomination facilities are available.