Recurring Deposit Scheme

The scheme is designed to help you accumulate capital through short-term and regular savings over a defined period. You can start a recurring deposit with a minimum deposit of Rs. 50 per month, or in multiples thereof, for a duration ranging from 12 months to 60 months or more. This scheme allows you to build a substantial corpus for the future, with the total amount, including interest, being paid out at maturity, in accordance with RBI guidelines and the decisions of the Board of Directors.

Monthly Installment Amount and Duration:

• The minimum deposit amount is Rs. 50 per month, or any multiple thereof, for the chosen period.
• Deposits must be made between the 1st and the last day of each month.
• In the event of a missed installment, no interest will be paid on the defaulted installment for that month. However, interest will be calculated on the remaining balance in the account, according to the savings account interest rate, and the actual interest will be credited at maturity.

Closure of Recurring Deposit Account:

• The account may be closed at any time, and the amount can be refunded after the completion of the specified term.
• The recurring deposit amount is non-transferable.
• If the account is closed before the completion of the fixed term, the interest paid will be in accordance with the rules set by the RBI, based on the applicable interest rate at the time of closure.

Loans against Recurring Deposit:

• Loans up to 90% of the deposited amount can be availed by pledging the recurring deposit amount as collateral, under the terms and conditions applicable to savings account mortgages.
• The minimum loan amount that can be availed is Rs. 500.
• The interest rate on the loan will be 1% higher than the interest rate of the recurring deposit.

Additional Notes:
This scheme offers a reliable way to save regularly while offering the flexibility of loans against your deposit, helping you meet financial goals with ease.