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FAQs |
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If you have any queries that are not answered here, please call us or
write to us.
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What is the minimum deposit amount required to open a Recurring Deposit account?
You can open a Recurring Deposit account for a minimum deposit of Rs 500/-
and subsequent multiple installments of Rs 100/-.
This means that the installment amount can be, for example, 500, 600, 700
….. up to Rs. 1 lakh. However, once an installment amount is chosen it is
fixed for the entire tenure of the RD.
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What is the maximum deposit amount a Recurring Deposit account can be opened with?
The Maximum installment amount you can open a recurring Deposit account with is Rs 14,99,900/- per month.
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For what period can I open a Recurring Deposit
account?
You can open a Recurring Deposit account for a minimum period of 6 months, and thereafter in multiples of 3 months up to a maximum period of 10 years.
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How will an RD account be operated?
A monthly deposit (RD Installment) of a pre-fixed amount is made in the RD account and on maturity; the depositor gets back the amount deposited, along with interest calculated at the rate applicable at the time of opening of RD account.
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Is there any option for monthly/quarterly interest
pay-out?
No, interest will be paid only on RD account closure or maturity
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Is TDS applicable on Recurring Deposits?
No, TDS is not applicable on Recurring Deposits as per Income Tax rules.
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Can I choose my instalment date?
The date of monthly RD instalment will depend on the date you open your RD account. For example, an account opened on 25th March, 2009, your subsequent installments will fall due on the 25th of every subsequent month.
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Is partial payment of installments allowed?
No, partial payment of installments is not allowed.
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Do Senior citizens get any extra benefits on
Recurring Deposits?
Yes, they do get extra benefits in the form of an additional 0.50% rate of interest.
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Is an overdraft facility allowed on a Recurring
Deposit?
Currently, there is no overdraft facility allowed on a Recurring Deposit.
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Can more than one installment be paid at
any given time?
Yes, but there will be no interest paid on any additional amount deposited other than the installment due.
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Can the Recurring Deposit be opened in joint
names?
Yes.
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Can the first applicant for a Recurring Deposit
be a minor?
Yes.
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Can the tenure of the Recurring Deposit be
changed?
No.
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Is there any facility of monthly debit /
standing instruction when paying RD installments?
Yes, in fact, a monthly debit facility from your Current or Savings account is advisable. You can give the bank a standing instruction to pay your RD installments on a monthly basis.
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Is premature withdrawal allowed on RDs?
Yes, premature withdrawal is allowed. However, no partial withdrawal is allowed.
The interest rate applicable for premature closure of deposits (all amounts) will be the lower of: the base rate for the original or contracted tenure for which the deposit has been booked OR the base rate applicable for the tenure for which the deposit has been in force with the Bank. The base rate is the rate applicable to any deposit less than Rs.15 lacs, as on the date of booking the deposit.
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Is there any maximum limit on the number
of RDs per Customer ID?
There can be any number of RDs under one customer ID, but the maximum limit on any installment per RD is 14,99,900/-
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What if certain installments are not paid?
If frequent defaults (non-payments) are observed in your payment of monthly installments, and six installments fall in arrears, the Bank reserves the right to close your RD account. The interest rate applicable on such accounts will be as per the premature withdrawal policy of the Bank.
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Is a Nomination facility available on an
RD account?
Yes
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Just fill the Online Application Form and our representative will get in touch with you shortly.
Other Ways to apply :
*Conditions Apply
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