Invest small amounts in Recurring Deposit and get Fixed Deposit interest rates! Maximise its benefits to suit your needs.
- Features & Benefits
- Interest Rates & Charges
- Resident individuals
- Hindu Undivided Families
- Private & Public Limited Companies
- Trust & Societies
Rates for some key tenures:
**Only Senior Citizens are eligible for higher rates of interest.
Note: Interest rates are subject to periodic changes. The applicable interest rates will be given based on the date and time of receipt of the funds by the bank.
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- Premature Liquidation
Effective 01st Dec'06, the interest rate applicable for premature closure of deposits (all amounts) will be lower of :
- The original rate at 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 deposits of less than Rs.15 lacs as on the date of booking the deposit.
- Penalty on delayed Installment - A penalty is charged at the contracted Recurring Deposit interest rate along with an additional 2% per annum, for all delayed installments.
- Method used to charge a Penalty - The penalty will be charged for the actual period of the delay only. The Penal interest shall be recovered only at the time of maturity or premature closure of the account, as the case may be.
Interest and Penalty calculation methods are as per the IBA Guidelines.
* The Recurring Deposit Advice will be dispatched to your recorded mailing address within 3-4 working days of opening your account.