Deposit Schemes - RD
Recurring Deposit Scheme
- Who can open an account
- An individual who is not insolvent or insane, can open an account singly or jointly.
- Such accounts can be opened by Individuals (singly or jointly), a firm, company, club, Association , Institution, Govt. or Semi Govt. Body, Co-operative societies, religious and charitable institutions etc.
- Minimum deposit in the Account - Minimum of Rs. 10/-
- Maximum deposit in the Account - Maximum of any amount per month.
- Minimum and Maximum tenure
- Minimum tenure - Minimum period six months.
- Maximum tenure - Maximum 10 years.
- Rate of Interest
- As per rate applicable to fixed Deposit for the respective maturity period.
- Periodicity of Interest
- The interest is compounded at quarterly intervals but paid along with principal at the time of maturity of deposit.