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.