The Recurring deposit account is an account in the bank where an investor deposits a fixed amount of money every month for a fixed tenure (mostly ranging from one year to five years). This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. Interest at term deposit rates is computable on quarterly compounded basis. The account can be opened by individuals.
Recurring Deposits
1 Year Saving Plan
| Monthly |
Month |
Principal Amount |
Annual Interest - 10% |
Maturity Amount |
| 1500 |
12 |
18000 |
961 |
18961 |
| 3000 |
12 |
36000 |
1922 |
37922 |
| 6000 |
12 |
72000 |
3844 |
75844 |
| 15000 |
12 |
180000 |
9608 |
189608 |
| 30000 |
12 |
360000 |
19216 |
379216 |
2 Year Saving Plan
| Monthly |
Month |
Principal Amount |
Annual Interest - 11% |
Maturity Amount |
| 1500 |
24 |
36000 |
4207 |
40207 |
| 3000 |
24 |
72000 |
8414 |
80414 |
| 6000 |
24 |
144000 |
16828 |
160828 |
| 15000 |
24 |
360000 |
42069 |
402069 |
| 30000 |
24 |
720000 |
84138 |
804138 |
3 Year Saving Plan
| Monthly |
Month |
Principal Amount |
Annual Interest - 12% |
Maturity Amount |
| 1500 |
36 |
54000 |
10619 |
64619 |
| 3000 |
36 |
108000 |
21238 |
129238 |
| 6000 |
36 |
216000 |
42476 |
258476 |
| 15000 |
36 |
540000 |
106189 |
646189 |
| 30000 |
36 |
1080000 |
212379 |
1292379 |
To get more details call us on +91 99258 00901 or +91 94088 41114
Terms and conditions :
1. Recurring account can be opened with minimum Rs. 1000 /- and further in multiple of Rs. 100.
2. Interest will be calculated monthly via Quarterly compound interest.
3. Defaulters will be charged at the rate Rs. 2% per month per instalment.
4. The amount on maturity will be paid one month after the last instalment has been paid or the date of payment whichever is later.
5. Rate of Interest on loan against deposits would be charged 7.5% higher than applicable rate of interest.
