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A recurring deposit is a special kind of term deposit offered,which help people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits.

  • 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.
  • Recurring deposit account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate.
  • Recurring deposit scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years.

Rs. 1000 Scheme

Months Rate of Interest Maturity Amount
12 11% 12,733
18 11% 19,636
24 11.25% 26,996
36 11.50% 43,083
48 11.75% 61,348
60 12.00% 82,218

Rs. 500 Scheme

Months Rate of Interest Maturity Amount
12 11% 6,366
18 11% 9,818
24 11.25% 13,498
36 11.50% 21,541
48 11.75% 30,674
60 12.00% 41,109

Duly filled Account Opening Form with

  • Interest will be calculated on yearly basis.
  • Recurring Deposit minimum amount Rs 100/-, thereafter in multiples of Rs 100/-
  • Loan on deposits will be charged at 18% yearly compound interest basis.
  • Lapse on payment of installment amount will make the defaulter pay Rs 2 per 100 per month with installment amount.
  • 1 month after paying last installment or maturity amount due date whichever is more will be applicable for payment of maturity amount.
  • Irregular deposits are not entitled for pre mature payment and loan facility against it.
  • On irregular deposits if all irregular pending deposits are paid then such account will be treated as regular. Even if there is default in payment of 1 installment, the said account will be treated as irregular.
  • After maturity date, payment on irregular accounts will be made after deducting the penalty amount maximum to the limit of interest earned on such account. No deductions will be made on principle amount of such accounts.

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