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.
For investment of ₹ 500 per month
| Amount | Time Period | Rate | Maturity |
|---|---|---|---|
| 500 |
12 months | 10.00% |
6332 |
| 500 |
24 months | 10.50% |
13392 |
| 500 |
36 months | 11.00% |
21372 |
| 500 |
48 months | 11.26% | 30355 |
| 500 |
60 months | 11.26% | 40296 |
For investment of ₹ 1000 per month
| Amount | Time Period | Rate | Maturity |
|---|---|---|---|
| 1000 | 12 months | 10.00% |
12665 |
| 1000 | 24 months | 10.50% |
26784 |
| 1000 | 36 months | 11.00% |
42744 |
| 1000 | 48 months | 11.26% | 60711 |
| 1000 | 60 months | 11.26% | 80591 |
For investment of ₹ 2000 per month
| Amount | Time Period | Rate | Maturity |
|---|---|---|---|
| 2000 | 12 months | 10.00% |
25329 |
| 2000 | 24 months | 10.50% |
53568 |
| 2000 | 36 months | 11.00% |
85487 |
| 2000 | 48 months | 11.26% | 121421 |
| 2000 | 60 months | 11.26% | 161183 |
Tenure of Payment
The tenure of the account is 12 months and above.
Mode of Payment
AIl payments to the company shall be made either in cash or by cheque/draft against the receipt countersigned by its authorized signatory payments by any mode or media other than mentioned above shall be at the member account holder's own risk. The cheque/draft shall be credited in the name of member Account Holder subject to clearance by the bank. Out station cheques shall not be accepted
lssue of Passbook
A passbook will be issued to every Member Account Holder. The Member Account Holder shall get the pass book updated at regular intervals. If any discrepancy or difference in the amount is found between the entries made in the passbook and receipts duly countersigned by the authorized signatory of the branch office bearing seal. Payment shall be made on the basis of receipts only.
Terms & Conditions
- It is mandatory to be a member in the company.
- Company will issue ten shares (10/- Rs each) for RD Plan.
- Interest will be calculated on yearly basis.
- Recurring Deposit minimum amount Rs 500/-, thereafter in multiples of Rs 100/
- Loan on deposits will be charged at 18% yearly compound interest basis.
- 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.
- R.D. will not be premature within first 3 month.
- If R.D. is matured after 3 month but before 6 month no interest will be paid.
- After depositing the premium of 6 months, any type of interest will not be given.
- If any person premature its R.D then the person will be paid 2% , less of maturity interest after 6 months to 60 months.
- in case of death of a depositor, the company will repay to nominee or beneficiary the principal & interest, at which it was accepted.