This scheme is been introduced for monthly saving where you can deposit a certain amount for specified period by the bank. Recurring deposit account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate.
Along with this we have various schemes of deposits like,
Along with this we have various schemes of deposits like,
- Fixed Deposit Monthly Interest Scheme
- Quarterly Interest Scheme
- Half Yearly Interest Scheme
- Cumulative Deposit Scheme
- Minimum Amount of deposit: 100 & in multiples of 100/-
- Monthly Standing Instruction are accepted. (For installment credit)
- Loan against Recurring account is granted as per prevailing rules.
| Duration | Ordinary Citizens | Senior Citizen & Cooperative Societies |
|---|---|---|
| 30 Days To 180 Days | 4.25% | 4.25% |
| 181 Days To 365 Days or 12 Months | 6.00% | 6.50% |
| 12 Months or 36 Months | 7.00% | 7.50% |
| 36 Months Above | 5.50% | 6.00% |