NetBanking Apply Gold Loan Video KYC

NetBanking

1800 425 6708

Recurring Deposit Products

Recurring Deposit Scheme

Name of the Product	Recurring Deposit
Eligible Customers	All individuals and others eligible to open a bank account are eligible to open fixed Deposit account also. i.e. Any individual Jointly with one or more persons Guardian on behalf of minor Partnership firms, Companies, Associations, Clubs, Charitable institutions, Trusts etc.
Tenure of Deposit	Minimum period of 12 Months and maximum of 120 months.
Minimum amount	Minimum deposit of Rs.100 and Multiple of Rs.100 thereafter
Installment Frequency	Default frequency date of the installment is last date of the month in which the account is opened. If the customer desires that the maturity should fall on the date of opening of deposit, installment frequency is date of opening deposit every month.
Interest frequency	Quarterly Compounding
Rate of Interest	As applicable to the Term deposits based on Term period. (Subject to revision from time to time) For Senior Citizens an additional 0.50% (50 bps) over and above applicable ROI respectively. For Staff an additional 1% (100 bps) is offered over and above applicable ROI. Retired staff / senior citizen staff an additional 1.50% (150 bps) is offered over and above applicable ROI
Nomination facility	Available (Applicable as in the case of other deposits).
TDS	Interest Income is liable for Tax as per the IT Act.
Automatic Renewal Facility	No Automatic renewal, no extension of term available. Conversion can be made after maturity/as requested by customer with applicable interest rate for the period
Loan on Deposit	The Depositor can avail loan on this deposit as per loan scheme guidelines.
Penalty	In the case of defaults in payment of instalments, the depositor could regularize the account by paying the defaulted instalments with a penalty at the rate of Rs.1.50 per Rs.100/- for each defaulted instalment per month in the case of RD Accounts of 5 years and less; and Rs.2.00 per Rs.100/- in the case of RD Accounts of above 5 year For Calculation of penalty, fraction of a month should be treated as a full month. Penalty can be waived, if advance installments equal to overdue installments are collected in lump sum at one time.