Grow your savings steadily by depositing a fixed amount each month for a specific time. Enjoy high interest rates comparable to traditional Fixed Deposits with a smaller monthly investment.
Features
Invest as small as Rs. 1000/- (and in multiples of Rs. 100 thereafter) or as large as Rs. 14,99,900/- per month
Benefits
TDS is not applicable on the Interest earned by Recurring Deposits as per current Income Tax rules
Loan available against deposit
High rates of interest (identical to Fixed Deposit rates)
Nomination facility available
Documents Required
Application form
Proof of Identity: PAN Card, Voter Id card, Passport, Driving License
Proof of Address: Latest Telephone Bill or Electricity Bill
Recent colour photograph (3 Nos.)
Terms and Conditions
Rate of interest as applicable to the Bank’s TDR / STDR for the period of the RD
Penalty charges for non-deposit of monthly installments