Recurring Deposit - Personal Banking

Features

Premature Closer :

a) If payment amount is up to ₹.5.00 lacs (Principal) the penalty for premature withdrawal will be 0.50% (all tenors).

b) If payment amount is above ₹.5.00 lacs (Principal), applicable penalty will be 1% (all tenors). Interest Rate shall be 0.50% or 1% below the rate of interest applicable at the time of opening of deposits, for the period deposit remained with the Bank. However, no interest will be paid on deposits which remain for a period less than 7 days.

Account in default

The penalty for delayed payment of instalments are:

₹ 1.50 for every ₹ 100 per month for RD tenor of 5 years or less.

₹ 2.00 for every ₹ 100/- per month for RD tenor of more than 5 years. (Rates are subject to change from time to time) Penalty when applied shall not exceed the interest paid to the depositor

Service Charge

A service charge of ₹10/- is levied on RD accounts paid out on or after date of maturity, where in there is default in payment of three or more consecutive instalments and account has not been regularized.