Recurring Saving Deposit (RSD) Accounts
Most suitable for the customers who desire to invest their monthly surplus funds of a fixed amount for a fixed period and reinvest the accured / earned interest thereon at an attriactive rates of interest. The depositors can set the target for maturity amount, period & enjoy the benefit of quarterly compounding of interest.
| Eligibility | An individual singly/ jointly. Natural guardian for his /her minor.Minor above 10 years in his/her own name. Joint Hindu Family (HUF) provided the HUF is not engaged in the trading or business activity. Trust, Society, Club, School etc. can open the account with a minimum Rs. 100/- in Rural and Semi Urban Branches and minimum Rs. 250/- in Urban and Metro branches. |
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| Amount | Maximum amount in case of minor's account Rs.500/- p.m. |
| Period | Monthly instalments can be from 6 months to 120 months with quarterly interval |
| Interest | Applicable as per term deposits rates table. No tax deducted at source |
| Tax Deduction at Source | Not applicable. |
| Nomination | Accepted |
| Transferability Option | Available within Bank's Branches |
| Other facilities | 1)Loan or overdraft against the deposit is available. Premature payment is permissible. 2)Standing Instruction Facility is available. |
