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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.
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.