Recurring deposits
Recurring deposit is a type of deposit wherein the depositor pays an agreed fixed amount of money into his/ her account every month over a stipulated period. On the expiry of the period, the installments deposited are repaid along with the interest there on as per the agreed terms and prevailing rules.
Eligibility and Target Group :-
- Individual - In his/her name
- Two or more Individuals - Joint Accounts in their names.
- Minors
- Sole Proprietary Concerns
- Partnership Firms,
- Limited Companies
- Illiterate Persons, Blind Persons,
- Students of the age of 10 years and above.
Maturity Value:-
The period of deposit should be in multiples of 3 months, the minimum period being 6 months and the maximum 120 months.
Rate of Interest:-
The rates of interest applicable to Recurring Deposits are as per guidelines issued from time to time by Bank. The interest is computed at quarterly rests on the basis of monthly products with the help of Interest Tables.
LOAN AGAINST RECURRING DEPOSIT:-
- Loan facility is available against pledge of RD observing the prescribed procedure for such loans.
Note:- For more details,please contact our nearest Branch of Zila Sahkari Bank Ltd. Haridwar.
