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Recurring Deposit Account

The scheme is designed to encourage salaried and small time savers groups of customers with regular income to save through this account. The scheme is otherwise referred as Recurring Deposit Saving Scheme (RDSS). It is opened for a purpose to be served at a future date. It is aimed at financing pre planned future purposes like acquiring landed properties, construction of home/building, investing on business ventures, preparing for educational expenses of the children or spending on luxury cars. It is for those who want to save regularly for a certain period of time and earn a higher interest rate.

  • Individuals
  • On behalf of minors

  • Saving Account
  • Recurring Deposit Opening Form
  • 2 copies of passport sized photographs.

  • The overdraft facility can be availed by pledging this account.
  • It can be opened in the name of minor under the natural guardianship of parents or legally appointed regent

  • Monthly installment will be auto-linked with a Savings Account and on maturity, the amount will be directly credited to the Savings Account.
  • RD can be prematurely closed and the interest rate will be 1 % less from the maturity rate as on the date for the completed deposit period.

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