WHAT IS RECURRING DEPOSIT

Making repeated deposits is referred to as recurrent deposits. Many banks offer this service, which allows customers to deposit money on a regular basis and receive respectable returns.

An RD account is defined as “a banking or postal service account in which a depositor deposits a specific sum each month for a specified period of time (often ranging from one year to five years).” This arrangement is for those who desire to invest a specific sum each month in anticipation of obtaining a payoff in a few years.

GENERAL TERMS & CONDITION

• The monthly installments of recurring deposit scheme have to paid every month regularly on the day of deposit date in a given monthly the 15 days grace period will be provide without any additional charges and penalties.
• The additional charges of 10% will have to be paid on the payable installments amount along with the interest @ 1.5% on the unpaid monthly installment amount for this non-payment of installment in the 2nd month the interest levies and charges will be calculated the accumulated unpaid installment amount dues along with the interest payable lives and other charges.
• The similarly for the subsequent unpaid monthly installment the amount will be calculated on the unpaid accumulated payable dues towards the recurring monthly scheme If the monthly installment of 5 are unpaid then the RD will be treated lapsed and the deposited installment amount as per term and condition will be paid only completion of the recurring deposit scheme period
• The lapsed RD policy can be again revived/ commenced on the payment of all the interest and charges accumulated as mentioned above along with the additional charges of rs100 ( rupees one hundred only)
• That the one completion RD scheme the payable amount will paid on completion of 30 days in the account of RD scheme holder only.
• The RD scheme holder have to pay the minimum 3 intallment is mandatory.
• All the terms & condition as referred above in the general terms and condition will also be applicable in the RD scheme