Recurring Deposits.
A Recurring Deposit (RD) is a type of term deposit offered by Sanmati Sahakari banks and financial institutions that allows individuals to save a fixed amount of money regularly, usually on a monthly basis, for a predetermined period.
Amount of Deposit:
Monthly installment with a minimum Rs.100/- and in multiples Rs.100/- thereafter
Period of Deposit:
Minimum 6 months to maximum 120 months.
Mode of Payment:
By deposit of cash By transfer from Sb, CA account by issuing S.I.
Rate of Interest:
Attractive rate of interest paid on deposit by the bank from time to time on maturity pattterns.Penalty for late payment of monthly instalments.
Mode of Payment:
The proceeds will be paid one month after last installment is paid or maturity date whichever is later.
Benefits:
Loan facility is available Up to 90% of deposit amount.
Nomination facility is available.
Account can be transferred from one branch to another branch.