Recurring Deposit
Features of a Recurring Deposit Account
- Recurring Deposit schemes aim at inculcating a regular habit of saving in people
- The minimum amount for deposits often varies from one bank to another. You could invest with an amount as small as Rs. 1000.
- The minimum period of deposit is six months, while the maximum period of a deposit is 10 years
- The rate of interest is equivalent to that offered for a Fixed Deposit. Therefore, the interest rates are higher than Savings accounts.
- Premature withdrawals are allowed however, at the discretion of the bank, they may allow you for foreclose of your account before the maturity period on certain conditions
- A Recurring Deposit can be funded periodically through Standing Instructions that are usually instructions given by the customer to the bank, to credit the RD account every month from his/her Savings or Current Account.
Documents Required
Most Important Saving A/c opened at the Bank.
Duly filled in Term Deposit Account Opening Form with valid residential proof (Light Bill) & ID Proof (Pan Card) with Mob no.
Passport size photos for individual and joint accounts.
Fixed Deposits
- Business Bank provides various Term Deposit schemes at attractive interest rates. Term deposit having additional interest earning for senior citizens . Nomination facility available.
- Deposit uoto 5 Lakh inclusive of Interest Per Person is insured with DICGC(Deposit Insurance Credit Guarantee Corporation).
- Fix Deposit (FDR) with monthly (FDM), quarterly (FDQ) and cumulative (RIS) interest payable options available. Also Bank provides a Recurring Deposit (RD) with standing Instruction to credit monthly installment & also SIDRD (Systematic investment Recurring Deposits) Accounts scheme with Higher Rate Of Int@ 7.82%. for 7 years to 10 years period of deposit.
- AutoRIS (Automatic Renewal Process) in this process automatic renew Only Yearly.
Term Deposit Rate of Interest w.e.f. 01/04/2023
| # | Fixed Deposit | Normal Rate | Senior Citizen |
|---|---|---|---|
| 1 | 15 DAYS TO 30 DAYS | 4.00% | 4.00% |
| 2 | 31 DAYS TO 90 DAYS | 4.50% | 4.50% |
| 3 | 91 DAYS TO 180 DAYS | 4.75% | 4.75% |
| 4 | 181 DAYS TO 366 DAYS | 5.50% | 5.50% |
| 5 | 367 Days TO 2 YEARS | 7.00% | 7.50% |
| 6 | 2 YEARS 1 Day TO 3 YEARS | 7.25% | 7.75% |
| 7 | 3 YEARS 1 Day TO 5 YEARS | 7.00% | 7.50% |
Documents Required
Most Important Saving A/c opened yet Bank
Duly filled in Term Deposit Account Opening Form with valid residential proof (Light Bill) & ID Proof (Pan Card) with Mob no.
Passport size photos required of borrower as well as guarantors(Photos Required)