DEPOSIT SCHEMES - RD
RECURRING DEPOSIT SCHEME
Who can open an account
+ An individual who is not insolvent or insane, can open an account singly or jointly.
+ A minor can open Saving bank Account and the same can be ope rated by the natural guardian or by minor himself / herself, if he / she is above the age of 10 years. The account can also be opened jointly.
+ On attaining majority, the erstwhile minor should confirm the balance in his / her account and if the account is operated by the natural guardian / guardian, fresh specimen signature of erstwhile minor duly verified by the natural guardian / guardian would be obtained and kept on record for all operational purpose.
+ Such accounts can be opened by Individuals (singly or jointly), a firm, company, club, Association , Institution, Govt. or Semi Govt. Body, Co-operative societies, religious and charitable institutions etc.
Minimum deposit in the Account - Minimum of Rs. 10/-
Maximum deposit in the Account - Maximum of any amount per month.
Minimum and Maximum tenure
Minimum tenure - Minimum period six months.
Maximum tenure - Maximum 10 years.
Rate of Interest
+ As per rate applicable to fixed Deposit for the respective maturity period.
Periodicity of Interest
+ The interest is compounded at quarterly intervals but paid along with principal at the time of maturity of deposit.