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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. |