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.
| Recurring Deposit |
| Deposit Amount |
Deposit Amount (1-Year) |
Payment After 1-Year (7.5%) |
Deposit Amount (2-Year) |
Payment After 2-Year (8.5%) |
Deposit Amount (3-Year) |
Payment After 3-Year (9.5%) |
Deposit Amount (5-Year) |
Payment After 5-Year (10.5%) |
| 200 |
2400 |
2498 |
4800 |
5243 |
7200 |
8358 |
12000 |
15949 |
| 300 |
3600 |
3746 |
7200 |
7865 |
10800 |
12536 |
18000 |
23924 |
| 500 |
6000 |
6244 |
12000 |
13108 |
18000 |
20894 |
30000 |
39873 |
| 600 |
7200 |
7493 |
14400 |
15729 |
21600 |
25073 |
36000 |
47847 |
| 900 |
10800 |
11239 |
21600 |
23594 |
32400 |
26215 |
54000 |
71771 |
| 1000 |
12000 |
12488 |
24000 |
26215 |
36000 |
41788 |
60000 |
79746 |
| 1500 |
18000 |
18731 |
36000 |
39323 |
54000 |
62681 |
90000 |
119619 |
| 1800 |
21600 |
22478 |
43200 |
47167 |
64800 |
75218 |
108000 |
143542 |
| 2000 |
24000 |
24975 |
48000 |
52430 |
72000 |
83575 |
120000 |
159491 |
| 2100 |
25200 |
26224 |
50400 |
55052 |
75600 |
87754 |
126000 |
167466 |
| 2400 |
28800 |
29970 |
57600 |
62916 |
86400 |
100290 |
144000 |
191390 |
| 3000 |
36000 |
37463 |
72000 |
78646 |
108000 |
125363 |
180000 |
239237 |
|
| 6000 |
72000 |
74925 |
144000 |
157291 |
216000 |
250725 |
360000 |
478474 |
| 9000 |
108000 |
112388 |
216000 |
235936 |
324000 |
376088 |
540000 |
717711 |
| 10000 |
120000 |
124875 |
240000 |
262152 |
360000 |
417875 |
600000 |
797457 |
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