|
 5
Year Recurring Deposit (RD)
Interest
Rates
Maturity value from time to time (for
denomination of Rs.10/):
|
Period
during which opened
|
Amount
repayable for an account of
Rs.
10/- denomination
|
|
From
|
To
|
|
01.10.1991
|
01.09.1993
|
856.40
|
|
02.09.1993
|
31.12.1998
|
833.40
|
|
01.01.1999
|
14.01.2000
|
811.15 |
|
15.01.2000
|
28.02.2001
|
789.60
|
|
01.03.2001
|
28.02.2002 |
758.53
|
|
01.03.2002
|
28.02.2003 |
748.49
|
|
01.03.2003
|
onwards |
728.49
|
Features
Minimum
amount of Deposit is Rs.10. No
maximum limit. Deposit should be made every month within the
calendar month. Default
fee is chargeable for delayed deposit at
0.20
P. per month of delay, for Rs.10 Dn.
Maximum defaults allowed in an account is four (4).
After four defaults the
account is treated as
‘discontinued’.
Discontinued account can be revived by paying defaulted
deposits, within two months
from
the fifth default. If it
is not so revived, the account cannot be continued.
For advance deposits, including deposit
for current month, rebate is allowed
at the rate:
Denomination
Rs.10.
6 advance deposits…….Re.1/-
12 advance deposits:
4/-
Premature closure is permitted on completion
of 3 years from the date
of opening. Interest is to be
calculated as per the rules and rate applicable to individual savings
account. at the rate applicable to
savings account from time to time is calculated and paid.
One withdrawal is permitted from the account
on completion of one year from the date of opening, on
the
conditions that:
i.
At least 12 deposits should have been made
ii.
Account should not have been discontinued one.
iii.
Amount not exceeding 50% of the balance.
iv.
Withdrawal may be repaid in one lump or in equal monthly
installments.
v.
Interest is charged at 15%.
After
maturity of the account, it can be continued for a further period of 5
years with or without further
deposits. During this extended period, the account can be closed at any
time. Post maturity
interest is
paid at the
prescribed rate.
Under the protected savings scheme, on the
death of depositor before maturity of the account, the
legal heir
is entitled to get full maturity value, subject to the conditions:
i. Age of the
depositor at the time of opening should be between 18 and 53
ii. Benefit limited to
the maturity value of Rs.50 denomination
iii.
Account should not have been discontinued as on the date of
death
iv.
At least two years should have been completed
v.
At least 24 deposits should have been made.
vi. For the first
24 months no default should be outstanding.
vii. No withdrawal
should have been taken during the first
24 months.
Interest earned is
exempted as per Section 80L of Income Tax Act.
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