Navabharat Recurring Deposits
Recurring Deposits provide an opportunity to build up savings through regular monthly deposits of fixed sum over a period of time.
Features:
- Period of deposit: Minimum-12 months, Maximum - 120 month
- Available at all branches
- Minimum deposit amount is Rs. 100/- per month (thereafter in multiples of Rs. 10/-)
- Maximum Deposit Amount: No upper limit
- Penalty charges for non-Deposit of monthly Instalments:
* For a/c with maturity period 5 years and less Rs. 1.50 per Rs. 100/- per month.
* For a/c with maturity period above 5 years- Rs. 2.00 per Rs. 100/- per month
- A service charge of Rs. 10/- will be levied on Recurring Deposit accounts paid out on or after the date of maturity, wherein there is default in payment of three or more consecutive instalments and the account has not been regularized.
- In case six consecutive instalments are not received, the account shall prematurely be closed, and balance paid to the account holder.
- Instructions for disposal of maturity proceeds are accepted at the time of opening of accounts.
- Nomination available in favour of an individual only.
- Universal Passbook is issued.
- Loan/OD against deposit is available.
- Transferability allowed among our branches
- Rate of Interest as applicable to Term Deposits for Public and Senior Citizens.
Terms and Conditions.
Premature Closure Allowed subject to premature penalty as under:
- The interest shall be 1% below the rate applicable at the time of deposits for the period deposit remained with the Bank or 1% below the contracted rate, whichever is lower.
- TDS is applicable as per Income Tax Rules.
- Form 15G/15H can be submitted by the Depositor to get exemption from tax deduction as per Income Tax Rules.
