- Minimum amount of core instalment required to open an account is Rs.100/-thereafter in multiple of Rs.100/- above core installment.
- Monthly deposit amount can be increased only up to 3 times of the core instalment subject to maximum of Rs.10,000/- per month.
Duration: Minimum 12 Months and Maximum 120 Months. i.e. Term of FRD can be for 12,15,18,21,24…………120 months.
Maturity of Deposit: One month after payment of last installment OR Due date, whichever is later.
Nomination facility will be available as per extant guidelines.
Tax Deduction at Source
TDS will be deducted on interest payments as per extant guidelines.
Premature payment facility will be available as per extant guidelines.
Availability of Loan/Overdraft against security of Deposits:
Loan / overdraft facility is permitted up to 95% of outstanding balance at interest rate as per Bank’s existing guidelines issued from time to time for LABOD/ODBOD.
At present the applicable rate of interest on LABOD/ODBOD is 1.00% over interest rate on Fixed Deposit. In case of LABOD/ODBOD against third party FDRs, the applicable rate is 1.00% over interest rate on Deposit rate or Base Rate +0.25% whichever is higher.
In the event of delayed payment of installment/s: No penalty.
Other Terms and conditions
All other terms and conditions as applicable to Recurring Deposit shall be applicable under these products.