Recurring Deposit Scheme (RD)
Recurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits. It is similar to making FDs of a certain amount in monthly installments, for example Rs 1000 every month. This deposit matures on a specific date in the future along with all the deposits made every month. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time.Minimum Period of RD is 24 months and maximum is 5 years.
HASSLE FREE OPENING
SAFE & SECURE INVESTMENT
HIGHER INTEREST RATES
LOAN FACILITY AVAILABLE
| Recurring Deposit Scheme (RD) | ||||||
|---|---|---|---|---|---|---|
| S.NO. | MONTH | RATE OF INTEREST | MLY DEPOSIT | TOTAL DEPOSIT | MATURITY AMOUNT | LOAN OF PRINCIPAL |
| 1 | 24 | 10% | 1000 | 24000 | 26950 | 75% |
| 2 | 36 | 11% | 1000 | 36000 | 43510 | 75% |
| 3 | 48 | 12% | 1000 | 48000 | 61830 | 75% |
| 4 | 60 | 12.5% | 1000 | 60000 | 83630 | 75% |
Terms & Conditions:
- It is mandatory to become a member in SBI Nidhi Limited. to open a R.D. Account.
- It is Mandatory to complete the KYC Norms.
- Open an account with your choice of period from 1 Year to 5 Years.
- Interest will be calculated on quarterly compound basis.
- Interest amount is subject to TDS deductions as per existing income tax rules.
- Rate of Interest for Senior Citizens, Women & Ex-servicemen shall be 0.50% higher than normal prevailing interest rate on Recurring Deposit.
- The Member Account Holder shall surrender the passbook and duly signed application to the company and the maturity shall be paid along with interest as per the above-mentioned Chart. No additional interest would be paid on the maturity amount, if taken after the scheduled period..
- Facilities: Loan facility is available against deposits. Nomination facility is available for deposits.
- Irregular deposits are not entitled loan facility against it.
- On irregular deposits, if all irregular pending deposits are paid then such account will be treated as regular. However, if there is default in payment of even 1 installment, the said account will be treated as irregular.
- SBI Nidhi Limited. reserves the right to alter or add to these rules at any time without any notice.
- At the time of maturity, payment on irregular accounts will be made after deducting the penalty amount maximum to the limit of interest earned on such account. No deductions will be made on principle amount of such accounts.
- Interest rates are subject to change at the sole discretion of the SBI Nidhi Limited.