Product Variants



Recurring deposits

Recurring deposits (RD) is a term deposit account where a customer invests fixed sum of amount at determined period in his recurring deposit account maintained with the Bank and interest is earned as per the pre-determined rate usually the same as fixed deposit rate. These accounts can be funded by giving standing instructions by which the Bank withdraws a fixed amount on a fixed date of the month from the savings account of the customer (as per his mandate), and the same is credited to RD account. Additionally the accounts can also be funded through cash. Recurring Deposit accounts are normally allowed for maturities ranging from 6 months to10 years.
The general features of an RD are as below: