Recurring Deposits
Recurring Deposits refers to an account that provides the facility of saving a small amount of money for a certain period and also earn a high-interest rate. The term ‘recurring’ basically indicates to something that occurs periodically or repeatedly. These types of accounts are more commonly known as RD accounts. It offers a fixed interest on the amount that has been already invested (through monthly installments) at a specific frequency and the same rates as applicable for Fixed Deposits (FDs).
The minimum amount can be Rs.100/-
- MINIMUM PERIOD : 1 YEAR
- MAXIMUM PERIOD : 10 YEARS
Interest Rates on Term Deposits
W.E.F 09-09-2024
| TIME PERIOD | GENERAL | SENIOR CITIZEN | SUPER SENIOR CITIZEN |
| 15 DAYS TO 90 DAYS | 5.00% | 5.00% | 5.00% |
| 91 DAYS TO 180 DAYS | 5.50% | 6.00% | 6.00% |
| 181 DAYS TO BELOW 1 YEAR | 6.00% | 6.50% | 6.50% |
| 1 YEAR TO UPTO 3 YEARS | 8.25% | 8.75% | 9.00% |
| ABOVE 3 YEARS | 7.50% | 8.00% | 8.25% |
- FOR SENIOR CITIZENS DEPOSIT IN RD EVERY MONTH Rs.1354/- for 60 months and get Rs.1,00,000/-(One Lakh rupees) on maturity
- FOR General CITIZENS DEPOSIT IN RD EVERY MONTH Rs.1372/- for 60 months and get Rs.1,00,000/-(One Lakh rupees) on maturity
Deposit Insurance
Deposit Insurance on Deposits up to Rs. 5 Lakh is Applicable through DICGC, India.
The Deposit Insurance System in India is subject to the Provisions of Deposit Insurance Act (enacted in 1961). Deposit Insurance and Credit Guarantee Corporation (Wholly owned subsidiary of the Reserve Bank of India) is the body that operates the deposit insurance system.
