Important Features and Key Points On RECURRING DEPOSIT

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Oct 24, 2015, 7:59:10 AM10/24/15

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Features

Individual (singly or jointly) with others.
Minor who have attained the age of 10 years and above in his/her own name on giving proof of age.
Minors below the age of 10 years under guardianship of Natural/legal guardian.
Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body
Hindu Undivided Family
Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
Municipality or Panchayat, Government or Quasi-Government body.
Illiterate and blind persons can also open accounts.

Terms & Conditions:

Period of RD - 6 months to 120 months in multiple of 3 months
Premature withdrawal is allowed.
TDS is applicable.
Withdrawals on maturity or one month after deposit of last installment, whichever is later.
Generally loans/overdrafts against deposits are allowed.
Interest on overdue deposit is paid as per prevalent policy of the bank from time to time.
Interest on bank deposits is exempt from income tax up to a limit specified by Income Tax authorities from time to time.