Terms and Conditions
1. Interest rates are subject to periodic changes. The applicable interest rates will be offered based on the date and time of receipt of the funds by the Bank. The depositor shall ascertain the rates on the booking date of Recurring Deposit.
2. For Recurring Deposits, the interest rate applicable on premature closure of deposits will be the base rate applicable for the tenure for which the deposit has been in force with the Bank. The base rate is the rate applicable to Retail Fixed Deposits as on the date of booking the deposit.
3. For Recurring Deposits, the interest on Deposits is compounded at quarterly intervals, at the applicable rates. The interest will be calculated from the date the instalment is paid.
4. The Recurring Deposit shall mature on completion of the contracted tenure even if there are installments remaining to be paid.
5. If frequent defaults (non-payments) are observed in monthly instalments, and three instalments fall in debts, the Bank reserves the right to close the RD account. The interest rate applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.
6. The penalty on premature closure of Recurring Deposits has been fixed by the Bank at the rate of 1%.
7. In the event of insufficient funds to collect the RD instalment on the scheduled date, bank may attempt to collect the instalment from the linked account over next 5 days.
8. For Recurring Deposits, in case of premature closure within a month, no interest shall be paid out to the customer & only the principal amount shall be returned. No premature withdrawal penalty shall be charged if the closure happens within a month.
9. Please read the Terms & Conditions for Recurring Deposits to know more.