Looking to save systematically with attractive interest rates? Look no further than Uttar Bihar Gramin Bank’s Recurring Deposit (RD) scheme. Let’s break it down for you:
Who’s Eligible?
- Individual Account: Open an RD as an individual.
- Joint Account: You can open a joint RD with up to four members.
- Minor Account: Even minors aged 10 years or above can have an RD, either individually or jointly with a guardian.
Types of Deposits Allowed
- Minimum Deposit: Start with as low as Rs. 5/- per month (and its multiples).
- Payment Mode: You can make payments in cash or through an inter-account transfer.
Tenure
- RDs can be opened for a period ranging from 6 months to 10 years.
Interest Rates
- The interest rates may vary from time to time. Please check with your branch for the current RD interest rates.
Additional Interest Rate Benefits
- Senior Citizens (Aged 60 and Above): Enjoy an additional 1.0% interest rate.
- Staff/Ex-Staff/Staff Widows & Widowers: Get an extra 1.0% interest rate.
TDS: Not Applicable
- TDS (Tax Deducted at Source) is not applicable to RDs.
Nomination Facility
- Available for individual and joint accounts.
Premature Closure
- You can close the RD account prematurely after one month from the last installment or at the end of the account term, whichever is later.
Loan Facility
- You can avail a loan against your RD, up to 90% of the deposit amount.
Penalty for Late Deposits
- For late monthly installment payments, a penalty of Rs. 1058 per 100/- per month is applicable.
Documents Required for Account Opening
- Application on the bank’s prescribed format.
- Copy of PAN Card (Form 60 or 61) if you don’t have a PAN card).
- Proof of identity and address.
- Photographs of the account holder(s).
Saving systematically with a recurring deposit is a smart way to meet your financial goals. Whether you’re planning for your child’s education, a dream vacation, or any other financial objective, our RD scheme can help you achieve it. For more details or to open an RD account, visit your nearest Uttar Bihar Gramin Bank branch today.