Recurring Deposit (RD)
A Recurring Deposit (RD) is a disciplined savings scheme that allows members to build a substantial corpus by depositing a fixed amount regularly over a chosen period. It is an ideal savings option for individuals who wish to invest small amounts every month and gradually accumulate funds for future financial goals.
At RashtrakutaSouharda Co-operative Society Limited, the Recurring Deposit scheme encourages systematic savings while offering attractive interest returns similar to other term deposits. By contributing a fixed monthly installment, members can steadily grow their savings and receive the accumulated amount along with interest at the time of maturity.
Recurring Deposits are particularly suitable for planning future financial commitments such as education expenses, family needs, business investments, or other long-term goals.
Recurring Deposit Interest Rates
Build disciplined savings through monthly deposits and enjoy attractive returns with our RD schemes.
Recurring Deposit Interest Rates
| Deposit Period | Interest Rate | Maturity Benefit |
|---|---|---|
| 12 Months | 7.00% | Stable Growth |
| 24 Months | 8.00% | Better Returns |
| 36 Months | 9.00% | High Savings Value |
| 60 Months | 10.00% | Long-Term Wealth |
Recurring Deposit Highlights
- Convenient savings scheme with fixed monthly deposits
- Encourages disciplined and regular saving habits
- Attractive interest rates depending on the deposit period
- Interest compounded periodically for better returns
- Flexible deposit tenure options available
- Loan facility available against RD balance (as per society rules)
- Nomination facility available for security of the deposit
Recurring Deposit schemes are widely used by banks and cooperative institutions because they help individuals build savings gradually through regular contributions instead of a lump-sum investment.
Eligibility
Recurring Deposit accounts can generally be opened by:
- Individual members
- Joint account holders
- Minors through a guardian
- Hindu Undivided Families (HUF)
- Partnership firms
- Companies and institutions
- Trusts, associations, and cooperative organizations
These accounts allow both individuals and institutions to build savings through periodic deposits.
| Deposit Amount & Tenure | |
|---|---|
| Minimum deposit amount: | Rs. 100/- |
| Maximum | Maximum - No ceiling |
| Tenure Options |
Members can select the deposit period according to their financial goals. Recurring Deposit schemes generally provide flexible tenure options. Typical deposit periods include:
|
Loan Against Fixed Deposit
Available with margins based on the residuary period (from loan date to maturity date):
| Residuary Period of Deposit | Margin Required | Maximum Loan Amount |
|---|---|---|
| Less than One year | 10% | 90% of Deposit Value |
| One year to Less than Two years | 15% | 85% of Deposit Value |
| Above Two years | 25% | 75% of Deposit Value |
The rate of interest chargeable on the Loans shall be 2% more than the rate of interest payable on the term deposits for General Public & 1% More in case of for Senior Citizen. Maximum period 1 year/ 12 months for Over Draft Facility against term deposits
Premature Closure
- In case of payment before maturity Interest up to 30 days will be Nil
- Above 30 days, 1% less than applicable rate of Interest for the actual period for which deposit is kept with the Bank.
Nomination Facility
Nomination facility is available for Recurring Deposit accounts so that the deposit amount can be transferred to the nominee in case of unforeseen circumstances.
Documents Required
To open a Recurring Deposit account, the following documents are generally required:
- Duly filled account opening application form
- Identity proof and address proof as per KYC norms
- PAN card or Form 60/61 (if PAN is not available)
- Recent passport-size photographs
- Additional documents as applicable for firms, companies, or institutions
Auto renewal of deposit
Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance.
Overdue deposits
If a Term Deposit matures and proceeds are unpaid, the amount left unclaimed with the Bank shall attract rate of interest as applicable to saving account or the contracted rate of interest on the matured Term Deposit, whichever is lower or as per RBI guidelines charges from time to time.