Eligibility

By an individual in his/her own name.
By more than one individual in their joint names with
suitable repayment instructions.
On behalf of a minor by his/her natural guardian or by a
guardian appointed by court.

 In the name of institutions/Corporate/proprietorship/partnership/
Trust/HUF etc

Scheme Code

RDFLX

Scheme Details

Recurring Deposit scheme with step-up and step-down option in monthly instalments.
Customer have to declare the monthly instalment i.e
 “Core amount” at the time of opening of the account and deposit the same as initial instalment.
Customer can deposit multiple times in a month in the account.
The maximum permissible amount per month is 10 times the core amount or Rs 100000/- whichever is lower.

Step Up Option

Depositor can increase (Step Up) the monthly instalment amount up to 10 times the Core Amount during any month. The instalment can also be deposited one or more times during a month, subject to maximum
Ceiling of 10 times Core Amount.
Example:CoreAmount-Rs.1,000/-
Customer can deposit maximum up to Rs.10,000/- per month.
The maximum permissible amount per month is 10 times the core amount or Rs 100000/- whichever is lower.

Step Down Option

After stepping up the instalment amount, a customer can also reduce the same (Step Down), in any subsequent month/s, but the same should not be less than the Core amount

Minimum Period

6 Months

Maximum Period

60 months (In multiple of 1 month)

Minimum Core Amount

Rs.100/- and in multiples of Rs.100/-

Maximum Core Amount

Rs.100000/-

Maximum Deposit amount in a month

10 times the Core amount or Rs.1,00,000/- whichever is lower

Rate of Interest

Rate of interest on this scheme will be as per the Term Deposit rate applicable for the period.

Interest payment Frequency

Interest will be calculated on daily product basis and credited to the account on quarterly intervals.

Penalty for delayed instalment

NIL

TDS

TDS will be deducted as per guidelines

Loan Facility

Available

Nomination Facility

Available as per guidelines      

Automatic Renewal

Not allowed

Premature Closure

Allowed. Interest will be paid for the run period at applicable
rate and penalty if any.

Penalty on Premature Closure

No penalty will be charged in case of premature closure.