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By an NRI individual in his/her own name. By more than one NRI individuals 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.

Scheme Code


Scheme Details

Recurring Deposit scheme with step up and step down option in monthly installments. Customer has to declare the monthly installment i.e. “Core amount” at the time of opening of the account and deposit the same as initial installment. Customer can deposit multiple times in month in the account. The maximum permissible amount per month is 10 times the core amount or Rs 1,00,000/- whichever is lower.

Minimum Period

6 Months

Maximum Period

60 Months

Minimum Core Amount

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

Maximum Core Amount

Rs 1,00,000/-

Maximum deposit amount in a month

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

Rate of Interest

As per interest rate circular depending on the tenor

Interest payment Frequency

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

Penalty for delayed installment



TDS will be deducted as per guidelines

Loan Facility


Nomination Facility

 Available as per guidelines

Automatic renewal

Not Allowed

Premature Closure

Allowed. Interest will be paid for the run period at applicable rate.

Penalty on Premature Closure

No penalty will be charged in case of premature closure.

(*)No interest will be paid if installment is delayed.