Nagarik Sahakari Bank Ltd., Bhiwandi, offers a Recurring Deposit (RD) scheme, which functions as a special type of term deposit for individuals with regular income to save a fixed amount monthly. This account allows depositors to build a savings corpus over a fixed period of time.
Key Features and Details
► Minimum Deposit Amount: The account can be opened with a minimum monthly installment of ₹ 100/- and in multiples of ₹ 10/- up to ₹ 1000/- for a single installment.
► Tenure: RDs are accepted for periods in multiples of three months, with a minimum period of 24 months (2 years). Other common terms offered by similar banks are 12, 24, 36, 48, and 60 months.
► Interest Rate: The interest earned on the accumulated amount is generally the same as that applicable to Fixed Deposits (FDs). The specific rate varies according to the deposit period.
► Maturity: The accumulated deposit along with interest is payable after 30 days of the date of the last installment deposited.
► Penalty for Delayed Installments: A penalty of ₹ 1.50 per ₹ 100/- per month of the installment amount is charged for delays in payment.
► Premature Withdrawal: Generally allowed, but a penalty (e.g., 1% reduction in the applicable interest rate) may be imposed.
► Loan Facility: A loan facility may be available against the deposit amount.
► Nomination: Nomination facility is available.
► Deposit Insurance: Deposits are insured up to ₹ 5,00,000/- through the Deposit Insurance and Credit Guarantee Corporation (DICGC).
How to Open an RD Account
To open a Recurring Deposit account with Nagarik Sahakari Bank Ltd., Bhiwandi, you typically need to visit a branch.
Visit the Branch: Go to your nearest Nagarik Sahakari Bank Ltd., Bhiwandi branch. Fill out the Form: Complete the RD application form, specifying the desired monthly installment amount, tenure, and nominee details. Provide Documents: You will need to fulfill KYC norms by providing valid proof of identity and address (e.g., Aadhaar Card, PAN Card, Passport, Voter's ID, Driving License). Make the Initial Deposit: Submit the initial installment payment via cheque or cash. You can also set up a Standing Instruction from your savings account for automatic monthly debits.
