- Minimum tenure for RD is 6 months, maximum up to 240 months. For NRE RD minimum tenure is 12 months.
- Minimum amount of Recurring Deposit is Rs. 1,000.
- Tax at source is deducted as per the income tax regulations prevalent from time to time. (Not Applicable for NRE Recurring Deposits).
- On pre-mature withdrawal of the RD, the interest will be calculated at rate applicable for the period for which RD has actually remained with the bank, subject to a penalty of 1%. However, there is no penalty for premature withdrawal of RD by senior citizens/super senior citizens.
- Penalty for missing installments will be 1% of installment amount for each month installment is missed. This penalty will be deducted from maturity amount.
- No interest is payable for NRE deposits prematurely withdrawn within the period of 1 year from the date of deposit.
- Senior Citizens (60 years to less than 80 years) are eligible for additional interest rate of 0.50% p.a. and Super Senior Citizens (80 years and above) are eligible for additional interest rate of 0.75% p.a. Senior Citizens/Super Senior Citizens rates are not applicable on Non Resident Recurring Deposits (NRE/NRO).