Recurring Deposit
Objective
Recurring Deposit allows you to build up a sizable capital over a period, in a regular, systematic and safe way. Please visit your nearest OGB branch for opening of Recurring Deposit.
Minimum balance
Rs.100 or multiple of ₹ 100.No ceiling on maximum amount.
Eligibility
Individuals
Individuals jointly with other Individuals
For minor individual by Guardian
HUF
Sole proprietary concerns
Firms
Joint stock companies
Features & Benefits
Minimum Rs.100/- per month (in multiples of ₹ 100/-). No ceiling on maximum amount.
Deposit can be opened for period ranging from 6 months to 10 years.(In multiples of 3 months)
Standing instruction facility will enable automatic transfer of instalment amount from your savings account.
Earn Interest at Cumulative Fixed Deposit rates, compounding quarterly.
Premature closure is allowed with penalty.
Loan facility is available for Recurring deposit up to 90% of the amount present in your deposit account.
TDS applicable as per the extant IT guidelines.
Nomination facility available.