Recurring deposit is a type of deposit wherein the depositor pays an agreed fixed amount of money into his/ her account every month over a stipulated period. On the expiry of the period, the installments deposited are repaid along with the interest there on as per the agreed terms and prevailing rules.
Eligibility and Target Group :-
The period of deposit should be in multiples of 3 months, the minimum period being 6 months and the maximum 120 months.
Rate of Interest:-
The rates of interest applicable to Recurring Deposits are as per guidelines issued from time to time by Bank. The interest is computed at quarterly rests on the basis of monthly products with the help of Interest Tables.
LOAN AGAINST RECURRING DEPOSIT:-
For more details,please contact the Zila Sahkari Bank Ltd. Kanpur nearest Branch.