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Eligibility & Documents
Any individual can open RD account. Product is available for Resident and Non Resident clients and applicable for Personal, Premium, Priority, Non Resident, Employee banking and Private banking segments.
Type of offering – Resident RD, Non-Resident RD, Senior Citizen RD, Staff RD
Currency – Indian Rupee only
Installment option – Monthly
Minimum installment amount- INR 1,000 / per month
Maximum installment amount – INR 100,000 / per month
Installment amount can be in multiples of INR 100/-
Minimum holding period – a) Resident/Senior citizen/Staff – 3 months, b) NR RD – 1 year
Premat upliftment penalty – 1% on prevailing interest rate (for more details refer below)
Installment dates – Installment dates should be between 1st and 28th of the month
Interest earned on RD will be credited to underline CASA account on maturity date along with principal amount.
Following is mandatory for RD account set up:
FATCA & CRS declaration
There should not any transaction hold on the funding account
Joint savings account holders can open Recurring Deposits online.
Senior citizens can open Recurring Deposits online.
Applicable for ‘either or survivor’ joint account holders only, subject to FATCA & CRS information being updated on the bank’s system for both the account holders.
In the absence of PAN details, TDS at a higher rate of 20% will be applied on resident Time Deposits with interest income of INR 10,000 (for senior citizen limit is Rs. 50,000 )or above during the financial year.