Recurring Scheme |
This scheme is been introduced for monthly saving where you can deposit a certain amount specified period by the bank. Recurring deposit account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate.
Along with this we have various schemes of deposits like Fixed Deposit Monthly Interest Scheme, Quarterly Interest Scheme, Half Yearly Interest Scheme,
Minimum Amount of deposit: 100 & in multiples of 100/-
Period : Min-12 Months & Max-120 Months
Facilities Offered:-
- Monthly Standing Instruction are accepted. (For installment credit)
- Installment credit through ECS facility is all offered.
- Loan against Recurring account is granted as per prevailing rules.
Term Deposit |
Sr. No. | Period | General | senior citizen | co-operative society |
1 | 30 days to 90 days | 4.00% | 4.50% | 5.00% |
2 | 91 days to 180 days | 5.00% | 5.50% | 5.50% |
3 | 181 days to 365 days | 5.25% | 5.50% | 5.50% |
4 | Above 12 Months to 24 Months | 7.00% | 7.50% | 8.00% |
5 | Above 24 Months to 36 Months | 7.50% | 8.00% | 8.00% |
6 | Above 36 Months | 6.50% | 6.75% | 7.50% |
7 | Saving account | 3.00% |
Term Deposit |
Rajarshi Shahu Sahakari Bank offers following schemes to its customers:-
Monthly Deposit Scheme |
• Interest amount will be paid Monthly.
• Interest will be paid in cash or credited to the customers Bank Account through ECS / Pay Order/ NEFT.
Quartely Deposit Scheme |
• Interest amount will be paid Quartely.
• Interest will be paid in cash or credited to the customers Bank Account through ECS / Pay Order / NEFT.
Half Yearly Deposit Scheme |
• Interest amount will be paid Quartely.
• Interest will be paid in cash or credited to the customers Bank Account through ECS / Pay Order / NEFT.
Under this scheme investor invest a certain amount for a given period and j amount is paid on maturity with interest on quarterly compounding basis. I This is the most common form of deposit. GENERAL :-
• Individual/Two or more persons in their joint names.
• Co-operative Societies, Registered Trust, Institutions and Associations etc.
• By a natural guardian
Note for all above schemes :–
1.Rate of Interest will be as per RBI directive & as per Bank’s policy from time to time.
2.Premature withdrawal of term deposit is allowed subject to prevailing bank rules.
3.Renewal is carried out at the rate of interest prevailing on the date of maturity provided overdue period does not exceed 14 days from the date of maturity.
4.Where a receipt gets matured and overdue period exceeds 14 days, interest would be paid as per interest rate applicable to Savings Bank deposit provided the depositor renews the deposit for a further minimum period as per bank clause. If not renewed then in such case no interest will be paid.
5.Loan against Term Deposit is given immediately as per prevailing rules.
6. TDS is whenever applicable.