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.
For further details, contact the nearest Branch