Recurring Deposit Plan

Recurring Deposit

Recurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.

Tenure of Payment.

The tenure of tile account is 12 months and above.

Mode of Payment

AIl payments to the company shall be made either in cash or by cheque/draft against the receipt countersigned by its authorized signatory payments by any mode or media other than mentioned above shall be at the member account holder's own risk. The cheque/draft shall be credited in the name of member Account Holder subject to clearance by the bank. Out station cheques shall not be accepted

lssue of Passbook:-

A passbook will be issued to every Member Account Holder. The Member Account Holder shall get the pass book updated at regular intervals. If any discrepancy or difference in the amount is found between the entries made in the passbook and receipts duly countersigned by the authorized signatory of the branch office bearing seal. Payment shall be made on the basis of receipts only.

Terms & Conditions:
  • It is mandatory to be a member in the company.
  • Interest will be calculated on yearly basis.
  • Loan on deposits will be charged at 18% yearly compound interest basis
  • 1 month after paying last instalment or maturity amount due date whichever is more will be applicable for payment of maturity amount.
  • On irregular deposits if all irregular pending deposits are paid then such account will be treated as regular. Even if there is default in payment of 1 instalment, the said account will be treated as irregular.
  • Irregular deposits are not entitled for pre mature payment and loan facility against it.
  • After maturity date, payment on irregular accounts will be made after deducting the penalty amount maximum to the limit of interest earned on such account. No deductions will be made on principle amount of such accounts.
  • If R.D. is matured after 3 month but before 6 month no interest will be paid.
  • R.D. will not be premature within first 3 month.
  • Company will issue 1 shares (10/- Rs) for RD Plan.
  • If any person premature its R.D then the person will be paid 2% , less of maturity interest after 6 months to 60 months
  • If any person premature its R.D then the person will be paid 2% , less of maturity interest after 6 months to 60 months.

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