A secure and disciplined way to save money! Our Recurring Deposit (RD) Account helps you grow your savings with attractive interest rates, ensuring financial security for the future.
Key Features & Benefits:
✔ Flexible Deposit Options:
- Monthly installment amounts starting as per customer preference.
- Tenure options ranging from 6 months to 10 years.
✔ Attractive Interest Rates:
- Competitive interest rates for general customers.
- Special higher interest rates for senior citizens.
- Exclusive benefits and rates for bank staff.
✔ Guaranteed Returns:
- Interest compounded quarterly to maximize savings.
- Safe and risk-free investment with assured growth.
✔ Premature Withdrawal Facility:
- Allowed as per bank policy with nominal charges.
- Interest paid on premature withdrawal as per applicable rules.
✔ Loan Against RD:
- Avail loans against your RD balance at attractive interest rates.
- Get up to 90% of your RD amount as a loan.
✔ Additional Customer Benefits:
- Helps in developing a disciplined saving habit.
- No market risks involved, ensuring financial security.
- Simple account opening process with minimal documentation.
- Option to auto-renew RD upon maturity for continued growth.
- Nomination facility available for added security of funds.
- Joint RD accounts can be opened with family members.
- Deposits qualify for tax benefits under applicable sections of the Income Tax Act.
Eligibility:
- Any individual customer, senior citizen, or bank staff can open an RD account.
- Minors can open an account under guardianship.
Documents Required to Open an RD Account:
- Identity Proof: Aadhaar Card / PAN Card / Voter ID / Passport
- Address Proof: Aadhaar Card / Utility Bills / Rent Agreement
- Passport-sized Photographs
- Duly Filled Account Opening Form
Terms & Conditions:
- The minimum monthly installment must be deposited on or before the due date each month.
- Late deposits will attract a penalty as per bank policy.
- Premature withdrawal is subject to applicable charges and reduced interest rates.
- Loan against RD is available after maintaining a minimum tenure as per bank guidelines.
- TDS (Tax Deducted at Source) is applicable on interest earned as per government regulations.
- The bank reserves the right to modify interest rates and policies as per regulatory guidelines.
How to Open an RD Account?
Visit your nearest branch of The Mahendragh Central Co-op Bank Ltd. with necessary documents to start your Recurring Deposit today! Secure your future with small, regular savings.
For more details, contact our customer care or visit your nearest branch!
