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Recurring Deposit Scheme |
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Name of the Scheme |
Interest |
Maturity Period |
Limit of Deposit |
I. T. Benefit |
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RD |
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5 years |
Min. Rs. 100 Deposit can be in multiples of Rs. 5 Max. No Limit |
IT concession for interest u/s 80L upto Rs. 12,000 |
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How To Open Account |
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This account can be opened by a single adult or two adults jointly or a minor who has attained the age of 10 years, or a guardian on behalf of a minor. |
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Monthly deposits may be made in multiples of Rs. 5 subject to a minimum of Rs. 10. |
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A depositor may have any number of accounts in his own name of jointly with others. There is no ceiling on deposits. Monthly installments can be paid in advance and in that case an attractive rebate is allowed. |
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Account may be opened through authorized Agents under Mahila Pradhan Kshetriya Bachat Yojona (MPKBY). |
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Rate of Interest |
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The following chart shows the amount to be paid to an investor after the maturity period of 5 years. |
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Monthly Instalments |
Total Deposit in 5 years Rs. |
Amount payable after maturity Rs. |
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10 |
600 |
728.90 |
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50 |
3000 |
3644.50 |
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100 |
6000 |
7289.00 |
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Loan Facility |
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Loan up to half of the deposit may be taken after one year and before maturity. This must be repaid together with interest in one or more installments. Loan not repaid id deducted together with interest from the maturity value. |
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Life Insurance Benefit |
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In case of death of a depositor, his legal heir or nominee becomes entitled to get immediately the full maturity value of the account/accounts subject to the ceiling of the maturity value of an account of denomination of Rs. 50, provided- |
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(a) |
The account is not a discontinued one. |
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(b) |
Twenty-four months have elapsed from the date of opening of the account, and |
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(c) |
The age of the depositor at the time of opening of the account was between 18 and 53 years. |
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RushatiINDIA & Associates 60(24/16) Vivekananda Road, Sukantapally PO: Sheoraphuli, Dist: Hooghly, WB, India Pin: 712 223 Phone: +91- 9433235073 Email: [email protected] |