Recurring Deposit

A Recurring Deposit (RD) is a savings scheme that allows you to deposit a fixed amount every month for a specific period and earn interest on the accumulated amount. It's a convenient way to save regularly and achieve your financial goals.

Key Features (General)

• Regular Savings: You deposit a fixed sum monthly.
• Fixed Tenure: You choose a period for your deposits (e.g., 12 months to 120 months).
• Interest Earnings: Your deposits earn interest, which usually compounds quarterly.
• Minimum Deposit: Often starts from a low amount, like ₹100 or ₹500 per month.
• Tenure Flexibility: You can usually choose a tenure ranging from a minimum of 6 months or 1 year to a maximum of 10 years.
• Nomination Facility: Available for appointing a nominee.
• Loan Facility: Some banks may offer a loan against your RD account.
• Premature Withdrawal: Usually allowed, but may incur a penalty.

Interest Rates

• Interest rates vary based on the tenure of the deposit.
• Generally, longer tenures may attract slightly higher interest rates.
• Cooperative banks may offer special interest rates for senior citizens or other specific categories.
• It's best to inquire directly with The Nadiad People's Co-op Bank for their current RD interest rates.

How to Open an RD Account (General Process)

• Visit a Branch: You'll likely need to visit The Nadiad People's Co-op Bank in person to open an RD account.
• Fill out an Application Form: Obtain and complete the RD account opening form.
• KYC Documents: Provide necessary Know Your Customer (KYC) documents such as:
• Proof of Identity (e.g., Aadhaar card, Voter ID, Passport)
• Proof of Address (e.g., Utility bill, Bank statement)
• Passport-sized photographs