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Deposits

Recurring Deposits

Build your savings bit by bit through regular monthly deposits

 

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Investment Amount

Monthly installments of minimum Rs. 500 and above in multiples of Rs. 500 thereof

Tenure

Minimum - 6 months
Maximum - 10 years

Save Regularly

Build your savings through fixed monthly deposits

eDGE Loyalty Rewards

Earn up to 300 eDGE Loyalty Reward points when you open a Recurring Deposit of Rs.2000 or more

Features and Benefits

Save through fixed monthly deposits over a fixed period. Total repayable amount, inclusive of interest depends on the installment amount and the deposit period.
  • For Rupee Term Deposits of a contracted amount less than Rs 5 Crores opened/renewed on or after May 1, 2014( including Flexi deposits), interest rate shall be 1.00% below the card rate, prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1.00% below the contracted rate, whichever is lower. However, for Rupee Term Deposits closed within 14 days from the date of booking of the deposit interest rate shall be rate applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower.
  • For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower. This would also be applicable on Rupee Term Deposits closed within 14 days from the date of booking of the deposit.
  • There would be no premature withdrawal penalty on NRE Term Deposits.
  • For Recurring Deposits opened on or after 9th August,2016, in case of delay in payment of any installment/s beyond the calendar month, the depositor /s shall be liable to pay a penalty at Rs. 10 per Rs. 1000 per month for the period of delay
  • For Existing Recurring Deposit Customers, in case of delay in payment of any installment/s beyond the calendar month, the depositor /s shall be liable to pay a penalty at the existing Business Prime Lending Rate +4% for the period of delay
  • Fraction of a month will be treated as full month for the purpose of calculating such penalty i. e. if the installment due on 31.05.2011, is paid on 02.06.2011 the delay shall be treated as one month

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