Recurring Deposit Calculator

Recurring Deposit Calculator

Saving is Must Necessary for a Happy Life

Recurring Deposit Scheme

A monthly deposit scheme is a special type of fixed deposit scheme in which a fixed amount of money is deposited per month. It gets almost the same interest as that found in a fixed deposit scheme. This plan also has a fixed maturity period. This scheme is generally convenient for salaried and business class or all those who have a fixed regular income.

TERMS AND CONDITIONS

  • New customer Rs. 10/- for membership
  • Interest rate will be calculated on yearly basis
  • No Pre mature closure or foreclosure facility available
  • The depositor is required to fill a form prescribed under the Banking Companies (Nomination Rules) 1856, compulsory for every member who deposits with PURVANCHAL MUTUAL BENEFIT NIDHI INDIA LIMITED and in cases where the nominee is a minor; a guardian should be competently appointed.
  • Opening up a Savings Bank Account is compulsory for all customers.
  • All interest payments are entitled to TDS Seduction as per Govt. Instruction.
  • Maturity / Pre-closure amount will be paid through a/c payee cheque or-E transfer mode.
  • It will be necessary to deposit a minimum of three installments for regular account, late fine will have to be given for not depositing the installment within 15 days.
  • The minimum amount for opening an account is Rs. 500 and any further add multiple of Rs.100/-

Issue of Passbook:

A passbook will be issued to every Member Account Holder. The Member Account Holder shall get the passbook 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. Payments shall be made on the basis of receipts only.

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