1) Recurring account can be open with minimum of Rs. 500 and in multiple of Rs. 100.
2) Interest calculation yearly compounding rate of interest.
3) Defaulters will be charged at the rate of 2% per month installment with a maximum period of three months. After this the total deposited amount will be paid back to the investor after the lock-in period with the following rate of interest: 0 to 6 months - no interest, 7 to 11 months @4.5% p.a., 12 to 18 months @5% p.a., 19 to 24 months @5.5% p.a., 30 to 59 months @6% p.a.
4) The monthly deposit of installment will attract a grace period of 07 days, after which the RD will be considered as an irregular account and will attract late fee.
5) Irregular account cannot ask for premature payment, irregular accounts will not attract the above mentioned interest amount.
A) Upto 24 Months RD - No premature withdrawal is allowed.
B) 36 Months RD - Premature withdrawal is allowed only after completion of 18 months where an investor will attract interest of 5% p.a. only.
C) 48 Months RD - Premature withdrawal is allowed only after completion of 24 months where an investor will attract interest of 5.5% p.a. only.
D) 60 months RD - Premature withdrawal is allowed only after completion of 30 months where an investor will attract interest of 6% p.a.
IMPORTANT NOTE: This app, BankLee, is NOT affiliated with any financial institution.
Calculated results may have inaccuracies, discrepancies, or errors.
Please verify all calculations with official sources.