Abhivruddi & Vidyavruddi (RD): A recurring deposit account is generally opened for a purpose to be served at a future date. Generally opened to finance pre-planned future purposes like wedding expenses, purchase of expensive items like land, luxury car, refrigerator, furniture, education etc.
- FEATURES OF ACCOUNT
- The main objective of the recurring deposit account is to develop regular savings habit among the public.
- The minimum amount that can be deposited is Rs.100 at regular intervals.
- The period of deposit is minimum 1 year and maximum 10 years.
- The rate of interest is higher equivalent to term deposit and preferential rate of interest will be given to Vidyavruddi scheme (Minimum period 3 years).
- No withdrawals are allowed. However, the Co-operative may allow closing the account before the maturity period.
- The Co-operative provides the loan facility. The loan can be given up to 75% of the amount standing to the credit of the account holder.