Under a Jeevan Sanchay (RD) Saving Scheme, investor invests a specific amount in a Society on a monthly basis for a fixed rate of return. The deposit has a fixed tenure, at the end of which you get your principal sum as well as the interest earned during that period.
Recurring Deposit provides you the element of compulsion to save at attractive rate of interest applicable from time to time along-with liquidity to access that savings any time.
Key Features:
Tenure Ranging from 1,2,3,5 & 6 Year.
Accidental Insurance of Rs.0.50 Lacs and Max upto 2 Lacs
Top up facility
Switching Facility
No TDS deduction on Interest earned
Minimum investment amount is Rs.100/- or in multiple of Rs. 50 thereof.
Monthly RD amount can Be transferred from the Associate Banks accounts.
Premature facility available
Nomination facility available
Who can open Recurring Deposit Accounts:
A single Member adult or two Member adults jointly.
A guardian on behalf of a minor or a person of unsound mind.
Where can be opened:
At any Branch office.
Maturity of Recurring Deposit Accounts:
Period of maturity of an account is 1, 2, 3 5, & 6 Years.
Deposits:
Equal monthly deposits shall be made in an account in multiples of Rs.50 subject to a minimum of Rs. 100.
Top-Up:
Any time during the tenure of Jeevan Sanchay (RD) Top up can be done of any amount max to 4 times in a year and 60 days before the maturity.
Switch-Facility:
Switching facility provides the continuation of Jeevan Sanchay (RD) after maturity in that you have an option to increase the tenure from one to another. Wherein you get the higher rate of interest benefits.
Defaults in deposits:
The delay payments will be liable for 1.5 % penal fees .Accounts can be regularized after paying the penal fee.
Interest & Repayment on maturity:
Maturity is payable on the maturity date or the 30 day after the last installment payment.
On maturity of the accounts the Amount repayable inclusive of Interest, Top up amount with interest less penal charges (if applicable).
Pass Book in Recurring Deposit Accounts:
Depositor is provided with a pass book with entries of the deposited amount and other particulars duly stamped by the Branch Office.
Liquidity through loan facility:
Your deposit will be available to you, should you need them in case of an emergency. You can avail upto 75% Loan against your term by paying extra interest above your deposit rate. This facility is available after payment of 12 installments and above rs.1000 or more.
Premature closure:
Premature closure of accounts is permissible as per the norms of the society.
Income Tax relief under JEEVAN SANCHAY (RD) Scheme:
