Reccuring Deposit Scheme account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate. In recurring depost account Minimum amount Rs.100/- and multiplies of 100/- is accepted every month for a specified period (1 year to five year) and the total amount is repaid with interest at the end of the particular period.
Features of KGN Mutual Benefit Nidhi Ltd. Reccuring Deposit Scheme Account
Opening of RD account with minimum Rs. 100 and further in multiple of Rs. 100.
Defaulters will be charged at the Rate 05 Paisa per Day per 100/-after Due Date+21 Days Grace Period.
The period of deposit is minimum 1 year and maximum five years.
The most attractive rate of interest of 9.00% p.a .with effect from 25th March 2013
Providing the loan facility .The loan can be given upto 90% of the amount standing the credit of the account holder
For premature settlement, 2% less than the contratced rate will be applicable
The facility of premature payment or loan against deposits is not available for irregular accounts. Even if one installment is due, the account will be considered as irregular account. On receipt of the entire due installment including all levies of irregular account, it will come under the category of regular account.