V- Gen U ^TH  UNNATI   -   RECURRING DEPOSIT ACCOUNT 

This product is designed to help parents build a sizeable resource to meet the future educational needs of their children. The deposit period ranges from 36 months to 120 months, the monthly instalments being in multiples of Rs.50/-

All children up to and inclusive of the age of 18 can open the account.

In respect of children below the age of 12, the account will have to be opened as ‘minor by guardian’ account.

Children who have attained the age of 12 can open the account in their own names.

The monthly instalment shall be fixed.

Minimum monthly deposit is Rs.100/- and in multiples of Rs.50/- i.e., Rs.150/- and so on.

The minimum period of deposit is 36 months

The maximum period of deposit is 120 months.

Penalty will be levied as per extant rules for delayed remittances of instalments.

Automatic sweep facility (free of charge) from SB Account to RD account will be provided for monthly remittance of instalments.  

For children maintaining the RD Account for a minimum period of 5 years, a concession of 0.50% on the interest rate for Education Loan is offered. For girl child the interest concession is 1%.

For default free remittance of all instalments an additional 0.25% interest will be paid   at the end of the tenure of the RD

No loan can be granted against the deposit available in the account.

TDS is not applicable

In respect of accounts opened in the name of minor wards of staff members, payment of additional interest shall be per the extant rules governing Recurring Deposit Account for staff.

 

For further details please call our nearest Branch.