Recurring Deposit
Recurring Deposit scheme provides an opportunity to build up savings through regular monthly deposit of fixed sum over a period and have sufficient funds to achieve specific financial goals at the end of specific period.
Invest through TGB Mobile Banking or by visiting your nearest branch.
Features
- Period of deposit Minimum - 12 months, Maximum - 120 months
- Available at all branches
- Minimum deposit amount is Rs. 100/- per month (thereafter in multiples of Rs. 10/-)
- Penalty is charged on delayed payment of instalments.
- Amount will be paid at maturity.
- Premature Closure is also available.
- TDS is applicable as per Income Tax Rules. Form 15G/15H can be submitted by the depositor for exemption from tax deduction as per IT Rules.
Loan against deposit is allowed with applicable margin as under
| TENURE OF DEPOSIT | MARGIN |
|---|---|
| >12 MONTHS | 15% |
Terms and Condition
Bank also sends intimation to customers by way of SMS calling for instructions on disposal of maturity proceeds
- Nomination available in favour of individual only.
- Passbook is issued.
- Transferability allowed among our branches
- Rate of Interest as applicable to Term Deposits for Public and Senior Citizens.
- Recurring Deposit (together with interest) of Rs. 20000/- and above shall not be paid in cash
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