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
The revised interest rates on term deposits will be as under:
| Sl No. | Period | Revised Interest Rates w.e.f. 11.01.2023 |
|---|---|---|
| 1 | 7 days to 14 days | 3.50% |
| 2 | 15 days to 30 days | 4.00% |
| 3 | 31 days to 45 days | 4.00% |
| 4 | 46 days to 90 days | 4.60% |
| 5 | 91 days to 120 days | 5.00% |
| 6 | 121 days to 179 days | 5.10% |
| 7 | 180 days to 210 days | 5.50% |
| 8 | 211 days to less than 1 year | 5.80% |
| 9 | 1 year to less than 2 years | 6.90% |
| 10 | 2 years to less than 3 years | 6.85% |
| 11 | 3 years to less than 5 years | 6.75% |
| 12 | 5 years to 10 years | 6.70% |
| 13 | TGB-KAMDHENU - 399 days | 7.30% |
| 14 | TGB AMRUTHA - 777 Days | 7.40 % |
| 15 | TGB AISHWARYA - 1111 Days | 7.00 % |
| 16 | TGB SAMPANNA - 1555 Days | 7.10 % |
| 17 | TGB KANAKADHARA - 2425 | 6.80% |
| 1 | Rate of interest for the term deposits of Rs.1.00 Crore (including split deposits) and above (including renewals) will be decided at Head Office on day to day basis as per the Bank's Requirement. |
| 2 | The above rates are applicable for NRE & NRO deposits also. |
| 3 | Staff will get an additional interest of 1.00% over card rate. |
| 4 | Senior citizens will get an additional interest rate of 0.50% over card rate for 1 year and above term deposits only. |
| 5 | For Super senior citizen of age 80 years and above, special rate is applicable for the special schemes only . |
| 6 | Our Bank's Retired Staff, on Superannuation, will get an additional interest rate of 1.00% p.a. on all deposits and also 0.50% p.a. as senior citizens. |
| 7 | Revised rates on deposit are applicable on new deposits and also for the existing deposits on their renewal. |
Please Contact Your Branch for further details.
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