RECURRING DEPOSITS
The Recurring deposit account is an account in Navabharatha Souharda Co-operative Ltd. where an investor deposits a fixed amount of money every month for a fixed tenure (mostly ranging from one year to five years). This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after fixed tenure. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. Interest at term deposit rates is computable on quarterly compounded basis.
RD for 3 Years @ 8.5%
Sl no | Monthly | Yearly | Total Savings | Maturity Amount |
|---|---|---|---|---|
1 | 500 | 6,000 | 18,000 | 20,547 |
2 | 1,000 | 12,000 | 36,000 | 41,093 |
3 | 2,000 | 24,000 | 72,000 | 82,186 |
4 | 5,000 | 60,000 | 1,80,000 | 2,05,465 |
5 | 10,000 | 1,20,000 | 3,60,000 | 4,10,930 |
RD for 5 Years @ 9.0%
Sl no | Monthly | Yearly | Total Savings | Maturity Amount |
|---|---|---|---|---|
1 | 500 | 6,000 | 30,000 | 37,927 |
2 | 1,000 | 12,000 | 60,000 | 75,855 |
3 | 2,000 | 24,000 | 1,20,000 | 1,51,711 |
4 | 5,000 | 60,000 | 3,00,000 | 3,79,277 |
5 | 10,000 | 1,20,000 | 6,00,000 | 7,58,555 |
Terms and Conditions:
- Interest calculated at an annual rate.
- The minimum investment plan of Rs.500/- and in multiple of Rs.100/-
- Against 18.8 percent monthly compounded interest on deposits
- No Maturity amount is payable before 36/60 months as per the plan
- in case of prepay facility
- Before 12 months no interest will be calculated thereon.
- Irregular payments and credit accounts are not available.
- After maturity, interest or other benefits will be applicable.
- Changes in the terms of the plan, renovation, and addition are subjected by the management.