NAMBAKAM RECURRING DEPOSIT

Recurring deposit account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate. In recurring deposit account Minimum amount Rs.1000/- and multiplies of 500/- is accepted every month for a specified period (1year to five year) and the total amount is repaid with interest at the end of the particular period.

Features of Nambakam Recurring Deposit Account

Recurring Deposit minimum amount Rs 1000/-, thereafter in multiples of Rs 500/-

Loan on deposits will be charged at 20% yearly compound interest basis

Providing the loan facility .The loan can be given upto 80% of the amount standing the credit of the account holder

The most attractive rate of interest of 9% p.a. in 12 Month plan & 10.50% p.a . In 60 month plan

Lapse on payment of installment amount will make the defaulter pay Rs 2 per 100 per month with installment amount.12

1 month after paying last installment or maturity amount due date whichever is more will be applicable for payment of maturity amount

Irregular deposits are not entitled for pre mature payment and loan facility against it.

On irregular deposits if all irregular pending deposits are paid then such account will be treated as regular. Even if there is default in payment of 1 installment, the said account will be treated as irregular.

After maturity date, payment on irregular accounts will be made after deducting the penalty amount maximum to the limit of interest earned on such account. No deductions will be made on principle amount of such accounts.

Loan facility on Recurring Deposits :

On 24 month and 36 month deposit schemes, after 1 year (after receiving of 12 installments) loan up to 80% of deposited amount will be given.

On 60 month deposit schemes, after 1.5 years (after receiving of 18 installments) loan up to 80% of deposited amount will be given

Payment on pre mature Recurring Deposits :

On 12 months deposit scheme: Not applicable

On 20 months deposit scheme: After completion of 15 month pre mature payment will be made and 4% interest will be applicable on such amount on yearly basis.

On 36 months deposit scheme: After completion of 30 months pre mature payment will be made and 5% interest will be applicable on such amount on yearly basis.

On 60 months deposit scheme: After completion of 3 years pre mature payment will be made and 7.5% interest will be applicable on such amount on yearly basis.

Minimum 3 month starting installment should be paid regularly otherwise payment will be lapsed and members won’t get return any amount.

Rate of Interest on loan against FD would be 6% higher than applicable rate of interest.