Allahabad Bank Monthly Plus (Variable RD) is a recurring deposit scheme that provides high rate of interest to the depositors on an initial deposit that can be as low as Rs.500. This scheme does not require people to deposit a fixed amount in every installment, instead they can deposit varying amounts, which can be a minimum of zero.
Individuals, corporations, partnerships, institutions, trusts, proprietorship and HUFs (Hindu Undivided Family) are eligible to apply for Allahabad Bank Monthly Plus (Variable RD) account.
Features of Allahabad Bank Monthly Plus:
- Initial Deposit – To open a Allahabad Bank Monthly Plus (Variable RD) account, you need to make a minimum initial deposit of Rs.500. This deposit should be made in multiples of 100.
- Minimum Annual Deposit – This account requires you to make a minimum annual deposit of Rs.6,000.
- Tenure – People can choose to deposit for a period of 5 years to 7 years.
- Penalty – This account does not charge penalty for delay or defaults in monthly installment.
- Flexible Installments – This account allows you to make flexible installments. The minimum installment amount can be 0 and the maximum amount can be 10 times of your initial deposit.
- Conversion – People will get the option of converting this account into a FD or DDP after a period of 1, 2 or 3 years, in case they are unable to continue with this account.
- Interest Rates – The account has very competitive rates of interest.
Allahabad Bank Variable RD Interest Rates:
|5 years to 10 years||7.25% p.a.|
The interest rate can be changed at any time at the bank’s discretion.