Allahabad Bank Normal RD Account allows you deposit a certain amount every month for a fixed tenure and earn interest on the same. There is no minimum or maximum limit on the amount you can deposit in each installment.
Eligibility Criteria:
- Allahabad Bank Normal RD Account can be opened by individuals in his/her name.
- Minors are eligible to open this account.
- Students who are at least 10 years old are allowed to apply for this account.
- This account can be opened for proprietorship purposes.
- Partnerships and Limited companies are also eligible to open this account.
- Illiterate and blind people can also apply for this account.
Features of Allahabad Bank Normal RD Account:
- Allahabad Bank Normal RD Account does not have a minimum or maximum limit on the installment amount.
- People can deposit money in this scheme for a minimum of 6 months and maximum 120 months. The deposit tenure should be in multiples of 3 months.
- The scheme offers competitive rates of interest.
- This scheme offers additional interest to the senior citizens.
- Customers can request for a loan against their Allahabad Bank Normal Recurring Deposit.
- Two or more people can choose to open a joint account.
Fees and Charges:
| Type | Amount |
| Penalty Fee (to be paid if the depositor is unable to pay the instalment on time. In this case interest will be charged on the amount that is overdue.) | Rs.2 for each Rs.100 per month (applicable for deposits made for a period of maximum 5 years) |
The above mentioned fees and charges can be changed at any time at the bank’s discretion.
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