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Allahabad Bank Normal RD Account

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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