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  • Allahabad Bank Recurring Deposit

    ALLAHABAD BANK RECURRING DEPOSIT
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    Overview of Allahabad Bank

    The oldest joint stock bank in the country was founded in the year 1865 by a group of Europeans in Allahabad, Uttar Pradesh. Headquartered in Kolkata, this Public Sector bank has over 2,840 branches in India with significant presence in foreign countries. Allahabad bank offers a wide range of banking, deposit and loan products for retail customers.

    In its term deposit portfolio, the bank extends an array of Recurring Deposit options represented by two schemes.

    Recurring Deposit (RD) From Allahabad Bank

    All RD schemes come with standard features and attractive interest rates. These deposits are designed with a view to extend the best features and benefits to customers with varied financial interests. Individuals, corporates and firms are welcome to open an RD account with Allahabad Bank. This process requires minimal paperwork. Plus, internet and mobile banking options always come handy for convenience of managing the account.

    Recurring Deposit schemes from Allahabad Bank

    Normal RD Account

    This standard Recurring Deposit option lets you pay a fixed amount on a monthly basis for a stipulated term as decided by you. At the end of the term, you will be eligible for to earn interest, computed at the prevailing rates, along with the principal amount.

    AllBank Monthly Plus(Variable RD)

    A Recurring Deposit scheme which not only comes with standard features and benefits, but also provides a flexible option to deposit a monthly amount that can go upto 10 times of the initial deposit value. No penalty is levied in event of default or delay in depositing the monthly amount.

    Monthly Plus

    A deposit scheme which lets you open an RD account with an initial core deposit of Rs.500 which acts as base amount to let you to be flexible in payment of future installments. Pay as you like, to a maximum of 10 times of the initial deposit. Similar to the the scheme above, no penalty is levied for default/delay in monthly deposit.

    Features and Benefits of Allahabad Bank Recurring Deposits

    Normal RD Account

    • Individuals, minors,sole proprietary concerns, Partnership firms, students(aged 10 and above are eligible to open an RD account.
    • There is no lower/upper limit on the deposit amount with flexibility to make deposits at any of the CBS((Core Banking Solutions) enabled branches of the bank.
    • The period of the deposit begins at a minimum of 6 months with an upper cap of 120 months.The depositor is free to choose a term in multiple of 3 months.
    • Loan facility is available against the RD account at appealing terms and rates.

    AllBank Monthly Plus(Variable RD)

    • Eligibility criteria remains is same as in the case of Normal RD account.
    • Initial deposit amount should be Rs.500 and above in multiples of Rs.100. The deposit acts as the ‘core deposit’ on basis of which future deposit amount can be altered.
    • The minimum annual deposit (total) is Rs.6,000. The term of the deposit can vary from 5 to 7 years.
    • This scheme offers flexibility of payments based on the core deposit amount. The amount may vary from Nil to 10 times of the initial deposit value. One can also choose to convert the RD into a fixed deposit account after an interval of 1 to 3 years.
    • Convenience to deposit in any of the branches under the Anywhere Banking option without having to worry about additional charges.

    Interest Rates Offered on Allahabad Bank’s Recurring Deposit

    Allahabad Bank offers interest rates that are highly competitive and on par with market standards. The rates vary from 6% to 15% P.A compounded on a quarterly basis. The actual interest charges accrued depends on the term of investment. Please get in touch with the nearest branch for latest rates. This information is also available on the bank’s web portal.

    Senior citizens, current and former employees of Allahabad Bank are eligible for a higher rate of interest on the Recurring Deposit schemes. Some schemes may also come with additional monetary perks depending on the deposit amount. Do inquire with the bank representatives at the time of opening the account.

    Process For Opening an Recurring Deposit with Allahabad Bank

    Existing savings/current account holders can easily open an RD account with minimal documentation. Non account holders can walk into the closest branch to open one. You may be required to open a savings account to facilitate an RD. Supporting documents relating to identity, address proof & PAN number along with duly filled form will be required at the time of signing up.

    Terms and Conditions of Recurring Deposit Scheme of Allahabad Bank

    Normal RD Account

    • No cap on the deposit amount in terms of minimum or maximum limit. The depositor is free to choose the amount.
    • The term of deposit should be in multiples of 3 months, with the minimum being 6 months and with an upper limit of 120 months.
    • An RD account with substantial balance can be used as a security to avail loans from the bank.

    AllBank Monthly Plus (Variable RD)

    • Individual/Corporate/Proprietors/Trust/HUF/Institutions/Partnership firms are eligible to open an RD account.
    • Minimum monthly installment should be atleast Rs.500 and above in multiples of 100.
    • The term of deposit begins at 5 years and can be stretched up to 7 years.

    Penalty Clause (RD Premature Withdrawals in Allahabad Bank)

    In the Normal RD Scheme, if the depositor does not make monthly installment payments on time, an interest of Rs.2 for every Rs.100 is billed by the bank as penalty for deposit accounts of less than 5 year term.

    No penalty for delay/default in payment for the AllBank Monthly Plus scheme.

    Know the Current Recurring Deposit Rates:

    Recurring Deposit - Sitemap
    Recurring Deposit by Banks
    Recurring Deposit by other Institutions

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