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  • Bharatiya Mahila Bank Recurring Deposit

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    Bharatiya Mahila Bank is an Indian financial services banking firm headquartered in New Delhi. Inaugurated by Former Indian Prime Minister Manmohan Singh, in honor of late Mrs. Indira Gandhi, it was started as a bank solely for women. With this, India became the third nation in the world to have women-only bank, wholly run by the government. But shortly they started to take in deposits from everyone. Only, the loans will be approved primarily for women. The bank also puts great importance on saving and funding and improve our country’s overall economy. And every financial product and service is planned in a way to give a small concession on loan interest rates to women.

    Bharatiya Mahila Bank offers the following Recurring Deposits:


    Features & Benefits:

    • You can open an RD account for any chosen term varying from one to 10 years.
    • The account holder can select the principal monthly payment and the duration.
    • The least permitted deposit sum per month is INR. 100 and the maximum monthly deposit allowed is INR. 1 lakh.
    • The core amount deposited per month can be scaled up and down.
    • The depositor can pay up to 10 times of the principal sum in a single monthly instalment.

    Rates of Interest:

    • Interest on the RD is same as that of the rate on fixed deposits for the same term. There shall be no penalty for late payment or untimely closure of the account.
    • The depositor can request for a loan up to 85 percent of the existing sum in the account. The minimum loan sum permitted is INR. 5000 at an interest of 1.5 percent.

    Eligibility Criteria:

    • One or more RD account could be opened in one’s own name, by two people as a joint account and in a ward’s name by his/ her legal guardian.
    • One can also start an RD in the name of associations, groups, clubs, and educational institutions if it is for honest savings purposes.

    Documents to be submitted:

    • A latest passport size photo.
    • A national identity card bearing the applicant’s photo and signature, such as Aadhar, PAN Card, Voters ID, Driving License or Passport.
    • The rental or lease agreement if the address on the identity card doesn’t match that in the ID card provided.


    Features & Benefits:

    • The depositor needs to put at least INR. 50 per month.
    • There shall be no Maximum Ceiling as the RD matures.
    • An RD account can be started for any term varying from three to ten years.
    • Education loan for deserving aspirants will be given at a 0.5 percent rebate on the prevalent rate. This will be added to the current concession of one percent available for the girl students.
    • The depositor can pay the monthly sum in any local office of BMB.
    • Maturity ceiling for insurance (accident or death of the payer) is a maximum of INR. 5 lakhs.
    • If the monthly payments are always done on time, then the guaranteed maturity amount will be paid to the girl child on the day of maturity.

    Rates of Interest:

    • Like the aforementioned BMB Flexi RD, the interest on the RD is same as that for fixed deposit for the same period.
    • It is given as regular as well as Flexi deposit with no TDS on interest payment.

    Eligibility Criteria:

    • Any guardian of a girl child can open this RD account in the child’s name.
    • A minor girl between age ten and fifteen can start this in her name. This cannot be carried forward after age 18.


    Features & Benefits:

    • One can have an RD for flexible terms from one to ten years in multiples of three months after a year.
    • An account holder can have more than one RD.

    Rate of Interest:

    • This RD account also has the same rate of interest as that of the BMB Fixed Deposit for the same term.
    • The minimum investment required per month is INR. 100 and there is no upper limit with zero TDS on the payment of interest.
    • You can deposit the monthly installment in any BMB office.
    • At the will of the bank, the depositor can avail a loan up to 85 percent of the sum deposited so far. The minimum sum of loan that can be availed is 1.5 percent.

    Eligibility Criteria:

    • An individual can start an RD in his/ her own name or in their ward’s name.
    • It can be owned by two people (minor – guardian).
    • It can also be opened in the name of organizations, clubs, educational institutes or other associations with a genuine purpose.

    Documents to be submitted:

    • A latest passport size photo of the applicant and the minor.
    • A national identity card bearing the applicant’s photo and signature, such as Aadhar, PAN Card, Voters ID, Driving License or Passport.
    • The rental or lease agreement if the address on the identity card doesn’t match that in the ID card provided.


    Features & Benefits:

    • In 2014, Bharatiya Mahila Bank introduced yet another RD scheme for the empowerment of the girl child.
    • It makes sure that the girl child has a secure future by saving up a considerable amount to take care of her education, marriage and any other future monetary needs.
    • This RD account can be opened in the child’s name the day she is born to thirteen years. The least required amount for monthly deposit is INR. 50.
    • The bank also offers great flexibility to invest the instalment on any day of the month.
    • There is protection against decline in interest rate.
    • There is also a feature to avail 85 percent of the accumulated sum in the account.
    • The tenure of this RD is three to ten years and guaranteed maturity with individual accident cover.
    • Bharatiya Mahila Bank Ltd is the first of its kind in the Banking Industry in India, formed with a vision of economic empowerment for women. With this launch, the Bank continues to come up with unique women - centric products designed to empower them.

    Know the Current Recurring Deposit Rates

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