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  • Dena Bank Recurring Deposit

    DENA BANK RECURRING DEPOSIT
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    Overview of Dena Bank

    Nationalised in July 1969 along with 13 other major banks, Dena Bank is now a leading Public Sector bank. It is constituted under the Banking Companies Act, 1970. Apart from providing banking services to its customers, the bank can undertake any other nature of business as specified in Section 6 of the Banking Regulations Act, 1949.

    Recurring Deposit Schemes from Dena Bank

    Recurring Deposit schemes offered by Dena Bank have been especially designed to help people achieve their financial/saving goals. A good amount of saving also prepares you for unforeseen circumstances in the future. To inculcate the habit of regular savings in its wide customer base, Dena Bank offers different Recurring Deposit schemes, tailor-made to suit the varied need of every individual.

    Dena Bank customers enjoy highly flexible RD options at competitive rates of interest (for investing a much smaller amount every month) and a host of other benefits.

    Types of Recurring Deposits Offered by Dena Bank

    • Dena Recurring Deposit Scheme
    • Dena Loan Linked Recurring Deposit Scheme
    • Dena Samruddhi Deposit Scheme

    Like a conventional RD, Dena Recurring Deposit Scheme enables the account holder to deposit a fixed sum every month for a fixed period of time. To enhance the convenience of its customers, they get an option to choose from the different maturity plans depending on their saving/financial targets.

    Dena Loan Linked Recurring Deposit Scheme entitles the account holder to avail a loan facility against his/her RD account.

    Dena Samruddhi Deposit Scheme is ideal for those who are looking at high return on investments. The interest amount, for this scheme, is compounded on the quarterly rests.

    Features and Benefits of Dena Bank Recurring Deposits

    Dena Recurring Deposit Scheme

    • Dena Bank’s RD account holders enjoy life insurance cover at a very low premium.
    • In case of the depositor’s death, his/her nominee/legal heir will be paid the principal along with the interest accrued.
    • Minimum monthly instalment amount is Rs. 50, and in multiples of Rs. 5 thereof.
    • On maturity of the deposit, the account holder gets back the principal along with the interest earned.
    • The facility to choose a nominee is available.

    Dena Loan Linked Recurring Deposit Scheme

    • This scheme allows you to save in small amounts in the form of fixed monthly instalments over a period of time, and take a large advance against it.
    • Loan can be availed only upon maturity of the RD.
    • Loan is given for the purpose of purchase of consumer durables.
    • The maximum loan amount is three times the maturity proceeds of the RD or Rs. 75,000, whichever is lesser.

    Dena Samruddhi Deposit Scheme

    • The minimum deposit amount is Rs. 100
    • The deposit period ranges from a minimum of 6 months to a maximum of 120 months.
    • The interest is compounded on a quarterly basis. This ensures the effective yield of higher returns than the contracted rate.
    • This scheme allows ‘growth of capital’.

    Interest Offered on Dena Bank’s Recurring Deposit

    Dena Bank offers lucrative and competitive rates of interest for its Recurring Deposit Schemes. The rate of interest depends on the period of deposit, with the bank having the freedom to change the former.

    In case of Dena Samruddhi Deposit Scheme, interest is compounded on quarterly rests. Once the RD matures, the principal in lump sum along with the interest amount is paid back. This is applicable to all the RD schemes. To get more clarity on the interest rates offered, customers can visit the nearest Dena Bank branch or refer to the interest rate card on the bank’s website.

    Know the Current Recurring Deposit Rates

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