Indian Bank offers a monthly recurring deposit scheme with low instalment amounts that enable anyone to build a savings fund. The Variable RD scheme comes with benefits that are much required for the lower income groups. However, this scheme caters to people who want to save only a small amount as well as large amounts.
Why open a Recurring Deposit?
A recurring deposit is a great method to save money in small installments. It works great for salaried workers who can contribute a small amount towards savings rather than a big lump sum. Fixed deposits can be used for lump sum investments. But RDs help inculcate a habit of saving money regularly. With a recurring deposit, you can avail of loan facilities and nomination facilities. You will also earn interest on your deposit.
Why Choose Indian Bank Variable Recurring Deposit?
This scheme caters to those who can save a little and to those who want to save a big amount. With this recurring deposit, a customer can open an account with just Rs. 25. The maximum initial deposit is limited to Rs. 1 lakh. So, customers can make an initial deposit of any amount below Rs. 1 lakh in multiples of Rs. 25. Subsequently, every monthly instalment can be any amount the customer wishes to deposit subject to a maximum of Rs. 10 lakhs. Each instalment can vary, there is no fixed monthly deposit amount. This deposit is great for people who would like to save as much as they can, when they can.
Benefits of the Indian Bank Variable Recurring Deposit
Under this scheme, customers can avail of a host of benefits.
- Interest - Interest rates are attractive and compounded on a quarterly basis.
- Variable deposits - Customers can deposit as much as they like in multiples of Rs. 25. This feature makes this deposit extremely appealing.
- Tenures - Customers can choose to save for 1 year up to a period of 10 years.
- Nomination - Nomination facilities are available for the deposit holder to select a nominee. Upon the unfortunate death of the deposit holder, the nominee will receive the money.
- Loan - Against this deposit, Indian Bank will extend loan facilities.
- Delayed payments - In case your monthly instalment is delayed, Indian Bank does not levy any penalties.
Read More Article on Recurring Deposit
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