Whoever said wishes don’t come true hasn’t explored our offers!
  • Nainital Bank Recurring Deposit

     0.0 / 5.0   by 0 users
    Used this product? Write a review >>

    About Nainital Bank

    The Nainital Bank Limited, also known as NBL, founded in the year 1922, is a banking and financial services company which is a subsidiary of Bank of Baroda. Enlisted as a scheduled bank by the RBI, Nainital Bank has expanded its operations outside Uttarakhand and now operates via 120 branches located in Rajasthan, Haryana, New Delhi and Uttar Pradesh. Its suite of products and services covers finance & insurance, corporate banking, consumer banking, investment banking, investment management and private banking.

    Recurring Deposits by Nainital Bank

    Among the variety of investment and deposit products offered by banks, Recurring Deposits are one of the most convenient method of maintaining regular savings. A recurring deposit allows customers to put away a fixed amount of money each month into a dedicated account for a fixed period of time where the capital earns interest. These are not one-time deposits and money can be put in every month or as desired by the account holder. Once the deposit tenure is over, the account holder can withdraw the money. Recurring Deposits are the ideal form of monthly savings for salaried professionals, businessmen, professionals, housewives, and other people who wish to start savings in small sums over a fixed period of time.

    The Nainital Bank currently offers a Recurring Deposit Account and Naini Platinum Plus as recurring deposit products. The Recurring Deposit Account is a regular RD account where customers can deposit money for a fixed period of time and earn interest at a fixed rate. The Naini Platinum Plus is a recurring deposit account where customers have the option of making flexible installments towards the deposit. Customers have the choice of making a deposit which is ten times the deposit amount, at a time.

    Types of Recurring Deposits by Nainital Bank

    Nainital Bank offers two types of Recurring Deposits which are (i) Recurring Deposit Account and (ii) Naini Platinum Plus (Recurring Deposit Account with flexible installments)

    Features of Nainital Bank Recurring Deposits

    Recurring Deposit Account

    • The minimum deposit amount is as low as Rs.100 each month.
    • The deposit must be made for a minimum period of 12 months.
    • The minimum monthly balance in the account will earn compound interest every quarter.
    • Any delayed installment payment will attract a nominal penalty.
    • This recurring deposit account is exempt from TDS (Tax Deducted at Source)
    • Customers can also avail a loan on their deposit amount. This however depends on the length of the unexpired period of the deposit.
    • Customers can nominate a member to their RD account.

    Naini Platinum Plus

    • At the time of opening the account, customers must initially select the "Core Amount" and deposit the same.
    • The minimum core amount to start this deposit is Rs 100 while the maximum core amount is Rs 10,000.
    • The minimum period for this deposit is fixed at 15 months, while the maximum period is 120 months, in the multiple of one month.
    • Like the Recurring Deposit Scheme, this scheme too allows nomination.

    Interest Offered on Recurring Deposits by Nainital Bank

    For the Recurring Deposit Scheme, the rates of interest are fixed by the bank from time to time. However, for the Naini Platinum Plus Scheme, the rate of interest will be fixed based on the Term Deposit Rate applicable for the corresponding period. Also, for this account, the rate of interest will be credited quarterly and calculated monthly on the minimum balance between the 10th and the last day of the month.

    Eligibility for Nainital Bank Recurring Deposit

    The following individuals are eligible to apply for each of the two Recurring Deposit schemes offered by Nainital Bank.

    Recurring Deposit Account

    Any resident individual can open a Single Account while Joint Accounts can be opened by two or more individuals. Beside that, single or joint accounts may be opened by people who are illiterate, visually impaired, Purdahnasheen ladies, minors, associations, clubs and societies. A single / joint Recurring Deposit Account may be opened by trusts, institutions and agencies.

    Naini Platinum Plus Recurring Deposit

    This scheme is available for individuals, institutions, corporates, proprietorships, partnerships, trusts, HUF (Hindu United Family), etc.

    Penalty Clause for Premature Closure of Nainital Bank Recurring Deposit

    For the Naini Platinum Plus Scheme, customers may close their account prematurely or before the fixed period of time is over.

    Know the Current Recurring Deposit Rates

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

    Got something to say? Go on, you can say it; we don't bite. In fact, the more said, the better. The only thing we ask is that you keep it squeaky clean and follow our posting guidelines. Do not disclose sensitive information like your bank account details or phone number (or home planet). Comments posted on the BankBazaar site are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.

  • reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.