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.
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 deposit 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.
Nainital Bank offers two types of Recurring Deposits:
(ii) Naini Platinum Plus (Recurring Deposit Account with flexible installments)
Recurring Deposit Account
Naini Platinum Plus
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.
The following individuals are eligible to apply for each of the two Recurring Deposit schemes offered by Nainital Bank.
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.
This scheme is available for individuals, institutions, corporates, proprietorships, partnerships, trusts, HUF (Hindu United Family), etc.
For the Naini Platinum Plus Scheme, customers may close their account prematurely or before the fixed period of time is over.
The interest rate offered by Nainital Bank for RD ranges between 3.25% and 6.10%.
Yes, you will need to have a bank account with Nainital Bank to open an RD account with them.
If you have opted for the Tax Saver scheme, then premature withdrawal is not allowed before the completion of 5 years. It will be allowed only in case of the death of the customer.
Yes, senior citizens can earn an additional interest rate of 0.50% on their deposits.
Yes, staff members can earn an additional interest rate of 1% on their deposits.
Yes, premature closure is allowed under Nainital Platinum Plus scheme.
Yes, you can send your query to the address The Nainital Bank Limited, Head Office, Seven Oaks Building, Mallital, Nainital, Uttarakhand – 263001 in case of any query.4
You can get in touch with a Nainital Bank customer care executive by calling the 24x7 support number 1800 180 4031. You can also send your queries via email to investment@nainitalbank.co.in.
Yes, retired senior citizens can earn an additional interest rate of 1.50% on their deposits.
Yes, retired staff members can earn an additional interest rate of 1.50% on their deposits.
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