Vananchal Gramin Bank Recurring Deposit
Vananchal Gramin Bank provides you with the ability to build up capital over time by making regular monthly deposits of a fixed amount. It provides you with a variety of RD choices, ranging from a minimum of 12 months to a maximum of 120 months. An RD’s maximum deposit volume is unrestricted. When you open your RD account, you must have instructions for the disposition of maturity proceeds. Loans or overdrafts of up to 90% of the deposited amount are eligible. The rate of interest on RDs is the same as that on term deposits. Both Senior Citizens aged 60 and up will be charged at a rate that is 0.50 percent higher than the general consumer rate.
Vananchal Gramin Bank is an excellent investment for those with limited income. The advantage of RDs is that you get the same interest rate for the duration of the RD, even though subsequent RD rates are lower.
Vananchal Gramin Bank RD Rates – Special Features
An RD is a more sophisticated variant of a bank fixed deposit.
It is a bank-sponsored long-term savings plan.
Each month, a certain sum is deposited for a certain period of time.
The minimum amount of money that can be put into an RD account varies by bank. Generally, you can invest with a minimum of Rs 500 or Rs 1000.
The period is variable, varying from six months to ten years.
You have the choice of choosing your own tenure.
- Interest earned is taxable.
- TDS’ applicability.
- TDS rate is higher.
- Keeping TDS at bay. Vananchal Gramin Bank is a bank based in Vananchal, India. Interest Rates That Recur (as of 25 Mar 2021) Duration of Maturity Rates of Interest (p.a.) 6.50 percent in the first year 6.50 percent in year two 6.50 percent in year three 6.50 percent in year 4 6.50 percent in the fifth year
Vananchal Gramin Bank Recurring Deposit Schemes Types
- Person (individually or jointly) with others.
- A minor who has reached the age of ten years or more under his or her own name and has provided sufficient proof of age.
- Minors under the guardianship of a Natural/legitimate gatekeeper under the age of ten.
- Company/Corporate Body, Commercial Organization, Proprietorship/Partnership Firm
- Undivided Hindu Family
- Religious/Charitable Educational Institutions, Associations, Clubs, Societies, Trusts
- Government or quasi-government entity, such as a municipality or panchayat.
Vananchal Gramin Bank Recurring Deposit Account
The RD Account, also known as a recurring deposit account, is a successful saving scheme provided by banks. It is a long-term deposit scheme for investors in which the investor must deposit a fixed amount every month for a set period of time, after which the principal amount, as well as any interest received, is returned to the investor at maturity.
Vananchal Gramin Bank offers a variety of Recurring Deposit schemes with different maturities from which you can choose based on your preferences and financial goals. It is very easy, quick, and convenient for you to open an RD account with Vananchal Gramin Bank. You must choose the term and amount of investment when you open the RD, and you will receive a fixed rate of interest.
Vananchal Gramin Bank Recurring Deposit Rates
Interest Rates on Recurring Deposits at Vananchal Gramin Bank (as of 10 Apr 2021). An account in which the investor must deposit a pre-determined sum at regular intervals (usually monthly installments) for a long period of time.
Public sector banks, private sector banks, cooperative banks, international banks, and regional rural banks all sell bank RDs. You are expected to invest in pre-determined daily installments (usually monthly). Banks provide a variety of tenures with varying interest rates that you can choose from based on your needs. Interest rates are measured on a quarterly basis rather than monthly, and the maturity amount is taxed.
Vananchal Gramin Bank Recurring Deposit Interest Rates 2021
| Maturity Period |
Interest Rate (p.a.)
|
| Year 1 | 6.50% |
| Year 2 | 6.50% |
| Year 3 | 6.50% |
| Year 4 | 6.50% |
| Year 5 | 6.50% |
Vananchal Gramin Bank Recurring Deposit Interest Calculator
A pre-specified sum is deposited at regular intervals on a regular basis in a Vananchal Gramin Bank RD account, and the term ranges from 6 months to 10 years, with monthly installments of 12, 24, 36, 48, 60, 72, 84, 96, 108, and 120 months.
You can conveniently measure the amount of interest received as well as the maturity amount using the Recurring Deposit calculator below. Please keep in mind that the results of this calculator will only give you a rough estimate of the maturity values; only your bank will be able to tell you the exact amount you will get.
Recurring Deposit Account Opening Process at Vananchal Gramin Bank
Step(1): Visit your nearest Vananchal Gramin Bank Branch
Step(2): Fill Out the Required Form
Step(3): Submit Require Documents
Step(4): First Deposit
Step(5): Opening of your RD Account
Duration of Recurring Deposits with Vananchal Gramin Bank
You may pick a deposit period that suits you best, with a maximum tenure of up to ten years. The rate of interest paid on RDs is often higher than the rate paid on a savings account.
FAQs
✅ What is the tenure of recurring deposits?
The minimum period of a Recurring Deposit is six months at most of the banks. These deposits can be opened from 6 months to 10 years, depending on the depositor.
✅ Can I withdraw from Rd anytime?
Recurring deposit accounts often allow you to access your money at any time. While the bank will charge a small fee for it, it is still a good choice for the depositor to have in case he or she wants the money deposited as well as the interest quickly.