Bangiya Gramin Vikash Bank Recurring Deposit Interest Rates
Bangiya Gramin Vikash Bank is a Gramin bank founded by the Indian government under the provisions of the Regional Rural Banks Act 1976. Punjab National Bank sponsors it, and it is jointly owned by the Government of India, the Government of West Bengal, and Punjab National Bank.
A pre-specified sum is deposited at periodic intervals on a regular basis in a Bangiya Gramin Vikash 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.
Features of Bangiya Gramin Vikash Bank Recurring Deposit
Bangiya Gramin Vikash Bank helps you to build up capital over time by making daily 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 unlimited. 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 open. 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.
Bangiya Gramin Vikash Bank Recurring Interest Rates
|Maturity Period||Interest Rate (p.a.)|
Disclaimer: The Recurring Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your FD. Source: Bank Websites
On total interest gained up to Rs. 10,000, no TDS will be deducted. TDS of 10% is deducted if cumulative interest received in a financial year reaches Rs 10,000. Any additional TDS may be claimed for a refund. Previously, there was no TDS on RD, but that changed on June 1, 2015, when TDS on RD became applicable under Section 194A.
Withdrawals made too soon, Partially withdrawing funds from a revolving deposit is not permitted; however, you can withdraw the entire sum at any time after paying a penalty, which is usually 1%.
Calculation on Rd
The output will display the following results after you insert all of the above components (Monthly Number, Length, and Interest Rate) in the space given and press the calculate button:
Amount of the Deposit
It will reveal the cumulative amount you have deposited in RD over the course of its entire tenure.
Sum of Maturity
It will reveal your RD’s maturity value after it has served its full term. It is determined by the amount deposited, the term of the RD, and the rate of interest on the RD.
It displays the cumulative amount of interest received on your RD. It’s the
(1) Is it possible for me to deposit different monthly instalments into my RD account?
No, separate monthly payments cannot be deposited in a standard RD account. Some banks, on the other hand, offer Flexi RDs, which allow customers to deposit any amount at any time during the term without having to make monthly deposits.
(2) Will RD interest be subject to TDS?
TDS will not be deducted if the interest gained on the RD is less than Rs 10,000. If it crosses the cap of Rs 10,000, a 10% TDS will be applied. If your income is not taxable, you can escape TDS exclusion by filing Form 15G (for non-senior citizens)/ Form 15H (for senior citizens).
3) How long does the RD account last?
Most banks offer RDs with terms ranging from 6 to 120 months (10 years). A 240-month RD is also available from some banks.
(4) Is there a limit to the amount of RD money I can deposit per month?
No, there is no limit to the amount of RD money you can deposit per month. You can set any sum based on your financial goals and priorities, as well as your financial resources.