Kashi Gomti Samyut Gramin Bank Recurring Deposit
Kashi Gomti Samyut Gramin Bank provides you with the ability to build up capital over time by making daily monthly deposits of a fixed amount. It provides you with a variety of Recurring Deposit 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 Recurring Deposit 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.
For those with lower incomes, investing in Kashi Gomti Samyut Gramin Bank is a great choice. The advantage of RDs is that you get the same interest rate for the duration of the Recurring Deposit, even though subsequent Recurring Deposit rates are lower.
Kashi Gomti Samyut Gramin Bank Recurring Deposit Rates – Special Features
A Recurring Deposit 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 a Recurring Deposit 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.
Kashi Gomti Samyut Gramin Recurring Deposit Schemes Types
Deposit Amount
It will reveal the cumulative amount you have deposited in Recurring Deposit over the course of its entire tenure.
Maturity Amount
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 Recurring Deposit, and the rate of interest on the Recurring Deposit.
Interest Earned
It displays the cumulative amount of interest received on your Recurring Deposit. It’s the difference between the deposit amount and the maturity value.
Kashi Gomti Samyut Gramin Bank Recurring Deposit Account
- Since it has a fixed rate of return, Recurring Deposit is one of the best investment options.
- Many that want to start investing with a small amount will find this useful.
- Individuals who are afraid of taking risks will benefit from this.
- Aids in the attainment of financial objectives
- Easy documents may be used to open it.
- There is no need to make a lump-sum payment.
- Senior Citizens Pay a Higher Interest Rate
- Instills the habit of regularly saving money for the future.
- It is permissible to withdraw from the program early.
- The deposit sum may also be used as collateral when applying for a loan.
- In most cases, there is no limit on the amount of money that can be invested.
- It is possible to nominate anyone.
Kashi Gomti Samyut Gramin Bank Recurring Deposit Interest Rates (as of 08 Apr 2021)
Interest Rates on Recurring Deposits at Kashi Gomti Samyut Gramin Bank (as of 08 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.
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%.
Kashi Gomti Samyut Gramin Bank Recurring Interest Rates (as of 08 Apr 2021)
| Maturity Period |
Interest Rate (p.a.)
|
| Year 1 | 6.50% |
| Year 2 | 6.25% |
| Year 3 | 6.25% |
| Year 4 | 6.25% |
| Year 5 | 6.25% |
Kashi Gomti Samyut Gramin Bank Recurring Deposit Calculator
A pre-specified sum is deposited at periodic intervals on a regular basis in a Kashi Gomti Samyut Gramin Bank Recurring Deposit 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.
RD Account Opening Process at Kashi Gomti Samyut Gramin Bank
The procedure is very straightforward, and I have found Kashi Gomti Bank employees to be extremely helpful. When you go to the bank, inquire about opening an account. They will send you a form to fill out to open an account. Fill out the form and submit it along with your supporting documents.
Duration of Recurring Deposits with Kashi Gomti Samyut Gramin Bank
A pre-specified sum is deposited at periodic intervals on a regular basis in a Kashi Gomti Samyut Gramin Bank Recurring Deposit 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.
FAQ’s
✅ Can I withdraw from Rd anytime?
Withdrawal at any time: Recurring deposit accounts also allow for account withdrawal 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.
✅ Can we transfer money to the Recurring Deposit account?
An RD account in a post office can be opened by cash only. Now, with the launch of India Post Payments Bank (IPPB), the monthly installment of the RD amount can be transferred online into your RD account.