Nainital Bank Recurring Deposit

The Nainital Bank Limited, also known as NBL, is a banking and financial services company that is a subsidiary of Bank of Baroda. It was established in 1922. Nainital Bank, which has been designated as a scheduled bank by the Reserve Bank of India, has expanded its operations beyond Uttarakhand and now has 120 branches in Rajasthan, Haryana, New Delhi, and Uttar Pradesh. Finance and insurance, corporate banking, consumer banking, investment banking, investment management, and private banking are among the company’s products and services.

Recurring Deposits by Nainital Bank

Recurring Deposits are one of the most convenient ways to retain daily savings among the many investment and deposit products provided by banks. A regular deposit requires consumers to deposit a certain amount of money per month into a special account where the capital receives interest for a certain period of time. These are not one-time deposits; funds may be deposited on a monthly or quarterly basis. The account holder will withdraw the funds once the deposit period has ended. For salaried professionals, businessmen, professionals, housewives, and others who want to start investing in small amounts over a set period of time, recurring deposits are the best option.

Recurring deposit accounts are currently available from the Nainital Bank in the form of a Recurring Deposit Account and a Naini Platinum Plus. The Recurring Deposit Account is a standard RD account in which customers can deposit money for a set period of time and receive a fixed rate of interest. The Naini Platinum Plus is a revolving deposit account that allows customers to pay for their purchases in convenient installments.

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

• Per month, the minimum deposit sum is Rs.100.
• The deposit must be for a term of at least 12 months.
• Per fifth, the account’s minimum monthly balance would receive compound interest.
• Any missed installment payment would result in a small fee.
• TDS (Tax Deducted at Source) is not applicable to this revolving deposit account.
• Customers can still take out a loan against their deposit amount. This, however, is contingent on the deposit’s remaining time frame.
• Members may be attached to a customer’s RD account.

Naini Platinum Plus

• Customers must first pick the “Core Number” and deposit the amount when opening the account.
• This deposit requires a minimum core amount of Rs 100 and a maximum core amount of Rs 10,000 to begin.
• The minimum deposit period is 15 months, and the maximum deposit period is 120 months, in multiples of one month.
• This system, like the Recurring Deposit Scheme, allows for nominated deposits.

Interest Offered on Recurring Deposits by Nainital Bank

The interest rates for the Revolving Deposit Scheme are set by the bank on a regular basis. The rate of interest for the Naini Platinum Plus Scheme, on the other hand, will be determined by the Term Deposit Rate in effect at the time. In addition, interest will be credited quarterly and measured annually on the minimum balance between the 10th and the last day of the month for this account.

Eligibility for Nainital Bank Recurring Deposit

The following individuals are qualified to apply for one of Nainital Bank’s two Recurring Deposit schemes.

Recurring Deposit Account

A Single Account can be opened by any resident person, while Joint Accounts can be opened by two or more individuals. Aside from that, illiterate, visually impaired, Purdahnasheen ladies, minors, organizations, clubs, and societies may all open single or joint accounts. Trusts, institutions, and agencies may open a single or joint Recurring Deposit Account.

Naini Platinum Plus Recurring Deposit

Individuals, organizations, corporations, proprietorships, associations, trusts, and HUFs (Hindu United Families) may all benefit from this scheme.

Penalty Clause for Premature Closure of Nainital Bank Recurring Deposit

Customers with the Naini Platinum Plus Scheme have the option of closing their account early or before the set period of time expires.

 

FAQ’s

✅ What are the 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)

✅ What is the minimum deposit in a recurring deposit account?

Per month, the minimum deposit sum is Rs.100.