Pallavan Grama Bank RD Interest Rates

⋆ Interest Rate 9.99% ⋆

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      Pallavan Grama Bank RD Interest Rates

      Pallavan Grama Bank is a regional rural bank located in Tamil Nadu, India.

      A pre-specified sum is deposited at periodic intervals on a regular basis in a Pallavan Grama Bank RD account, and the term ranges from 6 months to 10 years, with monthly instalments of 12, 24, 36, 48, 60, 72, 84, 96, 108, and 120 months.

       Features of Pallavan Grama Bank Recurring Deposit

      Pallavan Grama 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 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.

      Pallavan Grama Bank Recurring Interest Rates 

      Maturity Period Interest Rate (p.a.)
      Year 1 7.15%
      Year 2 7.15%
      Year 3 7.00%
      Year 4 7.00%
      Year 5 7.00%

      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

      Premature withdrawal

      Pallavan Grama Bank is an excellent investment for those with minimal income. The advantage of RDs is that you get the same interest rate for the length of the RD, even though subsequent RD rates are lower.

      Tax Benefits

      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.

       RD Interest Rate Calculator’s performance

      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.

      Earned Interest

      It displays the cumulative amount of interest received on your RD. It’s the difference between the deposit volume and the maturity value.