Purvanchal Bank RD Interest Rates
- Purvanchal Bank helps you to accumulate capital over time by making daily monthly deposits of a fixed amount.
- It provides you with various RD options with deposit terms ranging from 12 months to 120 months.
- The maximum deposit amount for an RD is not limited.
- When you open your RD account, you must have instructions for the disposition of maturity proceeds.
- Loans or overdraft facilities of up to 90% of the deposited sum are open.
- The rate applicable to all Senior Citizens aged 60 and up would be 0.50 per cent higher than the rate applicable to general customers.
Features of Purvanchal Bank RD
- Regular and constant saving every month.
- Increased savings returns.
- Interest is compounded quarterly.
- Privileges for senior citizens as well, in the form of additional interests.
- Premature payment of a loan is permitted.
- The rate of interest on RDs is the same as the rate on term deposits.
Purvanchal Bank RD Interest Rates
|Tenure||Regular Rates (p.a.)||Senior Citizen Rates (p.a.)|
|180 days to 269 days||5.75%||6.25%|
|270 days to 364 days||6.25%||6.75%|
|1 year to 1 year 364 days||6.60%||7.10%|
|2 years to 2 years 364 days||6.75%||7.25%|
|3 years to 10 years||6.80%||7.30%|
Types of Purvanchal Bank RD Schemes
Depending on the RD duration, Purvanchal Bank RD can be categorised into three types, which are:
Your deposit tenure under this form of Purvanchal Bank RD ranges from 6 months to 3 years. This form of RD is ideally suited for those who want to develop the habit of saving.
When you don’t want to commit for a long time and aren’t sure how much value you’ll get from RD, a medium-term recurring deposit is a good choice. It offers the appropriate combination of versatility and willingness to invest for you to evaluate its benefits. The tenure varies from three to seven years.
When you want to gain a return on your investment but do not have the lump sum amount to invest in a fixed deposit, a long term RD is the better alternative. By investing in revolving deposits, you achieve the versatility of making monthly contributions while receiving a return equal to an FD. The tenure varies between 7 and 10 years.
Documents Required for Starting a Purvanchal Bank RD Account
ID proof (any 1)
- Passport-size Photos (2)
- Voter ID card
- PAN card
- Driving License
- Senior citizen ID card
Address Proof (any 1)
- Bank statement with cheque
- Electricity bill
- ID card provided by the post office
Purvanchal Bank RD Rates – Premature Withdrawal
Withdrawals made too soon, Partial withdrawals from recurring deposits are not permitted; however, you can withdraw the entire amount at any time after paying the penalty; banks normally charge 1% as a penalty.
|Types of RDs||Applicable Premature Closure Charges|
|RDs of up to Rs. 15,000||0%|
|RDs between Rs. 15,001 and Rs. 5 Lakh||0.50%|
|RDs between Rs. 5 Lakh and Rs. 1 Crore||1%|
|RDs above Rs. 1 Crore||1%|
Loan against Recurring Deposit Purvanchal Bank
Loans or overdraft facilities of up to 90% of the deposited sum are open. Purvanchal Bank will charge you a penalty following their policies if you do not pay your instalment by the due date.
Calculation of Purvanchal Bank RD Interest Rates
You can use the following formula to measure the interest on a Purvanchal Bank RD:
A = P x (1+R/N) ^ (Nt)
- A represents the Maturity Number.
- The Recurring Deposit instalment is denoted by P.
- N reflects the number of times interest is multiplied.
- R denotes the interest rate, and
- R denotes the interest rate.
You can also use the RD Calculator to check your desired interest rate and deposit amount.
RD Account Opening Process at Purvanchal Bank
There are two ways to open a Purvanchal Bank RD account:
- By going straight to the branch
- Using Net Banking
If you already have a Purvanchal Bank account, you can open an e-RD in minutes by logging in with your net banking credentials. You must first establish a Purvanchal account if you do not already have one. When you unlock your account, you will be able to log in and open an e-RD automatically.
Nomination Facility on Purvanchal Bank RD
- If a new nominee or current nominee added to his base savings account is opened, the RD account may be allocated in the name of a single person.
- If the RD is kept in a shared name, the candidate should be the same as the primary savings account.
- Purvanchal Bank Net Banking nomination services are available in both cases.
Tax Benefits on Purvanchal Bank RD
Interest received is taxable depending on the account holder’s tax bracket, meaning he or she must pay tax on interest earned. Profit received is taxable as “Profits from Other Sources.”
TDS will not be deducted from interest earnings up to Rs. 10,000. When the total interest earned in a fiscal year exceeds Rs 10,000, a 10% TDS is imposed. You have the right to request a refund for any extra TDS charged. TDS on RD was previously not valid, but on June 1, 2015, TDS on RD became applicable under Section 194A.
TDS of 20% is imposed if you do not have a valid PAN or do not send the PAN details to the bank/post office.
Purvanchal Bank News Snippets
Purvanchal Bank RD Interest Rates – FAQs
✅ When is the interest paid?
Only upon maturity will the interest in the RD account be paid. No interest payments are available monthly or quarterly.
✅ Can the instalment due date and RD tenure be changed?
No. You cannot change the instalment due date and the tenure.
✅ Does the bank deduct TDS on the payable interest?
Yes, the bank deducts the TDS if the interest amount exceeds Rs. 40,000 (Rs. 50,000 for senior citizens) in a fiscal year.
✅ Can I make partial payments on RDs?
No, partial payments are available on recurring deposits.