Vijaya Bank RD Interest Rates
Vijaya Bank provides loans up to 90% secured through its deposits. Please keep in mind that Vijaya Bank will not lend you money if you have an FD with another bank.
Vijaya Bank Deposit Features
Following are the special features of Recurring Deposit in Vijaya Bank-
- Allows you to safely deposit a small amount of money regularly rather than a bulky one-time payment at the opening of the RD.
- Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
- Flexible tenure – you can choose tenures that can range from a few months to several years depending on your financial goal
- Attractive interest rates: Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
- Is a safe, low-risk form of investment.
- Quick liquidity options and access to your funds when you need it; nominal penal charges apply.
Vijaya Bank RD Interest Rates 2021
|Tenure||Interest rate for general public (% p.a.)||
Interest rate for senior citizens (% p.a.)
|7 days to 45 days||2.90%||3.40%|
|46 days to 180 days||3.90%||4.40%|
|181 days to less than 1 year||4.40%||4.90%|
|Above 1 year to 400 days||5.10%||5.60%|
|Above 400 days less than years||5.10%||5.60%|
|Above 3 years to less than 5 years||5.30%||5.80%|
|Above 5 years to 10 years||5.30%||6.30%*|
Types of Vijaya Bank Recurring Deposit Schemes
Regular Recurring Deposit
- Period of RD: 6 months to 120 months in completed 3 months.
- The preferential interest rate for senior citizens, for deposits of 1 year to 5 years.
- TDS on Interest is applicable
- Nomination facility available
- Premature Closure of RD Allowed
- The penalty will be applicable as per the rules and regulations for delayed remittances of installments
- Pay by standing instruction for transfer of monthly installments from savings bank account to RD account free of charge.
- The deposit once made should continue till the date of maturity.
V Genuth Unnathi Recurring Deposit
- This product is designed to help parents build a corpus to meet the future educational needs of their children.
- Tenure range: The deposit period ranges from 36 months to 120 months
- Monthly installments to be made in multiples of Rs.50
- Minors are eligible to apply, inclusive of those who are 18 years old.
- Children who have attained the age of 10 can open the account in their names
- If the minor is below the age of 10, the account will have to be opened as a ‘minor by guardian’ account
- The minimum monthly deposit is Rs.100 and in multiples of Rs.50
- The penalty will be levied as per extant rules for delayed remittances of installments
- Premature closure allowed
- For children maintaining the RD Account for a minimum period of 5 years, a concession of 0.50% on the interest rate for an Education Loan is offered. For the girl child, the interest concession is 1%.
Documents required to open Recurring Deposit Account in Vijaya Bank
|Identity Proof||Address Proof|
|PAN card||Telephone bill|
|Voter ID card||Electricity bill|
Bank Statement with Cheque
|Government ID card||
Certificate/ ID card issued by Vijaya Bank
Photo ration card
Senior citizen ID card
Vijaya Bank Recurring Deposit Rates – Premature Withdrawal
Premature termination of a Term Deposit with Vijaya Bank comes with a lower interest rate of 1% for deposits under Rs. 1 crore than the agreed rate. The penalties for premature closing of a Vijaya Bank FD are subject to change and may vary depending on the deposit scheme.
Calculation of Vijaya Bank Recurring Deposit Interest Rates
You can visit Vijaya Bank’s official website and login into your account to open a Fixed Deposit account. Pick Fixed Deposit from the menu, then the Type of FD you want to open, and click Next. After that, fill in the deposit sum and, if you are over 60, select the ‘Senior Citizen’ choice. You must select the deposit term and the frequency of interest payments. After reading the terms and conditions, click Submit to open the Vijaya Bank FD. The account opening process is simple and a step-by-step procedure ensures that there is an easy opening method of the account.
RD Account Opening Process at Vijaya Bank
You can visit Vijaya Bank Bank’s official website and login into your account to open a Fixed Deposit account. Pick Fixed Deposit from the menu, then the Type of FD you want to open, and click Next. After that, fill in the deposit sum and, if you are over 60, select the ‘Senior Citizen’ choice. You must select the deposit term and the frequency of interest payments. After reading the terms and conditions, click Submit to open the Syndicate Bank FD. The account opening process is simple and a step-by-step procedure ensures that there is an easy opening method of the account.
Nomination Facility on Vijaya Bank RD
On Recurring Deposits, Vijaya Bank provides a nominating facility that allows the depositor’s family to demand the money in the event of the depositor’s death. A nominee may be appointed by a person, a single account holder, or a joint account holder. No more than one person may be named as a candidate. When you open a fixed deposit with Vijaya Bank, you can fill out nominee details. At the time of argument, the nominee must have identity evidence. The nominee gets the advantage of receiving the benefits of the deposit policyholder.
Tax Benefits on Vijaya Bank Recurring Deposit
It is important to remember, however, that the tax imposed on fixed deposits is determined by the tax bracket you fall into, regardless of the FD tenure. The bank will subtract 10% TDS if the interest received on your fixed deposit exceeds Rs 10,000. Upon deduction, the bank will issue a TDS certificate.
In this regard, mutual funds have an advantage over fixed deposits since the tax payable on mutual funds is calculated by the group. Returns on equity securities, such as the Equity Linked Savings Scheme (ELSS), for example, are tax-free, and up to 1.5 lakh may be claimed under Section 80C of the Income Tax Act of 1961. Long-term capital gains on equity mutual fund units kept for over a year are also tax-free. They have a higher capital appreciation opportunity and a shorter three-year lock-in duration. As a result, we can conclude that mutual funds are a viable tax-saving alternative.
Vijaya Bank News Snippets
Alert for Bank Account Holders of Vijaya Bank
From 1st April 2021, the new fiscal year FY 2021-22 goes to start and there are some major changes that are getting to impact you. Discontinuation of cheque books of seven banks is one of the main changes which will have an immediate impact on those bank customers’ banking needs. So, those bank customers who have a checking account in any of those seven public sector banks — Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of India, and Allahabad Bank — then their passbook and cheque book will become non-functional from 1st April 2021.
Vijaya Bank Recurring Deposit Interest Rates – FAQs
✅ What is the minimum deposit period?
The minimum deposit tenure is 6 months and can go up to as high as 120 months.
✅ How do I apply for a regular recurring deposit?
You can download the application form which is available on their website, fill it, and submit it at your nearest Vijaya Bank branch along with the required documentation.
Table of Contents
- 1 Vijaya Bank RD Interest Rates
- 2 Vijaya Bank Deposit Features
- 3 Vijaya Bank RD Interest Rates 2021
- 4 Types of Vijaya Bank Recurring Deposit Schemes
- 5 Documents required to open Recurring Deposit Account in Vijaya Bank
- 6 Vijaya Bank Recurring Deposit Rates – Premature Withdrawal
- 7 Calculation of Vijaya Bank Recurring Deposit Interest Rates
- 8 RD Account Opening Process at Vijaya Bank
- 9 Nomination Facility on Vijaya Bank RD
- 10 Tax Benefits on Vijaya Bank Recurring Deposit
- 11 Vijaya Bank News Snippets
- 12 Alert for Bank Account Holders of Vijaya Bank
- 13 Vijaya Bank Recurring Deposit Interest Rates – FAQs