Reinvestment Plan Deposit

     
 

REINVESTMENT PLAN DEPOSIT may be opened by those who are eligible to open Savings Bank or Current Deposit A/c with a minimum deposit of Rs.1000/- and multiple of Rs.100/- thereafter for a fixed term/period not less than 12 (twelve) months and not more than 120 (one hundred twenty) months. Attractive and competitive rates of interest are offered on RIP Deposits for different maturity period. Interest at admissible rates are paid on “quarterly compounded” basis. Partial withdrawal either of interest accrued or principal are not allowed. Premature closure of accounts are allowed subject to penalty provision applicable for premature closure.

Additional interests are admissible at prescribed rates for specified maturity period to all senior citizens. Nomination facility available as per rules to all individual depositors. Depositors are entitled for overdraft facility against security of RIPD Certificates up to 80% of principal amount. TDS is applicable as per rules. Registered Share Holders of the Bank are exempted from TDS provision against interest earned on RIP Deposits. RIPD A/cs are not transferable.

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