A lump sum amount, accepted for a fixed period, at an agreed rate of interest where interest is paid along with the principal amount on maturity of the deposit, is called annual deposit or cumulative deposit. The fixed deposit interest rates vary on factors such as Government Policies, Economic Conditions, and the liquidity conditions in the market. But RIVO Annual Deposit Scheme’s interest rates are fixed and those interest accrued is added to the principal amount yearly. In other words, the interest earned gets compounded on a yearly basis.

Conditions :

• Minimum deposit amount: Rupees. 20,000 | Maximum deposit amount: No Limit
• Nomination compulsory, in case of the nominee, is a minor guarantor should be competently appointed.
• FD (Term Scheme) can be opened only for an individual with no joint account facility available.
• Minor cannot open FD (Term Scheme) Account
• Cash remittance is permitted up to Rupees. 20,000/- and above that only cheque or DD will be accepted in the name of company.
• Additional interest of 0.25% for senior citizens (aged 60 years and above)
• All interest payments are entitled to TDS Seduction as per Govt Instruction.
• Maturity / Pre-closure amount will be paid through a/c payee cheque only
• Loan facility available from the deposit
  

  1. Loan eligibility – 78% of the deposit amount
  2. Interest rate + 2% more than the deposit interest rate on a compounding basis.

Pre Closure Conditions :

If the customer opting for pre-closure of the fixed deposit before expiry, savings interest will be allowed .An additional 1% will be deducted from this rate as a penalty.

Below we mentioned our annual deposit chart :
Scheme updated: 01STMARCH 2022 to 31STMARCH 2023