Recurring Deposit
Recurring Deposit
A Recurring Deposit, commonly known as RD, is a unique term-deposit that is offered by RIVO URBAN NIDHI LTD. It is an investment tool which allows people to make regular deposits and earn decent returns on the investment. When the recurring deposit account is opened, the maturity value is indicated to the customer assuming that the monthly instalments will be paid regularly on due dates. If any instalment is delayed, the interest payable in the account will be reduced and will not be sufficient to reach the maturity value. Therefore, the difference in interest will be deducted from the maturity value as a penalty. The rate of penalty will be fixed upfront. Interest is compounded on quarterly basis in recurring deposits.
Recurring deposit schemes allow customers an opportunity to build up their savings through regular monthly deposits of a fixed sum over a fixed period of time. The minimum period of a recurring deposit is Twelve months and the maximum is Five years.
- Any Recurring deposit with RIVO URBAN NIDHI LIMITED minimum in Rs. 500/-
- A nomination is compulsory for every member who deposits with RIVO URBAN NIDHI LIMITED and in cases where the nominee is a minor; a guardian should be competently appointed.
- A Recurring deposit can be opened only for a single individual.
- A Minor cannot open RD Account.
- The maturity / Pre-closure amount will be paid through an a/c payee cheque or transferred to customer account.
- Loan facilities are available from the RD.
- Loan eligibility – 73% of the deposit amount.
- Interest Rate – Actual Interest rate of deposit + 2%.
- Loss of RD Bass book Rs. 150/- with an affidavit in Rs.50 Stamp Paper.
Pre Closure Conditions: (Monthly Income Scheme)
If the customer opting for pre-closure of the deposit before expiry, Not permitted. Only allowed Medical and Educational purposes.
ATTENTION PLEASE
Terms and conditions apply and all deposit plans are only for Members/ Shareholders.
| FD Schemes | Period | Rate of Interest (P.A) | Monthly Invested | Maturity Amount |
|---|---|---|---|---|
| Scheme 1 | 18 Months | 9.50% | 18000.00 | 19,405.67 |
| Scheme 2 | 24 Months | 10.00% | 24000.00 | 26,645.15 |
| Scheme 3 | 36 Months | 10.50% | 36000.00 | 42,409.71 |
| Scheme 4 | 60 Months | 11.00% | 60000.00 | 80,033.05 |
| Scheme 5 | 60 Months | 11.50% | 120,000.00 | 135,340.08 |