recurring deposit account

• A Recurring deposit can be opened for a minimum duration of 12 months and a maximum month of 120 months.
• Interest rates will be applied according to the prevailing rates for term deposits of various tenures.
• A 1% penalty will be levied for premature closure of deposits. Such deposits will earn interest at a rate 1% below the prevailing interest rate on the date of deposit, applicable for the period it was held.