SMSO Recurring Deposits
Recurring deposit account can be opened by those who want to save regularly for a certain period of time and earn a higher interest rate.
In Recurring Deposit Account Minimum amount Rs. 100/- and multiplies of Rs. 100 /- is accepted every month for a specified period (1 year) and the total amount is repaid with interest at the end of the particular period.
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The below are the rates are applicable with effective from 01/08/2021
Period | For 1 Year | For 2 Years |
---|---|---|
Recurring Deposit Scheme | 7.5% | 8.00% |
Features of SMSO Recurring Deposits
- Minimum amount that can be deposited is Rs. 100/- at regular intervals.
- Interest calculated on Cumulative basis.
- Providing the loan facility. The loan can be availed upto 80% of the amount standing in the credit of the account holder.
- Interest for loan is +1% of the Deposit Interest.
- For monthly subscription of Rs. 100/-
- The maturity amount for 1 year : 1200 + 46 = Rs.1246 /-
- Pre-closure allowed at any point of time, Interest for the subscribed amount will be given.