Recurring Deposit Scheme
It is meant for steady and gradual savings for individuals to build-up savings through regular monthly deposit of a fixed sum over a fixed period and mobilizing savings of those who get income on monthly basis and can afford to set apart a portion of their income. The salient features are as mentioned below.
- Term deposit scheme with fixed monthly installments payment facility.
- Minimum period 6 Months.
- Maximum period 120 Months.
- Senior citizens will be allowed 0.5% extra rate of interest.
- Nomination facility available.
CGGB – Recurring Plus
This scheme provides flexibility in payment of installments more than once in a month. The scheme helps the depositors to accumulate their Savings over a period to meet future contingencies.
Salient features of the scheme:
- The customer has the facility to choose an installment amount between Rs.100/- to Rs.1,00,000/-.
- The Period of Deposit may vary from 6 months to 60 months.
- Rate of Interest: Customer would receive the interest based on the applicable rate of interest on Term Deposits .
- Premature Closure: Request for premature closure will be permitted without any penalty. Interest will be calculated on daily product basis with quarterly compounding rests.
- Loan/Overdraft facility: A Deposit Loan or Overdraft may be allowed during the period of the deposit account up to 90% on the balance of the deposit. However, if the depositor is prompt in remitting monthly installments, the amount of interest already provided under “Interest Payable Time” may also be taken into consideration for arriving the eligible amount of Advance/Loan.