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Recurring Deposit (Cumulative Term Deposit) :
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The Recurring Deposit Account is an account in the Bank where an investor deposits
a fixed amount of money every month. This scheme is meant for investors who want
to deposit a fixed amount every month for a specific period of time for a minimum
period of one year. Since the interest will be accumulated to the principal amount
every quarterly, the depositor can expect a handsome amount on maturity. Interest
at term deposit rates is computable on quarterly compounded basis.
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Cumulative Term Deposit (CTD)
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Period
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Interest % Per Anum
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Above 1 Year
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7.00%
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CTD Account should be Open for minimum of 1 year and multiples of 3 months.
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Additional Rate of 0.50% allowed to Senior Citizens.
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