Recurring Deposit (RD) is a special kind of term deposit by Nidhi which caters the need of saving for the members with a regular income by making them deposit a fixed amount regularly. If you feel like you need to save but can’t as you don’t exactly know how and where to pool some amount out of your salary, Recurring Deposit Schemes would prove to be the best option for you. The best feature about this scheme is the fact that you don’t even have to deposit a lump sum amount, start it with your first 1000’s. Vaibhav Nidhi India Limited offers best recurring deposit plan in Jaipur and it is somewhat similar to the concept of fixed deposits. The deposit allows members with an opportunity to build up their savings through regular monthly deposits. The duration of the deposit varies from a minimum of 6 months to maximum 5 years with highest (RD) recurring deposit interest rate.
|Table of interest payment (on the deposit of ₹ 1000)|
|Period||Rate of Interest||Maturity Amount|
Vaibhav Nidhi India Limited offers recurring deposit services in Jaipur to the interested members at a very nominal interest rate. But, before applying for the same, you need to read the below described terms and conditions to get a clear picture:
- Minimum Recurring Deposit would be ₹ 1000/-
- The recurring deposits shall be accepted for a minimum period of 6 months and a maximum period of 60 months.
- Interest will be compounded on quarterly basis.
- Mode of payment will be either cash or cheque.
- Interest will be compounded quarterly.
- Recurring Deposit cannot end in 3 months, no interest will be payable if the recurring deposit is closed within 6 months. If the RD foreclosed after 6 months, 2% of interest amount will be charged.
- Charge of ₹25 per 1000/- will be demanded in case of default payment of installment.
- Irregular deposits are not entitled for pre-mature payment and loan facility against it.
- If there is default in payment of one installment than the account will be treated as irregular account.
- After the maturity date, payment on irregular accounts will be made after deducting the penalty amount maximum to the limit of interest earned on such account. No deductions will be made on principal amount of such accounts.
- The company will repay the principal amount and interest to nominee, in case of death of depositor, at which it is accepted by RD plan in India.