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Normal RD Account

Recurring Deposit is a type of deposit wherein the depositor pays an agreed fixed amount of money into his/her account every month over a stipulated period. On the expiry of the period, the installments deposited are repaid along with the interest thereon as per the agreed terms and prevailing rules.

  • Area of operation : The product is available at all CBS branches.

  • Tenure of Deposit : Five years.

  • Encashment option : Premature encashment is not permissible.

  • Pledging of the Deposit : Can not be pledged to secure loan or as security to any other asset.

  • Nomination : Available.

  • Minimum & Maximum Deposit Amount : There is no minimum or maximum limit on the amount of each instalment in Recurring Deposit Scheme.

  • For more details,please contact the Allahabad Bank nearest to you.

  • Eligibility and Target Group : -
  • Individual - In his/her name

  • Two or more Individuals - Joint Accounts in their names.

  • Minors

  • Sole Proprietary Concerns

  • Partnership Firms

  • Limited Companies

  • Illiterate Persons, Blind Persons

  • Students of the age of 10 years and above.

  • The period of deposit should be in multiples of 3 months, the minimum period being 6 months and the maximum 120 months.

  • Rate of interest : The rates of interest applicable to Recurring Deposits are as per. guidelines issued from time to time by Bank. The interest is computed at quarterly rests on the basis of monthly products with the help of Interest Tables. Senior citizens will be paid additional interest as prescribed by Bank from time to time.

  • PENAL CHARGES : If the depositor fails to pay the instalments within the stipulated time, interest will be charged on the arrears at the following rates :- Rs 2.00 for every Rs.100/- per month for deposits of five years and less.

  • Proof of Identity: Photocopy required of any one.
  • PAN Card

  • Passport (along with validity details like date of expiry.

  • Driving License

  • Voter ID Card

  • Identity card with photo issued by: Central Government and its departments, State Government and its departments, Statutory / Regulatory Authorities, Public sector undertakings.

  • Proof of Address: Photocopy required of any one.
  • Passport

  • Voter Id

  • Driving License

  • Bank Passbook / statement.

  • Latest electricity bill or Landline Telephone bill (atleast 3 months old).