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Save money while enjoying a higher interest rate with SVC Bank Recurring Deposits. SVC Bank Recurring Deposit Interest Rates differ for resident and NRI customers. SVC Bank Senior Citizen RD Interest Rates are higher.
A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.
The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account. It is ideal for starters for wish to save.
About SVC Bank Recurring Deposit Rate
An RD in Shamrao Vithal Co-op Bank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a Shamrao Vithal Co-op Bank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.
Shamrao Vithal Co-op Bank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a Shamrao Vithal Co-op Bank Recurring Deposit by investing in any of its RD schemes. Following is an overview of Shamrao Vithal Co-op Bank RD interest rates including Shamrao Vithal Co-op Bank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in SVC, it is advisable to check with the bank directly.
The current RD Interest rate ranges from 5% to 7% for normal Indian residents including minors and HUF. It is advisable to contact the bank directly for the revised and up to date interest rates as they fluctuate on a regular basis.
Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.
You can make use of the SVC RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy— you just need to enter the deposit amount, annual interest rate, and the number of months—the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit. Using an RD calculator helps you find out how much you need to save and helps you visualize the maturity amount. You can try various amount and opt for the one that helps achieve your financial goal and suits your budget.
1. What is the eligibility criteria to open an RD account with SVC?
Following are eligible to open an RD with SVC:
2. What is the minimum deposit period?
It varies with the kind of recurring deposit. For Flexi recurring deposit scheme, the minimum tenure is 12 months.
3. How do I apply for a regular recurring deposit?
You can visit your nearest branch and submit the Deposit Account form, or open a savings account and have an RD linked to that account, if you are not already a customer.
4. What is the documentation required to open an RD account?
You will require the following documents:
Usefulness of information,
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