For those who are interested in long term investment, Ratnakar Bank introduces various term deposits with flexi-pay interest, that will earn you interest on that amount at the prevailing rate on the date of deposit. Payment of interest can be monthly, quarterly or on a half yearly basis as per requirements. These schemes have been designed for our depositors to meet specific expenses that recur on a monthly, quarterly, or half yearly basis.
Fixed Deposits
Ratnakar Tax Savings Term Deposit Scheme
Ratnakar Tax Saving Term Deposit Scheme (Fixed Deposit or Reinvestment Deposit).
Eligibility
Individual
Single
Joint
i) two or more adults ii) two adults or an adult and a minor, an individual in personal capacity or the Karta of the Hindu undivided family (HUF)
Maximum Amount
`100 or in multiple of `100 up to `1 lac.
Attractive Interest Rates
Key Benefits
- Riskless investment.
a) Monthly
b) Quarterly
c) Half Yearly
d) Yearly or
e) Accumulated till the date of validity (i.e. Reinvestment basis).
- Investment up to `1 lac per individual is eligible for deduction, under Section 80 (c) of Income Tax Act 1961, per year.
Features
- In case of Joint Account, tax benefit available to first named depositor only.
- No term deposit shall be encashed before expiry of 5 years commencing from the date of receipt.
- The deposit amount is transferable from original branch of the Bank to other branch of the same bank. However depositor is not allowed to transfer from one Scheduled Commercial Bank to other Scheduled Commercial Bank.
- The term deposit receipt shall bear the name, address, (PAN) Permanent Account Number and signature of the depositor (Assessee).
- Nomination facility is available.
>>Terms & Conditions
Flexi Fixed Deposit (FFD)
Flexi Fixed Deposit (FFD) account enables our customers to enjoy all the benefits of a savings bank account coupled with the high returns of a fixed deposit. A unique combination of a fixed deposit and a savings bank account, the FFD account lets the customer enjoy the higher return of a fixed deposit and yet retain the liquidity and convenience to meet all his needs through a savings bank account and an ATM card.
Customer experience
Customer fills a deposit application for Resident Indians at the branch and places of deposit for a minimum amount of ` 25000 or more for a period of 366 days or more along with his KYC documents. Simultaneously, the branch gets the customer to complete the overdraft facility documents.
>>FAQs
KalpavrukshaNirantar Deposit
A Depositor can invest a small amount on monthly basis and get the amount with interest on maturity or he can get in monthly installment in proportion of his installment deposited earlier. This is a pension scheme. It is useful for the salary earners, retailers or businessmen who are earning presently and who wants certain monthly income in future.
- Monthly Installment of `100 or more.
- Borrow 75% against the deposit at 2% over and above the deposit interest rate
Monthly Interest Payable Deposit Scheme
In order to provide a regular source of monthly income on attaining a certain age or on retirement. A Depositor may invest a certain amount in Term Deposit Account and avail a fixed monthly income by way of interest at prevailing rate of interest on the date of deposit till the maturity of that deposit account. This deposit scheme is useful for planning for financial independence on retirement from service / business.
- Minimum amount of deposit `1000 Maximum no limit.
- Minimum 1 year and Maximum 10 years.
- Interest will be paid monthly which is calculated on quarterly discounted basis.
- Borrow 75% against the deposit at 2% over and above the deposit interest rate.
Recurring Deposit
Scheme is designed for individuals who are in a position to set aside certain amount of monthly earnings.
- Monthly installment of `100 or more.
- Minimum of 12 month to 120 months.
- Penal charge will apply in case of delayed installments.
- Borrow 75% against the deposit at 2% over and above the deposit interest rate
Other features
- Anytime access: Access your account 24 hours a day through our network of ATMs.
- Free Cheque Payable at Par facility at all CBS branches of Ratnakar Bank i.e. one cheque book (20 cheque leafs) per quarter in a financial year, over and above that `2 per leaf with a minimum charge of `50.
- Free Cash withdrawal across all CBS branches of Ratnakar Bank.
- Free Demand Draft / Pay Order up to `1 Lac in a quarter, over and above that a charge of `1.25 per thousand across all CBS branches of RBL.
- RTGS outward / NEFT outward up to `1 Lac in a quarter, over and above that a charge of `1.25 per thousand across all CBS branches of Ratnakar Bank subject to max as per RBI norms.
- Free Cash deposit up to `25000 per day, over and above that a charge of `2.50 per thousand across all CBS branches of RBL Free for Home branch.
- Interest Payment option on TMD - Reinvest / Monthly / Quarterly.
- Automatic Renewal Facility on maturity of fixed deposit Nomination facility.
- Locker Facility at the branches.
- FFD account holder can withdraw up to 90% of the principal value of the fixed deposit at 2% over and above the fixed deposit contracted rate.