#1
16th December 2016, 05:28 PM
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Corporation Bank FRD
I want to apply for Flexible Recurring Deposit in Corporation Bank so can you please provide me the details of the scheme?
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#2
16th December 2016, 05:44 PM
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Re: Corporation Bank FRD
Flexible Recurring Deposit is a A flexible deposit in which the depositor can save a minimum stipulated amount of money every month for 3 years. Flexible Recurring Deposit Option to remit up to 10 times of the stipulated monthly installment in a month Option to withdraw part of the Deposit at the end of 1st and 2nd year. Eligibility- An Individual in his/her own name. Individuals in their joint names with suitable repayment instructions Minor represented by parents / guardian. Clubs, Societies, Associations, Educational Institutions, Trusts, Firms, Partnerships, Joint Stock Companies, Executors, Administrators, HUFs, Govt. Departments, etc. Period of Investment- Fixed period of Three years Amount of Deposit- Minimum: Rs.500/- p.m. and thereafter in multiples of Rs.100/- No Maximum Limit. Interest Payment Frequency- Interest is compounded on quarterly basis and ploughed back into the principal at the end of every financial year and paid on maturity. Additional Deposit- Up to 10 times the initial Deposit Amount is permitted every month. Penalty- Penalty @ Rs. 1.50 per Rs. 100/- per month is applicable , if base amount installment is not paid for relevant month. Withdrawals- On completion of 1st year :- 50% of the accumulated principal On completion of 2nd year :- 50% of the remaining principal If no withdrawal is made on completion of first year, One withdrawal at the end of 2nd year up to 75% of the 1st year deposit amount + 50% of 2nd year deposit amount is allowed. Add-ons Nomination facility- Premature closure facility as per the rules lay down by the Bank. Loan facility up to 90% on the deposit Customer service- 1800 425 3555 |
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