Under a Recurring Deposit account (RD account), a specific amount is invested in bank on monthly basis for a fixed rate of return.The deposit has a fixed tenure, at the end of which the Principal amount as well as the interest earned during that period is returned to the Customer. Recurring Deposit Account provides the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access those savings any time.

There is great flexibility in period of deposit with maturity ranging from 12 months to 120 months. One can start a Recurring Deposit Account with a Monthly Installment of Rs. 100/- only. There is no upper limit on investing. Loan / Overdraft facility is also available against Recurring Deposits.

In case of Recurring Deposit Account being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with the Bank. Premature withdrawal is also permissible but penalty is levied.

A reliable monthly investment tool to plan for your future financial needs. All the Deposits of The Shahada People's Co-op Bank Ltd., are insured under Deposit Insurance and Credit Guarantee Corporation (DICGC). Under the norms of DICGC all deposits of the customers in the same capacity and same right up to Rs.5,00,000/- have been insured under DICGC cover.