State Bank of Patiala RD

What are the features and benefits of Recurring Deposit (RD) at State Bank of Patiala as I want to know about the same ?

State Bank of Patiala was founded in the year 1917. Bank offers Recurring Deposit (RD) facility for its customers .

Features and Benefits State Bank of Patiala Recurring Deposit (RD):

Minimum monthly installment amount for this Recurring Deposit :
nominal as Rs. 500.

There is a facility to transfer the RD account from one SBP branch to another.

Deposit tenure :
3 years.

RD account can be opened by –

Residents of India

Any female holding a Savings account with SBP

Any female can open this account in her name, or jointly with a minor/child.

Customer can avail a loan/overdraft facility against the security of the Recurring Deposit.

If the loan is being taken for the minor, it needs to be utilized for his/her benefit.

Interest on Recurring Deposits:

Interest rate :
8.75% p.a is compounded with quarterly rests.

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Answered By StudyChaCha Member