Deposit Schemes
Recurring Deposit
A Recurring Deposit is a special kind of Term Deposit offered by SAANCHI MICRO FINANCE which helps members with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits. It is similar to making fixed deposits of a certain amount in monthly installments.
Recurring Deposit Schemes are ideal for those who want to save regularly and build up their savings over a period of time. The scheme offers attractive interest rates and the flexibility to choose the tenure ranging from 12 to 84 months. Members can also avail loans against their Recurring Deposits at competitive interest rates.
Recurring Deposit Interest Rate
| Denomination | 12 Months (6%) | 24 Months (6.5%) | 36 Months (8%) | 36 Months (Sr. 8.5%) | 60 Months (9%) | 60 Months (Sr. 9.5%) | 84 Months (10%) | 84 Months (Sr. 10.5%) |
|---|---|---|---|---|---|---|---|---|
| 25000 | 309663 | 641102 | 1015627 | 1023165 | 1881787 | 1905406 | 2998073 | 3052084 |
| 10000 | 123865 | 256441 | 406251 | 409266 | 752715 | 762162 | 1199229 | 1220834 |
| 5000 | 61933 | 128220 | 203125 | 204633 | 376357 | 381081 | 599615 | 610417 |
| 4000 | 49546 | 102576 | 162500 | 163706 | 301086 | 304865 | 479692 | 488333 |
| 3000 | 37160 | 76932 | 121875 | 122780 | 225814 | 228449 | 359769 | 366250 |
| 2000 | 24773 | 51288 | 81250 | 81853 | 150543 | 152432 | 239846 | 244167 |
| 1000 | 12387 | 25644 | 40625 | 40927 | 75271 | 76216 | 119923 | 122083 |
Terms & conditions:-
- Minimum monthly deposit Rs. 500/- and in multiples of Rs. 100/-
- Interest to be compounded quarterly basis.
- Premature withdrawal allowed after 6 months with reduced interest rate.
- Loan against Recurring Deposit will be up to 90% with 3% additional interest on RD rate.
- Default in monthly installment will attract penalty charges.