The Recurring Deposit (RD) scheme in the Starinvest Mutual Benefit India Nidhi Ltd. where an investor deposits a fixed amount with monthly intervals for a fixed tenure (mostly ranging from one year to five years). This scheme is for investors who want to deposit a fixed amount every month, in order to get a good amount on maturity. The small monthly savings in the Recurring Deposit scheme make the depositor accumulate a handsome amount on maturity. Interest on Recurring deposit rates is computable on a quarterly compounded basis. The account can be opened by any member individually.

In a recurring deposit account Minimum amount of Rs.500/- and multiplies of 500/- is accepted every month for a specified period (1 year to 5 years) and the total amount is repaid with interest at the end of the particular period.

---

Benefits of Recurring Deposit

The reasons why recurring deposits are an ideal form of investment are as follows:

1. Safe investment: Recurring deposits are just a simple investment of your money and do not dabble in the markets. Therefore, the interest rate not fluctuate and you do not stand to lose your money.
2. Earn while you save: Your deposit gets earning interest from your first contribution. The interest accumulation increases with tenure. The longer you invest, gives more interest earning.
3. Hand sum payout: At the time of maturity you receive your contribution plus the interest you earned. That you can use this money to reinvest or spend it on what you made saving for.
4. Higher interest rates
5. Doorstep service

---

Tenure	Normal Age Group (18 to 59)	Senior Citizen (60 or Above)
12 Months	10.25 % p.a.	10.25 % p.a. + Bonus
24 Months	10.25 % p.a.	10.25 % p.a. + Bonus
36 Months	10.25 % p.a.	10.25 % p.a. + Bonus
48 Months	10.25 % p.a.	10.25 % p.a. + Bonus
60 Months	10.25 % p.a.	10.25 % p.a. + Bonus

Terms & Conditions:

1. A Recurring Deposit account can be opened with a minimum of Rs. 500 /- and further in multiples of Rs. 500.
2. Any individual can open an RD Account.
3. Interest on Recurring Deposit cumulated on a quarterly compounded basis.
4. Nomination facility is available at the time of account opening.
5. TDS Deduction will be as per the Income Tax Act.
6. The maturity will make one month after the deposit of the last installment or the maturity date whichever is later.
7. Minor after attaining majority has to apply for conversion of the account in his name.
8. No premature allow within 90 days of recurring deposit, and no interest will be payable if withdraw within 6 months.
9. Special interest rates will be applicable for people over 60 years of age, women, ex-servicemen, state and central government employees.
10. The loan facility is available against deposits.

---

Mode of Payment:

a) All payments to the company shall be made either in cash or by cheque/ draft against the receipt countersigned by its authorized signatory payments by any mode or media other than mentioned above shall be at the member account holder’s own risk. The cheque/draft shall be credited in the name of the member Account Holder subject to clearance by the bank. Outstation cheques shall not be accepted.
b) Installments are to be paid regularly on each working day. The member account holder will have to deposit 30 days payment in the month.

---

Issue of Passbook:

A passbook will be issued to every member of the account holder. The member account holder shall get the passbook updated at regular intervals. If any discrepancy or difference in the amount is found between the entries made in the passbooks and receipts duly countersigned by the authorized signatory of the branch office bearing seal. Payment shall be made on the basis of receipts only.

---

Choose your Recurring Deposit Scheme as per your requirements and avail the option of applying for a savings account in our Starinvest India Bank Nidhi Limited.