Recurring Deposit is a special kind of Term Deposit offered by Omios India Nidhi Limited which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and Omios India Nidhi Limited offers best recurring deposit plan in among companies. It is similar to making FDs of a certain amount in monthly installments, for example 500 every month. This deposit matures on a specific date in the future along with all the deposits made every month. Thus, Recurring Deposit schemes allow customers with an opportunity to build up their savings through regular monthly deposits of fixed sum over a fixed period of time. Minimum Period of RD is 12 months and maximum is 5 years.
Table of interest payment (on the deposit of Rs. 1000)
| Period | Rate Of Interest | Maturity Ammount |
|---|---|---|
| 12 Month | 11% | 12,773 |
| 24 Month | 11.25% | 26,997 |
| 36 Month | 11.50% | 43,085 |
| 48 Month | 11.75% | 61,352 |
| 60 Month | 12.50% | 83,345 |
1. Minimum Recurring Deposit would be 1000/-
2. The recurring deposits shall be accepted for a minimum period of 12 months and a maximum period of 60 months.
3. Interest will be compounded on quarterly basis.
4. Mode of payment will be either cash or cheque.
5. Recurring Deposit cannot end in 3 months, no interest will be payable if the recurring deposit is closed within 6 months. If the RD foreclosed after 6 months, 2% of interest amount will be charged.
6. Charge of 25 per 1000/- will be demanded in case of default payment of instalment.
7. Irregular deposits are not entitled for pre-mature payment and loan facility against it.
8. If there is default in payment of one instalment than the account will be treated as irregular account.
9. After the maturity date, payment on irregular accounts will be made after deducting the penalty amount maximum to the limit of interest earned on such account. No deductions will be made on principal amount of such accounts.
10. The company will repay the principal amount and interest to nominee, in case of death of depositor, at which it is accepted by RD plan in India.
