Recurring deposit is a type of term deposit offered by Uddipan Nidhi which help people with regular incomes to deposit a fixed amount Daily or Monthly into their recurring deposit account and earn interest at the attractive rates offered by us. It is similar to making fixed deposits of a certain amount in monthly installments. This deposit matures on a specific date in the future along with all the deposits made as per Recurring deposit Frequency. Recurring deposit schemes allow customers an opportunity to build up their savings through regular deposits of a fixed sum over a fixed period of time. The minimum period of a recurring deposit with Uddipan Nidhi is six months and the maximum is Five years.
POPULAR RECURRING DEPOSIT SCHEMES:
RECURRING DEPOSIT 12 MONTHS
| RD Amount (Minimum 1000) | Tenure | Interest Rate (%) | Maturity Amount |
| 1000 | 12 Months | 7.2 | 12476 |
| 2000 | 12 Months | 7.2 | 24952 |
| 3000 | 12 Months | 7.2 | 37428 |
| 4000 | 12 Months | 7.2 | 49904 |
| 5000 | 12 Months | 7.2 | 62380 |
| 6000 | 12 Months | 7.2 | 74856 |
RECURRING DEPOSIT 24 MONTHS
| RD Amount (Minimum 50) | Tenure | Interest Rate (%) | Maturity Amount |
| 1000 | 24 Months | 7.8 | 26038 |
| 2000 | 24 Months | 7.8 | 52076 |
| 3000 | 24 Months | 7.8 | 78114 |
| 4000 | 24 Months | 7.8 | 104152 |
| 50000 | 24 Months | 7.8 | 130190 |
| 6000 | 24 Months | 7.8 | 156228 |
RECURRING DEPOSIT 365 DAYS
| RD Amount (Minimum 50) | Tenure | Interest Rate (%) | Maturity Amount |
| 50 | 365 Days | 6 | 18806 |
| 100 | 365 Days | 6 | 37613 |
| 150 | 365 Days | 6 | 56418 |
| 200 | 365 Days | 6 | 75224 |
| 250 | 365 Days | 6 | 94030 |
| 300 | 365 Days | 6 | 112836 |
RECURRING DEPOSIT 36 MONTHS
| RD Amount (Minimum 50) | Tenure | Interest Rate (%) | Maturity Amount |
| 1000 | 36 Months | 8.4 | 41030 |
| 2000 | 36 Months | 8.4 | 82060 |
| 3000 | 36 Months | 8.4 | 123090 |
| 4000 | 36 Months | 8.4 | 164120 |
| 5000 | 36 Months | 8.4 | 205150 |
| 6000 | 36 Months | 8.4 | 246180 |
Tenure Of Payment
The tenure of account is 12 months and above.
Mode Of Payment
All payments to the Company shall be made either in cash or by cheque draft against the receipt countersigned by its authorised signatory by any mode or media other than mentioned above shall be at the member account holder’s own riks. The cheque/draft shall be credited in the name of member account holder subject to clearance by the bank. Out station cheques shall not be accepted.
Issue Of Passbook:
A passbook will be issued to every Member 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 passbook and receipts dully countersigned by the authorised signatory of the branch office bearing seal. Payment shall be made on basis of receipts only.
Terms & Conditions
- It is mandatory to be a member in the Company.
- Company will issue shares worth Rs.100/- to member for RD Plan.
- Interest will be calculated on yearly basis.
- Recurring deposit minimum amount Rs.50/-,thereafter in multiple of Rs.50/-.
- Irregular deposits are not entitled for pre mature payment and loan facility against it.
- After 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 deduction will be made on the principal amount of such loan.