Nainital Bank RD schemes offer high interest rates to their customers. RD schemes ensure that the customers can earn higher returns on their savings by making small deposits each month. The minimum deposit required for each month is 100 rupees and the minimum RD tenure is 12 months. A nominal penalty is applicable on the depositor on late payment of the installments. The amount deposited in the Rd account is exempted from TDS (Tax Deductible form Source). The interest on Nainital Bank RD account is compounded on a quarterly basis. The customers can also avail loans from the Nainital Bank RD accounts and the amount of loan that can be extended to the applicant depends on the amount deposited and tenure of the RD account. The facility of the declaration of a nominee is also available for Nainital Bank RD accounts.
|Deposit Tenure||ROI (% P.A.)||ROI for Senior Citizens (% P.A.)|
|1 Year and above but up to 2 years||7.90||8.40|
|Above 2 years but less than 3 years||7.75||8.25|
|3 years and above but less than 5 years||7.75||8.25|
|5 years and above up to 10 years||7.50||8.00|
The tenure of RD schemes of Nainital bank ranges form 1-2 years and the interest rate applicable on the deposit is 7.9%. For a tenure of more than 2 years, the interest rate applicable is 7.9%. For a tenure of 2-3 years, the interest rate offered on the RD schemes worth less than a crore is 7.75% for deposits amounting to less than a crore
Medium-term RD with Nainital Bank can be opened for 3-5 years and the long-term deposit can be opened for 5-10 years. For deposits amounting to less than a crore, for a tenure 3-5 years, the interest rate applicable is7.75% and for deposits worth less than a crore over a period ranging from 5-10 years, the interest rate applicable is 7.5%
Additional benefits are provided to senior citizens who open an RD account with Nainital Bank. An additional interest rate of 0.5% is applicable on RD accounts of senior citizens on the regular interest rates. For a tenure of 1-2 years, the interest rate applicable on a senior RD account is 8.4% and for a tenure ranging from 2-3 years, the interest rate applicable is 8.25%. An RD scheme for a tenure of 3- years attracts an interest rate of 8.25% and an RD account with deposit term ranging from 5-10 years provides an interest rate of 8% for senior citizens.