Recurring Deposit Account
Recurring Deposits is a systematic investment plan (SIP) to build an accumulated savings fund for achieving one’s financial goals. It is meant for those who wish to invest a specific chosen amount of money on a monthly basis for a fixed rate of return. The first deposit made at the time of opening will be the denomination of the account. Each subsequent monthly instalment made is equal to the first deposit.
- Choose a term in months (6 months to 60 months)
- Choose a fixed amount called instalment to deposit each month regularly (minimum ZAR 500 and multiples of ZAR 100)
- Deposits the instalment every month during the contracted period.
- Automatic transfer of monthly instalment from transactional accounts based on standing instructions
- Interest rate is fixed for the term of the deposit
- For senior citizens i.e. of age 55 years or older extra 0.25% p.a. interest for deposits of 24 months and above
- Interest paid on maturity.
- Early withdrawal of funds is not allowed except under extreme circumstances as a matter of discretion but with penalty fees
- Funds on maturity will be handled as per instructions.
- For emergency needs, avail easy loans upto 90% of the balance amount lying in the account.
- No monthly transactional fees
Interest on Recurring Deposit Account is paid on maturity. Please click on Interest rates for detail of interest rates in Recurring Deposit Account.