Recurring Deposit

It’s well said, “Drop by drop fills a pitcher

Keeping eye at various financial goals, Uplabdh Nidhi Limited has an ample of financial instruments to choose one from. One such is Recurring Deposit, which is almost similar to FD accounts, though the deposits are made regularly instead of making in lump sum. An RD account is opened in the name of the member and maintained by Uplabdh Nidhi in connection with the Deposits.

Deposit shall be due for repayment on the date falling on completion of one calendar month from the date of payment of the last Installment or on completion of the Tenure, whichever is later. The effective date from which the credit shall be given for any Installment shall be the date on which Uplabdh gets clear funds into the Account of the Depositor/s.

Depositors can start investing in RD accounts with Uplabdh Nidhi for a minimum deposit of Rs.500, which can be increased in multiples of Rs.100. At the time of opening the account, a depositor shall stipulate the installment amount and the tenure. Please note that the Installment and the number of installments cannot be altered subsequently.

Payment of installment:

  • All deposits into the Account should be made either in cash, local cheque, or according to the Standing Instructions from the Depositor/s.
  • Installment for any calendar month must be paid on or before the last working day of that particular calendar month.
  • The funds deposited on a date following the non-payment of the Instalment for the previous month(s), shall first be appropriated towards the un-paid Instalment.
  • In case of delay in payment of any Instalment, the Depositor/s shall be liable to pay monthly interest at the rate of Rs.12 per Rs.500 or part thereof or such other rate as may be specified by Uplabdh Nidhi for the period of delay.
  • The total interest so chargeable to the Depositor/s shall be recovered from the total amount payable at the time of maturity.

Duration of deposit:

Deposit can be maintained for a minimum tenure of 6 months in multiples of 3 months subject to a maximum of 60 months. In case of recurring deposits relating to mortgage loans, the maximum period of recurring deposits shall correspond to the repayment period of such loans granted by Uplabdh Nidhi Limited (UNL).

Withdrawal conditions before maturity:

  • Uplabdh shall not repay any deposit within a period of three months from the date of its acceptance;
  • If in exceptional cases, UNL repays any deposit after a period of three months, the depositor shall not be entitled to receive any interest up to six months from the date of deposit.
  • In case of sudden demise of a depositor, the deposit shall be repaid prematurely to the surviving depositor or nominee or to legal heir with interest calculated up to the date of repayment.

Nomination facility:

  • Nomination facility is available for the Account in the names of individuals. Only one nominee is permissible for an Account and the nomination is to be made by the Depositor/s duly witnessed by a third person.
  • The Depositor/s should ensure that the acknowledgement is given as per the nomination rules framed by RBI.
  • The Depositor/s has the liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of the Account with Uplabdh Nidhi.