Capital Small Finance Bank RD Interest Rates

About Capital Small Finance Bank Recurring Deposit(RD)

On April 24, 2016, Capital Small Finance Bank Limited, previously Capital Local Area Bank, commenced operations as India’s first small finance bank. The Bank pioneered modern banking facilities for rural areas at low cost.

Recurring deposits with Capital Small Finance Bank will help you make monthly instalments to save money. Interest compounded quarterly is applied. 

Capital Small Finance Bank RD Features

• You can start an account for a short period of 12 months or as many as 120 months.
• There is a facility for nominations.
• A passbook is provided to the client.
• For senior citizens, an extra 0.50% interest is given and applicable in all schemes.
• No tax deduction at source will be there if proper forms like 15G/ 15H are submitted promptly, and this feature is applicable in every scheme.

Capital Small Finance Bank RD Account Eligibility and Documents Required

The following people are eligible to open an RD with Capital Small Finance Bank:

• Any Individual or Group of Individuals,
• Firm,
• Corporates or Club etc

The following are the documents required to open an RD with Capital Small Finance Bank:

• Identity Proof of the applicant
• Address Proof of the applicant- For address proof, the following documents are required: – Passport, Passport size Photograph, Telephone bill, Electricity bill, Bank Statement with Cheque, and Certificate/ ID card issued by the Post office.

Capital Small Finance Bank RD Schemes

1) Cumulative Deposits

This deposit provides quarterly compound interest to you. This deposit has a minimum duration of 12 months and a maximum duration of 120 months for opening. There is a facility for nominations. Available for loans or overdrafts up to 92.5% of the deposit plus accumulated interest. There is no TDS deduction if the relevant form (15H/15G) is provided.

2) Short-term deposit scheme

This deposit provides you with simple Interest rates. It has a minimum duration of 15 days and a maximum of 364 days. This scheme offers high liquidity with good returns. A nomination facility is available in this scheme. A loan or overdraft facility is available for up to 92.5% of the deposit amount. For non-fund-based facilities, this scheme can be used as margin money.

3) Quarterly Interest Deposit scheme

There is an option for quarterly interest payout. This deposit has a minimum duration of 12 months and a maximum duration of 120 months for opening. A nomination facility is available. As per the prevailing rules, there can be premature withdrawal before maturity. A loan or overdraft facility is offered up to 92.5% of the amount deposited.

4) Monthly Interest deposit scheme

There is an option for quarterly interest payout. This deposit has a minimum duration of 12 months and a maximum duration of 120 months for opening. With MIDS, you can take out up to 92.5% of the money that you deposited. It assures you that your money is in safe hands and gives you the comfort of liquidity. A loan or advance facility is offered up to 92.5% of the amount deposited. The interest payment is liable to Tax Deducted at Source (TDS).

Conclusion

The Bank has experienced exponential growth in all areas due to the conversion to a Small Finance Bank, eliminating the geographical restrictions on expansion. With a recurring deposit, your credit balance increases as the interest income rises. You, therefore, receive higher interest with a longer term. One-off payment: At the end of the term, a lump-sum payment of the maturity value is made.