Assam Gramin Vikash Bank

Lakhpati Deposits

Recurring Deposits

Overview Features Eligibility Minimum Amount Required documents Penal Charges on preclosure/ default Rate of Interest

Recurring Deposit is a systematic monthly savings account which yields high interest on par with that of Fixed Deposit. This type of deposits helps to meet your future obligations/requirements such as Children Education, Daughter’s Marriage, Purchasing a house, Buying Car etc., This Account facilitates the depositors to avail loan/overdraft against their deposits and also repayable on demand before maturity during exigencies.

Features

Flexibility in period of deposit with maturity ranging from 12 months to 120 months.
Low minimum monthly deposit amount of ₹ 100.00.
Offers high interest rates.
Nomination facility.
Standing Instruction with Auto debit and Closure on maturity.
Available in digital channels such as AGVB Mobile Banking Application.
Term loan/ overdraft upto 90% of the deposit during exigencies.
repayable on demand before maturity.
Transfer of Recurring Deposit accounts between our wide network of branches without any charge.

Eligibility

Any resident individual.
Minors below 10 years of age may open recurring deposit accounts under the guardianship of a natural or legal guardian.
Any corporate company, proprietorship, or commercial organization

Minimum Amount

Rs 100.00 per month

Required documents

Identity and Address Proof (PAN/ Aadhaar/ Passport etc. ) of individual/ proprietors/ partners as applicable.

Penal Charges on preclosure/ default

Maximum 1 % of interest earned for default/ late deposit on prorate basis.

Rate of Interest

As per term deposit table

Lakhpati Deposits

Recurring Deposits

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