Simple Recurring Deposit

Simple Recurring Deposit is a Product under Recurring Deposit, where there is no maximum limit on the monthly installment.

Amount limit

1. Minimum Installment for opening Recurring Deposit is – Nu. 100
2. Maximum Installment for opening Recurring Deposit is – No limit

Tenure

1. Minimum 1 year
2. Maximum 20 years

Loan Facility

Customers can avail loan against Simple Recurring Deposit.

Default Payments

1% of the installment for each defaulted month.

Premature Withdrawal

Simple Recurring deposit can be broken before the maturity date. The interest rate will be 1 % less than the applicable rate of interest the RD has been kept with the Bank. However, if the RD is closed before 3 months, the customer will not be eligible for interest.

REQUIRED DOCUMENTS

Eligibility Documents required
For Individual Account
  • Copy of a valid Passport / Citizenship ID Card

  • Two Passport sized photographs

  • Legal stamp

For Non-National Individuals
  • Work Permit copy

  • Passport copy

  • Legal stamp

  • Two Passport sized photographs

For Minor Account
  • Photocopy of a valid Passport / Citizenship ID Card of parents or guardian

  • Two Passport sized photographs of the Guardian

  • Minor’s Health Card

  • Call us on: 1095
  • Write to us at: [email protected]
  • Request Callback:+975