Recurring Deposit Plus

Recurring deposit is a disciplined approach to savings for accumulating a larger sum for any specific purpose. Under Recurring Deposit Plus scheme, you deposit a fixed amount at specific intervals for a fixed period of time. At the end of the tenure, you get back the entire amount deposited along with interest.

Amount limit

1. Minimum Installment for opening Recurring Deposit is Nu. 100
2. Maximum Installment for opening Recurring Deposit is Nu. 10,000

Tenure

1. Minimum 1 year
2. Maximum 20 years

Loan Facility

Customers can avail loan against Recurring Deposit Plus.

Default Payments

1% of the installment for each defaulted month.

Premature Withdrawal

Recurring Deposit Plus 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