| Salient Features | A recurring deposit scheme with the option of varying the monthly installments is called the Variable Recurring deposit scheme
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| Eligibility | As in the case of FD/RIP
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| Min Amt | The amount of initial deposit is called core deposit. It can be a minimum of Rs.25/- or multiples thereof.
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| Max Amt | Monthly installments can be varied. Any number of remittances can be made in a month. However the maximum amount paid in a month can not be more than Rs.10,00,000/-
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| Min Period | 12 Months and in multiples of 3 months
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| Max Period | 120 Months
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| Other Requirements/Details | * Interest will be calculated based on the monthly products reckoned on the minimum balance between 10th and the last working day of the month and shall be credited to the account every half year ending September and March.
* No penal interest for delayed payment of instalments for failure to remit the monthly core deposit.
* There is no restriction on the number of times the instalments can be varied upwardly from the initial Core Deposit subject to a maximum of Rs.1000000 in a calendar month.
* No preferential rate of interest will be given to Senior Citizens.
* Nomination Facility Available.
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