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  #1  
September 2nd, 2015, 05:07 PM
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FRD Corporation Bank

I am customer of Corporation bank and want to know details about the Flexi Recurring Deposit (FRD) details of this bank. Will you tell me is there any section available in Bank website from where I can check the FRD installments rates of this bank?
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  #2  
October 19th, 2019, 07:57 AM
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Re: FRD Corporation Bank

Can you provide me the details of the FRD (Flexible Recurring Deposit) Scheme offered by Corporation Bank as I want to know it before applying for it?
  #3  
October 19th, 2019, 07:58 AM
Super Moderator
 
Join Date: Mar 2012
Re: FRD Corporation Bank

In FRD (Flexible Recurring Deposit) Scheme offered by Corporation Bank the depositor can save a minimum stipulated amount of money every month for 3 years. There is an option to remit up to 10 times of the stipulated monthly instalment in a month and an option to withdraw part of the Deposit at the end of 1st and 2nd year


Who can open:
An Individual in his/her own name.
Individuals in their joint names with suitable repayment instructions
Minor represented by parents / guardian.
Clubs, Societies, Associations, Educational Institutions, Trusts, Firms, Partnerships, Joint Stock Companies, Executors, Administrators, HUFs, Govt. Departments, etc.


Period of Investment
Fixed period of 3 years


Amount of Deposit
Minimum: Rs.500/- p.m. and thereafter in multiples of Rs.100/-
No Maximum Limit.


Rate of Interest
The rate of interest depends on the period of deposit, payable at the rate as decided by the Bank from time to time.


Interest Payment Frequency
Interest is compounded on quarterly basis and ploughed back into the principal at the end of every financial year and paid on maturity.


Additional Deposit
Up to 10 times the initial Deposit Amount is permitted every month.


Penalty
Penalty @ Rs. 1.50 per Rs. 100/- per month is applicable, if base amount instalment is not paid for relevant month.


TDS
TDS is applicable as per norms.


Withdrawals
On completion of 1st year:-
50% of the accumulated principal
On completion of 2nd year:-
50% of the remaining principal
If no withdrawal is made on completion of first year, one withdrawal at the end of 2nd year up to 75% of the 1st year deposit amount + 50% of 2nd year deposit amount is allowed.


Add-ons
Nomination facility
Premature closure facility as per the rules lay down by the Bank.
Loan facility up to 90% on the deposit


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