Recovery Deposit

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Recovery Deposit

Invest fixed sum of amount on monthly basis in Recovery Deposit and get attractive interest rates.

Recovery Deposit allows customers with an opportunity to build up their wealth securely through regular monthly deposit of fixed sum over a period of time.

Key Benefits Of This Service

FEATURESBENEFITS
Attractive Interest Rates

interest rates 13 %

Flexible Tenor Options

  • Minimum Tenor
  • Maximum Tenor

 

  • 6 Months
  • 10 Years
Minimum AmountAs low as ₹ 100
Deposit MultiplesAs low as ₹ 100
Ease of BookingOpen RD on click of a button using internet or mobile banking.

Terms and Conditions:

1. The interest is computed based on the actual number of days in a year i.e. 365 days for a non- leap year and 366 days for a leap year. The tenor of Deposit is calculated in number of days.

2. In case of premature withdrawal of the recovery deposit, penalty of 0.5% will be applied on the applicable rate of interest for the duration which the deposit is maintained with us.

3. For delayed and/or missed monthly payment:

    a. A Penalty of ₹ 1.5 per ₹ 100 on the instalment amount will be levied

    b. This penalty will be levied on actual basis i.e. on the number of days of delay

    c. Grace period of 5 days will be provided to the customer to make the instalment payment to avoid the penal charges

4. Finance reserves the right to close the Recovery deposit in case the customer misses 5 consecutive Recovery deposit instalments.

5. The minimum tenor of Recovery Deposit should be 6 months.

6. The minimum instalment amount should be ₹ 100.

7. The instalment amount should be in multiples of ₹ 100.

 

How to Apply

  • Visit Our branch and open Account.
  • You can also contact us and our Customer Care Executive will fix a service appointment with our Relationship Manager to help you with the application process.
 

Required Documents

Primary ID: Aadhaar
Secondary ID: PAN card / Form 60
In case of non-availability of PAN card, customer needs to submit Form 60 along with the one of the following OVDs (Officially Valid Documents)
Passport
Voter ID card
Driving licence
NREGA (National Rural Employment Guarantee Act)
Letter issued by National Population Register containing details of name and address
Residence Proof:
Any of the valid KYC documents
Utility bill (not more than 60 days old)
For Terms and Conditions, please contact the nearest UNIONE RC FINANCE & FOUNDATION branch.

Eligibility Criteria : 
Applicants must meet the following requirements to be eligible for the loan:

Should fulfil KYC documents requirements
Age should be between 18 to 58 years
Should not have an adverse credit record
Should meet the acceptable credit norms according to UNIONE RC Finance & FOUNDATION
Should be part of a customers who are willing to guarantee each other for the repayment of loan