Recurring Deposits are meant for steady and gradual saving for individuals to build-up the savings through regular monthly deposits of a fixed sum over a fixed period of time. You do not need to open a savings account with us for opening a recurring deposit account.

• Minimum initial monthly instalment: Rs 500/- or in multiples of Rs 500/- thereafter
• Minimum – Maximum Tenure: 1 year to 5 years.
• Automatic Renewal: On maturity, we shall convert your recurring deposit into a fixed deposit for the period as specified by you at the interest rates prevailing on maturity or the same can get credited to your savings account.
• No TDS will be deducted irrespective of the amount of interest paid or accrued in the financial year.

Vidya Power

DCB’s new form of recurring deposit called “Vidya Power” has some unique features, which will help you provide for cost of higher education. The scheme will enable you to save money regularly in affordable instalments on a monthly recurring basis for a specific period.

• The instalment payable in Vidya Power Deposit will increase by 10% of the initial instalment in every subsequent year.
• The rate of interest applicable will be the rates prevailing at the time of opening of the account.

Features of the Vidya Power scheme

Vidya Power Deposit scheme is an extension of the Recurring Deposit Scheme and can be opened under 2 plans:

• Term
  The deposit shall be accepted for 5 years only
• Minimum Initial Instalment
  Rs 500/- or in multiples of Rs 100/- thereafter for both the terms
• Instalments for second year onwards
  The monthly instalment for the second year onwards increases by 10% of the first monthly instalment for every subsequent year.

Vidya Power Deposit account opened with Rs 500/- as initial instalment for 5 years at rate of interest, the monthly instalment during every year will be: