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PSB-Recurring Deposit Accounts

Deposit Schemes - RD

  • Deposit Schemes
  • Documents Required
  • Rate of Interest

Recurring Deposit Scheme

  • Who can open an account
  • An individual who is not insolvent or insane, can open an account singly or jointly.
  • Such accounts can be opened by Individuals (singly or jointly), a firm, company, club, Association , Institution, Govt. or Semi Govt. Body, Co-operative societies, religious and charitable institutions etc.
  • Minimum deposit in the Account - Minimum of Rs. 10/-
  • Maximum deposit in the Account - Maximum of any amount per month.
  • Minimum and Maximum tenure
  • Minimum tenure - Minimum period six months.
  • Maximum tenure - Maximum 10 years.
  • Rate of Interest
  • As per rate applicable to fixed Deposit for the respective maturity period.
  • Periodicity of Interest
  • The interest is compounded at quarterly intervals but paid along with principal at the time of maturity of deposit.

* Nomination facility is available on all deposit accounts opened by individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favour of one individual only. Nomination so made can be cancelled or changed by all the account holder(s) any time.

Documents Required for opening of FD/RD Accounts

Latest Passport Size Photo.

“Officially Valid Document” (OVD): Anyone of the following 6 documents that containing details of name and address. .

  • Passport(should not be expired)
  • Driving License (should not be expired)
  • Aadhaar Card
  • Voter's ID Card
  • NREGA Job card
  • National Population Register.

Permanent Account Number (PAN) or Form No. 60.

Document in respect of the Nature of declared Profession / activity, nature of business or financial status.

Document Required BY Saving Account Customer While Opening Term Deposit Accounts

No separate documents required for existing customer having updated KYC at the time of opening of the term deposit account..

Interest Rates on Saving Bank Deposits with effect from 01st Nov 2022.

Particular Rate of Interest
Saving Bank Deposit including NRE/NRO Revised Rates
w.e.f 01.11.2022 (% p.a)
Upto 1 Crore 2.80%
Above 1 Crore to upto 100 Crore 2.90%
Above 100 Crore to upto 500 Crore 4.50%
Above 500 Crore 5.00%

Rate of interest on domestic term deposits, NRO accounts, capital gain accounts scheme 1988, recurring deposit scheme and psb fixed deposit tax-saver scheme

Revised w.e.f. 08/03/2023 (% p.a.)

Fixed Deposit

Less than Rs.2 Cr

7 - 14 Days 2.80(#)
15 - 30 Days 2.80
31 - 45 Days 3.00
46 - 90 Days 4.75
91 - 120 Days 5.10
121-150 Days 5.10
151 - 179 Days 5.10
180 – 269 Days 6.10
270 – 364 Days 6.10
1 Year - 2 Years 6.40
Above 2 Year < 3 Years 6.75
3 Years – 5 Years 6.25
>5 Years - 10 Years 6.25

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