A recurring deposit is a type of account offered by Goldshine Micro Foundation, where the depositor agrees to make regular, periodic deposits into their performance over a fixed period. The depositor typically makes these deposits monthly, and we pay interest on the accumulated savings at the end of the term. Recurring deposits are a good option for people who want to save money regularly but may not have a large sum of cash to deposit upfront. This could be an excellent way to discipline oneself to save periodically, as the depositor is committed to making periodic deposits.
In recurring deposit a member can open an account of minimum of Rs 500/- or in multiple of Rs 100/- is accepted every month for a specified period ( one year to seven year ) and the total amount is repaid with interest at the end of the particular period.
| Sl No. | Months | Interest |
|---|---|---|
| 1. | 12 Months | 9.5% |
| 2. | 24 Months | 10% |
| 3. | 36 Months | 10.25% |
| 4. | 48 Months | 10.50% |
| 5. | 60 Months | 11% |
Recurring deposits are term deposits more or less like fixed deposits in their very nature. They are made for specified periods of time like a year or more. The interest rates for them are the same that are applicable to fixed deposits.