Nainital Bank, founded in 1922, has around 139 branches in five North Indian states and three regional offices, one each in Dehradun, Haldwani, and Noida. Govind Ballabh Pant founded Nainital Bank, which is affiliated with Bank of Baroda, HDFC Bank, LIC, National Insurance Company Limited, and others.
It offers personal banking, business banking, rural and agricultural banking, as well as other internet services. Nainital Bank has locations throughout Uttarakhand, Uttar Pradesh, Delhi, Rajasthan, and Haryana.
Along with this, the bank offers customers various accounts, online services, and much more. Recurring deposits are also one kind of account and saving scheme that the bank offers to the customers, and that is discussed here.
You can open an RD with Nainital Bank for a short deposit term ranging from a minimum tenure of 2 years at an interest of 7.10%. For a period of more than 1 year and up to 2 years, the interest rate is 6.80%.
Here is a table that shows the Nainital Bank RD Interest rates:
|
Tenure |
Interest Rate |
|
1 year |
7.10% |
|
More than 1 year - up to 2 years |
6.80% |
|
More than 2 years - up to 3 years |
6.40% |
|
More than 3 years - up to 5 years |
6.30% |
|
More than 5 years up - 10 years |
6.30% |
Nainital Bank provides competitive interest rates on recurring deposits (RDs). The RDs' terms extend from one to ten years. You can buy RDs with interest rates ranging from 6.30% to 7.10%. The smallest amount you can deposit each month is Rs.100.
You can start an RD with Nainital Bank for a short deposit time ranging from a minimum of 2 years and earning 7.10% interest. The interest rate is 6.80% for terms of more than one year and up to two years.
You can open an RD with Nainital Bank for a medium term of 3 years to less than 5 years, or for a long term of 5 years to a maximum of 10 years. The interest rate is 6.30% for both tenures. The RD amount should not exceed Rs.2 crore
Senior citizens who create an RD account with Nainital Bank receive additional incentives. On top of the standard interest rates, senior citizens' RD accounts receive an additional 0.5% interest rate. The interest rate on a senior RD account for a duration of 1-2 years is 8.4%, while the interest rate for a tenure of 2-3 years is 8.25%.
An RD scheme with a 3-year tenure earns an interest rate of 8.25%, while an RD account with a deposit term of 5-10 years earns an interest rate of 8% for elderly adults.
Q1. What is the Nainital Bank Short-Term RD?
The period of Nainital Bank's RD programs spans 1-2 years, and the interest rate on the deposit is 7.9%. The applicable interest rate for more than two years is 7.9%. The interest rate paid on RD schemes worth less than a crore for 2-3 years is 7.75% on deposits worth less than a crore.
Q2. How to avoid TDS for this RD?
If the RD account holder does not have taxable income, he or she can submit Form 15G/ Form 15H to the bank/post office where the RD account is formed to avoid TDS. Form 15G is used for people under 60, whereas Form 15H is comparable to Form 15G but can only be used for people beyond 60.
Q3. Could I make a partial withdrawal of my RD account balance from the Nainital Bank?
No. In the case of RD accounts, partial withdrawals are not allowed. But, you can make a pre-closure and withdraw all of the money from the account.
Q4. Do I have to provide documents to apply for the RD account from the Nainital Bank?
When you already have a savings account with the Nainital Bank, you would not have to provide any documents to get started. When you do not have an account with the bank, you will have to provide ID proof, address proof, photo proof, and all the needed KYC documents.
Q5. What amount is the minimum payment for the RD account from Nainital Bank?
The minimum amount that you can deposit with this RD account is Rs. 500.
Q6. What are the types of documents that the Nainital Bank accepts for verification?
ID proof, address proof, and photo proof can be given through Aadhaar, bank statements, utility bills, licenses, and more.
Q7. How can I apply for an RD account from Nainital Bank?
You can apply for this RD account online (either through mobile or net banking), or you can do it offline (by visiting the bank physically.)