Variable Recurring Deposit Indian Bank

I am looking for basic info of Indian Bank Variable Recurring Deposit scheme , so would you plz let me know about the same , as my brother asking me about the same ??

[Arvind Kumar]

Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India.

As you want I am telling Indian Bank Variable Recurring Deposit scheme caters to those who can save a little and to those who want to save a big amount. With this recurring deposit, a customer can open an account with just Rs. 25. The maximum initial deposit is limited to Rs. 1 lakh.

Features of this scheme :

Interest - Interest rates are attractive and compounded on a quarterly basis.

Variable deposits - Customers can deposit as much as they like in multiples of Rs. 25. This feature makes this deposit extremely appealing.

Tenures - Customers can choose to save for 1 year up to a period of 10 years.

Nomination - Nomination facilities are available for the deposit holder to select a nominee. Upon the unfortunate death of the deposit holder, the nominee will receive the money.

Loan - Against this deposit, Indian Bank will extend loan facilities.

Delayed payments - In case your monthly instalment is delayed, Indian Bank does not levy any penalties.

Bank profile:

Type Public

Traded as BSE: 532814

NSE: INDIANB

Industry Banking, Financial services

Founded 15 August 1907; 110 years ago

Headquarters Chennai, India

Key people Kishore Kumar Kharat

(MD & CEO)

M K Bhattacharya & A S Rajeev

(Executive Directors)

Products Consumer Banking

Corporate Banking

Finance and Insurance

Mortgage Loans

Investment Banking

Merchant Banking

Private Equity

Private Banking

Savings

wealth management

Credit Cards

Revenue 7,370.16 crore (US$1.1 billion) (20170

Operating income 4,000.7 crore (US$620 million) (2017)

Net income 1,405.68 crore (US$220 million) (2017)

Total assets 218,233.15 crore (US$34 billion) (2017)

Owner Government of India

Number of employees 20,924 (2017)

Capital ratio 13.20%