Recurring Deposit Account

Metra Trust offers various benefits on booking a Recurring Deposit, such as:

1. Consistent savings through monthly deposits

2. Higher interest rates 

3. No penalty on missing an installment

4. Flexible investment amounts of as low as ₹100

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Any customer (including NRI) who has an existing Metra Trust Savings Account or Current Account can open a Recurring Deposit with the Bank. 

However, in case any joint holder in NRE/NRO RD is an Indian resident then only ‘Former or Survivor’ can be the mode of operation. 

A Resident Indian cannot be the primary holder in an NRE/NRO RD. 

As an existing Metra Trust Savings/Current Account customer, you do not need to submit any additional documents to open a Recurring Deposit Account.

Metra Trust offers multiple ways you can choose from to book a Recurring Deposit:

- Walk in to any Metra Trust branch to open a Recurring Deposit Account

- If you're an existing Savings/Current Account customer, you can also book a Recurring Deposit through NetBanking/on our Mobile app

Yes, you need to be an existing Metra Trust Savings/Current Account holder to open a Recurring Deposit Account

You can choose from one of the below modes of operation for your Metra Trust Recurring Deposit – Single, Joint, Either or Survivor, Former or Survivor OR Any or Survivor. 

The interest rate you can earn on your Metra Trust Recurring Deposit would vary depending on the tenure you have opted for. Visit our Recurring Deposits Interest Rates page to know more. You can also calculate the interest to be earned on our RD interest calculator. 

Senior Citizens get the below additional benefits on booking an Metra Trust Recurring Deposit:

1. Additional interest rate of 0.5% p.a., over the regular rate of interest

2. No penalty on early withdrawal of the Recurring Deposit

Interest on your Metra Trust Recurring Deposit is paid at the time of maturity.

Interest earned on your Metra Trust Recurring Deposit is paid out at the time of maturity of the account.

As per Section 194A of Income Tax Act 1961, TDS is applicable on your Recurring Deposit at the rate of 10% when interest payable or reinvested per customer, across all Branches, is likely to exceed Rs. 40,000/- (or Rs. 50,000/- for Senior Citizens) in a financial year, unless otherwise exempt under law.

Yes, nomination facility is available on your Metra Trust Recurring Deposit. You can have one nominee, whether the account is held singly or jointly. 

Yes, you can withdraw your Recurring Deposit on our Mobile App

Yes, in case required, you can make premature withdrawal of your Recurring Deposit on our Mobile App.

Premature closure penalty may be applicable as per the bank's policy.

In case of premature closure of your Recurring Deposit, you will earn interest on the applicable rate, for the period which your RD was line.

Premature penalty would be applicable as per the bank's policy.

There may be penalty applicable on premature withdrawal of your RD. Please visit your nearest Metra Trust branch to know more. Click here to know more 

No, you cannot partially withdraw funds from your Metra Trust Recurring Deposit.

Your Recurring Deposit installments would be due every month on the date of opening the RD.

Yes, you can change the installment due date and tenure of your Recurring Deposit by visiting your nearest Metra Trust Branch.

No, there is no penalty on missing your monthly installments.

Yes, you can open a Recurring Deposit Account in the name of a minor. However, it can be under the supervision of parents/guardians.