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Recurring

The Anand Mercantile Co Op Bank LTD   →  Recurring

Recurring

Recurring Account

  •  Recurring Deposit is a monthly Fix Savings Scheme. Customer can Open Recurring A/c with minimum of Rs.100/- per month and in count of Rs.100/- thereafter i.e. Rs.100/-, Rs.200/-, Rs.300/- etc.
  •  Customers can open Recurring account for 12, 18, 24 and 36 Months.
  •  We offer nomination facility for all deposit accounts.
  •  We are member of Deposit Insurance and Credit Guarantee Scheme in which customers deposit are insured up to Rs. 5 Lac.

Rules & Regulation for Recurring Deposit

  •  Depositor has to fulfil KYC norms as per RBI directive.
  •  Guardian can open Minor’s Recurring A/c. When minor turn major thereafter providing valid age proof he/she can withdraw the amount with his/her signature.
  •  Every Depositor must have to deposit their installment till date of opening a/c or last installment date of every month.
  •  If Depositors failed to deposit Installment on regular basis, penalty will be levied.
  •  The maturity amount is payable after 30 days of last installment deposited.
  •  If customer want to close the 12 months period deposit account before its mature period then the interest will be applicable as per Savings Interest Rate.
  •  If Customer Deposit more installment than required for prescribe period then Interest will not be applicable on extra installment he/she deposited.
  •  If customer having Savings or Current a/c in the Bank then by the written application Bank will transfer Recurring Deposit instalments from that account as standing instruction.
  •  The Bank is having rights of appropriation, set off, lien and change the rules and regulation for the scheme.
  •  1% penalty will be levied on present interest rates.

Significant Features:

  • Any Individual Can Open Recurring Deposit Account.
  • Maximum 3 Names Are Allowed In Joint Account.
  • Minimum Amount of Monthly installment is Rs. 100/-.
  • Institute / Co-Soc./Mandali / Trust Can Open Recurring Account.
  • Recurring Deposit is Accepted For Minors too.
  • Current Rate Of Interest is Subject to Change.
  • Nomination facility is Available.
  • Payment exceed by Rs. 20000 at the time of maturity will be paid to A/c Pay Order Only.
  • Select Maturity Period & Pay installment Regularly.
  • Get Handsome Amount with Compounded Interest is paid on Maturity.
  • Irregularity in the deposition of installment attracts penalty.
  • Deposit installment on any day of the month.
  • No TDS – Irrespective of any amount.

Requisites For Opening Of Account.

  • Duly filled Account Opening form.
  • Xerox of PAN Card / Duly filled Form 60.
  • 1 Photograph of Each Signatories.
  • Any of following document.
  • Rationing Card / Passport.
  • Electricity Bill / Telephone Bill / House Tax Bill Etc.
  • Valid document issued and permitted by govt.

Introduction :

  • Account Holder Are Required To Introduce themselves by One of the following :
  • Existing Account Holder.
  • Staff Member.
  • Share Holder Member of the Bank.