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