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, 24, 36, 48 and 60 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. 1 Lac.
Rules & Regulation for Recurring Deposit
Depositor has to fulfill KYC norms as per RBI directive.
Guardian can open Minor’s Recurring A/c. When minor turn major there after providing valid age proof he/she can withdraw the amount with his/her signature.
Every Depositor must have to deposit their instalments till date of opening a/c or last installment date of every month.
If Depositors failed to deposit instalments thenafter , he/she have to pay 1.50 % @100 Rs/- Per month of installment. If Depositor wants to close his/her account than Bank will close such account and pay the amount with interest where interest rate will be Savings Interest Rate.
If two or more instalments are paid late then the maturity date will be extend to that period.
The maturity amount is payable after 30 days of last instalments 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 want to close account which is the more than 12 months period deposit account after 12 months then it is observed that what was previous rate for 12 months when the customer opened Recurring deposit account then 1% penalty will be deducted from that Interest Rate and then Interest will be calculated on the amount.
If Customer Deposit more instalments than required for prescribe period then Interest will not be applicable on extra installment he/she deposited.
Customers have to produce Passbook at the time of depositing installment and payment.
The Bank is having rights of appropriation, set off, lien and change the rules and regulation for the scheme.
(A) Any one of proof for all partners/ directors or proprietor (Photo Id) 1.Passport, 2.Driving License, 3.Voter ID Card, 4.Government Approved College/university I.Card, 5. Government/Semi government/Department I.Card
(B) Address Proof(Any One) 1. Electricity Bill (not more than 2 months old) 2. BSNL Landline Telephone Bill (not more than 2 months old) 3.Municipal Tax Bill
Other proof acceptable by Bank.
Passport Size Photograph – 2 Copies
Birth Certificate for minor a/c.
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