- Recurring Deposit is a monthly 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 and up to 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 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 monthly installments regularly till the maturity of account.
- If Depositors failed to deposit Installment on regular basis, penalty will be levied.
- The maturity amount is payable after 30 days from the date of last instalment deposited.
- The Savings rate of interest will be applicable if the recurring deposit account of 12 months close before maturity.
- No interest will be applicable on excess installments deposited.
- Standing instruction will be accepted for transfer of monthly installments from other accounts maintained by the account holder.
- The Bank having the rights of appropriation, set off of lien deposits on maturity.
- 1% penalty in the interest will be applicable on withdrawal before maturity.
Requirements to Recurring Deposit
- Valid Photo I.D. & Address Proof of proprietor / partners /directors
- (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 5. Aadhar 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
- Pan Card
- Birth Certificate for minor a/c.