- 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 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. 1 Lac.
Rules & Regulation for Recurring Deposite
- 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 Installment on regular basis, penalty will be levied.
- 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 Deposit more instalments 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 levid on present interest rates.
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
- (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.