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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
Birth Certificate for minor a/c.