- 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 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 de- posits 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 thereafter 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 instal ment date of every month.
- If Depositors failed to deposit Instalment on regular basis, penalty will be levied.
- The maturity amount is payable after 30 days of last instalments deposited.
- If customer wants 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 instalment 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.
Requirements to Recurring Deposit
- Valid Photo I.D.(Any one of proof for all partners/ directors or proprietor (Photo Id))
- Passport
- Driving License
- Voter ID Card
- Government Approved College/university I.Card
- Government/Semi government/Department I.Card
- Aadhar Card
- Address Proof of proprietor / partners /directors (Any One)
- Electricity Bill (not more than 2 months old)
- BSNL Landline Telephone Bill (not more than 2 months old)
- Municipal Tax Bill
- Other proof acceptable by Bank.
- Passport Size Photograph – 2 Copies
- Pan Card
- Birth Certificate for minor a/c.
