- Recurring deposit is a monthly scheme. Customer can open Recurring account with minimum of ? 100/- per month and in count of ? 100/- thereafter i.e. ? 100/-, ? 200/-, ? 300/- etc.
- Customers can open Recurring account for 12, 24 and up to 60 Months.
- We offer 0.50% additional Interest Rate to Senior Citizens (Age 58 or above) on Recurring deposit.
- We offer nomination facility for all deposit accounts.
- We are member of Deposit Insurance and Credit Guarantee Corporation [DICGC] in which customers deposit are insured up to ? 5,00,000/-.
Rules and Regulation for Recurring Deposit
- Depositor has to fulfill KYC norms as per directives of Reserve Bank of India.
- Guardian can open Minor Recurring account. When minor turns major then at maturity he / she can withdraw the amount with his / her signature, after providing valid age proof.
- Every Depositor must have to deposit their monthly installments regularly till the maturity of account.
- In the case of premature payment, all signatories to the deposits must sign the encashment instruction. All premature payment shall be subject to penalty provisions i.e. 1% penalty will be imposed.
- The Bank having the rights of appropriation, set off of lien deposits on maturity.
Documents required to open Recurring Deposit
- Recent Passport Size Photograph - 3 Copies
- PAN Card / Form 60
- Aadhar Card
- Birth Certificate for minor account
- Senior Citizens have to produce age proof to avail extra Interest Rate benefit.
Note: Customers must carry all original documents for verification.