Recurring Deposit

Recurring Deposit

 

  • 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 ₹ 1,00,000/-.

 

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.