Recurring Deposit is a monthly 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 deposit 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 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 monthly installments regularly till the maturity of account.
If Depositors failed to deposit Installment on regular basis, penalty will be levied.
The maturity amount is payable after 30 days from the date of last instalment deposited.
The Savings rate of interest will be applicable if the recurring deposit account of 12 months close before maturity.
No interest will be applicable on excess installments deposited.
Standing instruction will be accepted for transfer of monthly installments from other accounts maintained by the account holder.
The Bank having the rights of appropriation, set off of lien deposits on maturity.
1% penalty in the interest will be applicable on withdrawal before maturity.
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
5. Aadhar 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)
