Rate as applicable to FDs is payable to Recurring Deposits:
- Save Rs.1,320/-p.m.and get Rs.79,200/-after 60 months(@7.0%)
- Save Rs.1,200/-p.m.and get Rs.43,200/-after 36 months(@7.50%)
- Customer can Open Recurring A/c with minimum of Rs.100/- per month and in count of Rs. 50/- thereafter i.e. Rs.150/-, Rs.200/-, Rs. 250/- etc.
- Customers can open Recurring A/c for 1,2 ,3,4 or 5 years.
- We offer nomination facility for all deposit accounts.
- We are member of Deposit Insurance and Credit Guarantee Corporation of India Scheme in which customers deposit is insured up to Rs. 1 Lac.
Rules & Regulation for Recurring Deposit Scheme :
- Depositor has to fulfill KYC norms as per RBI directives.
- Guardian can open Minor’s Recurring A/c. When minor turn major after providing valid age proof he/she can withdraw the amount with his/her signature.
- The Depositor should deposit their installments till 10th of every month.
- If two or more installments are paid late, the maturity date will be extended by that period.
- The maturity amount is payable after 30 days of last installments deposited.
- If customer wants to close the 12 months period deposit account before its maturity the interest will be applicable as per Saving Bank Interest Rate.
- If customer wants to close more than 12 months period deposit account after 12 months, 1% penalty interest applicable for the deposit actually run will be charged.
- If Customer Deposits more installments than required for prescribed period, interest will not be applicable on extra installments he/she deposited.
- Customers have to produce Passbook at the time of depositing installment and payment.
- If Customer having saving or Current a/c in the bank, customer can give standing instruction and Bank will transfer Recurring Deposit installments from that account on the given due date.
- The bank has all rights of appropriation, set off, lien and change the rules and regulations of the scheme.
Requirements to open Recurring Deposit Account :
Valid Photo I.D. & Address Proof
Any one of proof.(Photo ID)
- Driving License
- Voter ID Card
- Government Approved College/university I.Card
- Government/Semi government/Department I.Card
- Electricity Bill (not more than 2 months old)
- BSNL Land line Telephone Bill (not more than 2 months old)
- Municipal Tax Bill
- Other proof acceptable by Bank.
- Passport Size Photographs – two copies
- Pan Card with forwarding letter
- Birth certificate for minor a/c.
- Aadhar Card.