Recurring Deposit

Recurring Deposits:

Rate as applicable to FDs is payable to Recurring Deposits:
  • Save Rs.1,320/-p.m.and get Rs.79,200/-after 60 months(@6.50%)
  • Save Rs.1,200/-p.m.and get Rs.43,200/-after 36 months(@7.00%)
  • 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. 5 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)
  • Passport
  • Driving License
  • Voter ID Card
  • Government Approved College/university I.Card
  • Government/Semi government/Department I.Card
Address Proof.
  • 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.