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Recurring Deposit

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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.

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