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 10^th 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.