Recurring Deposit account may be opened by any person, individual, a minor senior citizen.
- Deposit by way of fixed monthly installment is made in account during the fixed period.
- Interest is compounded on quarterly basic and payment thereof is made on date maturity.
- Nomination facility available.
- Premature payment available (certain terms & condition apply)
- Loan facility against the Deposit available.
- KYC not required, if already having Saving Account with the Bank.
Rules & regulations for Recurring Deposit Scheme :
- Depositor has to fulfill KYC norms as per RBI directives.
- Guardian can open Minor's Recurring A/c. When minor turns major, thereafter providing valid age proof, with his/her own signature.
- Every Depositor must have to deposit their installments till last day of every month.
- If Depositor fails to deposit installments and if he/she does mot deposit the due amount can close such account and pay the amount with the Bank with interest, where interest rate will be Savings.
- The maturity amount is payable after 30 days of last installment deposit date.
- If customers deposit wants to close the 12 months' period deposit account before its maturity date then the Saving Interest Rate.
- If customers want to close the more than 12 months' period deposit account after
- If customers deposit more installments than required for prescribed period, then Interest will not be applicable deposited.
- Customer has to produce Passbook at the time of depositing installment and obtaining payment.
- If customers having SB or Current a/c in the Bank then by the written application, Bank will transfer amount form that account as standing instruction.
- The Bank having all rights of appropriations, set off, lien and change the rules and regulations for the scheme.
Requirements to open Recurring Deposit Account :
Valid photo I.D
- Passport
- Aadhar Card
- PAN Card
- 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)
- Telephone Bill (Not more than 2 months old)
- Municipal Tax Bill
- Aadhar Card
- Driving License
- Bank Statement
- Bank or Credit Society's passbook
- Receipt of L.I.C. policy or premium paid
- Salary slip with address
- Other proof acceptable by Bank
- Passport size Photographs - 3 copies
- Pan Card or Declaration on Form 60/61
- Birth certificate for minor Account
