Recurring Deposit Rules ❖Recurring Deposit is a monthly Scheme. Customer can Open Recurring A/c with minimum of Rs.100/- per month and in count of Rs. 100/- thereafter i.e. Rs.100/-, Rs.200/-, Rs. 300/- etc. ❖Customers can open Recurring account for 12, 24 and up to 36 Months. ❖We offer nomination facility for all deposit accounts. ❖We are member of Deposit Insurance and Credit Guarantee Scheme in which customers deposit are insured up to Rs. 5 Lakh. Rules & Regulation for Recurring Deposit ❖Depositor has to fulfil KYC norms as per RBI directive. ❖Guardian can open Minor Recurring A/c. When minor turn major there after providing valid age proof he/she can withdraw the amount with his/her signature. ❖Every Depositor must have to deposit their monthly instalments regularly till the maturity of account. ❖If Depositors failed to deposit Instalment on regular basis, penalty will be levied. ❖The maturity amount is payable after 30 days from the date of last instalment deposited. ❖The Savings rate of interest will be applicable if the recurring deposit account of 12 months close before maturity. ❖No interest will be applicable on excess instalments deposited. ❖Standing instruction will be accepted for transfer of monthly instalments from other accounts maintained by the account holder. ❖The Bank having the rights of appropriation, set off of lien deposits on maturity. ❖1% penalty in the interest will be applicable on withdrawal before maturity. Requirements to Recurring Deposit ❖Valid Photo I.D. & Address Proof of proprietor / partners /directors ❖(A)Any one of proof for all partners/ directors or proprietor (Photo Id) 1.Passport, 2.Driving License, 3.Voter ID Card, 4.Government Approved College/university I. Card, 5. Government / Semi government / Department I. Card 6. Aadhar Card ❖(B) Address Proof (Any One) 1. Electricity Bill (not more than 2 months old) 2. BSNL Landline Telephone Bill (not more than 2 months old) 3.Municipal Tax Bill ❖Other proof acceptable by Bank. ❖Passport Size Photograph – 2 Copies ❖Pan Card ❖Birth Certificate for minor a/c.