Recurring Deposit
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.
