- Recurring Deposit is a monthly Fix Savings 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, 36, 48 and 60 Months.
- We are member of Deposit Insurance and Credit Guarantee Scheme in which customers deposit are insured up to Rs. 1 Lakhs.
Rules & Regulation for Recurring Deposit
- Depositor has to fulfill KYC norms as per RBI directive.
- Guardian can open Minor’s 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 instalments any date of every month.
- If Depositors failed to deposit instalments then after , he/she have to pay 1.50 % @100 Rs/- Per month of installment. If Depositor wants to close his/her account than Bank will close such account and pay the amount with interest where interest rate will be Savings Interest Rate.
- If two or more instalments are paid late then the maturity date will be extend to that period.
- The maturity amount is payable after 30 days of last instalments deposited.
- If customer want to close the 12 months period deposit account before its mature period then the interest will be applicable as per Savings Interest Rate.
- If Customer Deposit more instalments than required for prescribe period then Interest will not be applicable on extra installment he/she deposited.
- Customers have to produce Passbook at the time of depositing installment and payment.
- The Bank is having rights of appropriation, set off, lien and change the rules and regulation for the scheme.
Requirements TO Recurring Deposit
- All Recurring Depositor need to open Savings account.
- Introduction from existing Account Holder.
- Recurring Depositor has to fulfill KYC norms as per RBI directive.