Recurring Deposit

Recurring Deposit

  • 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 and 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. 1 Lac.
  • TDS on Interest rupees 10,000 income will be deducted as per Income Tax Act.

Rules & Regulation for Recurring Deposite

  • 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 till date of opening a/c or last installment date of every month.
  • If Depositors failed to deposit Installment on regular basis, penalty will be levied.
  • 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.
  • If customer having Savings or Current a/c in the Bank then by the written application Bank will transfer Recurring Deposit instalments from that account as standing instruction.
  • The Bank is having rights of appropriation, set off, lien and change the rules and regulation for the scheme.

Requirements to Recurring Deposit

Valid Photo I.D.(Any One) Address Proof (Any One)
Adhar Card Adhar Card
Pan Card Electricity Bill (not more than 6 months old)
Voter ID Card Municipal Tax Bill
Pass Port Gas Bill  / Telephone Bill :Latest
College / School ID Card Latest LIC Primium Receipt
Government / Semi Government ID Card Other Bank Passbook
  • Passport Size Photograph 2 Copies
  • Birth Certificate for minor account
  • Introduction From Existing account Holder