- 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