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.
The Recurring Deposit can be funded by Standing instructions which are the instructions by the customer to the bank to withdraw a certain sum of money from his Savings/ Current account and credit to the Recurring Deposit account.
When the RD account is opened, the maturity value is indicated to the customer assuming that the monthly installments will be paid regularly on due dates. If any installment is delayed, the interest payable in the account will be reduced and will not be sufficient to reach the maturity value. Therefore, the difference in interest will be deducted from the maturity value as a penalty. The rate of penalty will be fixed upfront. Interest is compounded on quarterly basis in recurring deposits.
Customers can open Recurring account for 12, 24, 36, 48 and 60 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 Lac.
Depositor has to fulfill 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 instalments till date of opening a/c or last installment date of every month.
If Depositors failed to deposit more than 2 instalments then if he/she don?? deposit the due amount within 10 days after notice then 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 want to close account which is the more than 12 months period deposit account after 12 months then it is observed that what was previous rate for 12 months when the customer opened Recurring deposit account then 1% penalty will be deducted from that Interest Rate and then Interest will be calculated on the amount.
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.
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.
(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
(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