Recurring Deposit account may be opened by any person, individual, a minor, senior citizen.
- Deposit by way of fixed monthly installment is made in the account during the fixed period.
- Nomination facility available.
- Premature payment available (certain terms & Condition apply).
- KYC not required, if already having Saving Account with the Bank.
Rules & Regulations for Savings Bank Account :
- Depositor has to fulfill KYC norms as per RBI directives.
- Guardian can open Minor’s Recurring A/c. When minor turns major, thereafter providing valid age proof, he/she can withdraw the amount with his/her own signature.
- Every Depositor must have to deposit their installments till 10th date of every month.
- If Depositor fails to deposit more than 2 installments and if he/she does not deposit the due amount within 10 days after notice, then Bank can close such account and pay the amount with the Bank with interest, where interest rate will be Savings Interest Rate.
- If two or more installments are paid late then the maturity date will be extended accordingly.
- The maturity amount is payable after 30 days of last installments deposit date.
- If customer deposite wants to close the 12 months period deposit account before its maturity date then the interest will be applicable as per Savings Interest Rate.
- If customers want to close the more than 12 months period deposit account after 12 months then the period,for which the deposit account remained with the bank with regular deposit of installments will be reckoned and the interest rate applicable for that period (the rate applicable on the date of account opening)(minus 2% penalty ) will be payable.
- If Customer deposits more installments than required for prescribed period, then Interest will not be applicable on extra installment deposited.
- Customers has to produce Passbook at the time of depositing installment and obtaining payment.
- If customer having Savings or Current a/c in the Bank then by the written application , Bank will transfer Recurring Deposit installments from that account as standing instruction.
- The Bank having all rights of appropriation, set off, lien and change the rules and regulations for the scheme.
Rate of Interest as From 01-12-2016
|Sr No.||Period Of Deposit||General Rate||Senior Citizen Rate|
|1||Recurring 12 Month to 36 Month||9.00%||-|