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.
- Interest is compounded on quarterly basis and payment thereof is made on date of maturity.
- Nomination facility available.
- Premature payment available (certain terms & Condition apply)
- KYC not required, if already having Saving Account with the Bank.
Rules & Regulations for Recurring Deposit Scheme
- Depositor has to fulfill KYC norms as per RBI directive.
- 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 customer deposit 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 1% 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 instalments 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.
Requirements to Open Bank Account
- Valid Photo I.D. & Address Proof
- Any one of proof (Photo I.D. Proof)
Voter ID Card, Aadhar Card, PAN Card
Government Approved College/university I.Card
Government/Semi government/Department I.Card
Electricity Bill (not more than 2 months old)
Landline Telephone Bill (not more than 2 months old)
Municipal Tax Bill, Aadhar Card, Driving License
Other proof acceptable to Bank.
- Passport Size Photographs – two copies
- Pan Card with forwarding letter/Declaration on form 60/61.
- Birth certificate for minor a/c.