Recurring Account

  • • 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, 18, 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. 5 Lac.
  • Rules & Regulation for Recurring Deposit

  • • Depositor has to fulfil KYC norms as per RBI directive.
  • • Guardian can open Minor’s Recurring A/c. When minor turn major thereafter providing valid age proof he/she can withdraw the amount with his/her signature.
  • • Every Depositor must have to deposit their installment 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 installment 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 installment 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.
  • • 1% penalty will be levied on present interest rates.
  • Significant Features:

    • Any Individual Can Open Recurring Deposit Account.
    • Maximum 3 Names Are Allowed In Joint Account.
    • Minimum Amount of Monthly installment is Rs. 100/-.
    • Institute / Co-Soc./Mandali / Trust Can Open Recurring Account.
    • Recurring Deposit is Accepted For Minors too.
    • Current Rate Of Interest is Subject to Change.
    • Nomination facility is Available.
    • Payment exceed by Rs. 20000 at the time of maturity will be paid to A/c Pay Order Only.
    • Select Maturity Period & Pay installment Regularly.
    • Get Handsome Amount with Compounded Interest is paid on Maturity.
    • Irregularity in the deposition of installment attracts penalty.
    • Deposit installment on any day of the month.
    • No TDS - Irrespective of any amount.

    Requisites For Opening Of Account.

    • Duly filled Account Opening form.
    • Xerox of PAN Card / Duly filled Form 60.
    • 1 Photograph of Each Signatories.
    • Any of following document.
    • Rationing Card / Passport.
    • Electricity Bill / Telephone Bill / House Tax Bill Etc.
    • Valid document issued and permitted by govt.

    Introduction :

    • Account Holder Are Required To Introduce themselves by One of the following :
    • Existing Account Holder.
    • Staff Member.
    • Share Holder Member of the Bank.

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