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)
Loan facility against the Deposit available.
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 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.
- The maturity amount is payable after 30 days of last installment deposit date.
- If Customer deposits more installment 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 Recurring Deposit Account :
Valid Photo I.D. & Address Proof
(A) Photo ID
2) Aadhar Card,
3) Driving Licence ,
4) PAN Card,
5) Voter ID Card,
6) Government Approved College/university I.Card,
7) Government/Semi government/Department I.Card.
(B) Address Proof.
1) Electricity Bill (Not more than 2 months old),
2) Telephone Bill (Not more than 2 months old),
3) Municipal Tax Bill,
4) Aadhar Card,
5) Driving Licence,
6) Bank Statement,
7) Bank or Credit Society’s passbook,
8) Receipt of L.I.C. policy or Premium paid,
9) Salary Slip with address,
10) Other proof acceptable by Bank.
Passport Size Photographs – 3 copies
Pan Card or Declaration on Form 60/61.
Birth certificate for minor Account.