• ho@bnsb.co.in
  • 07453-230343

Recurring Deposit

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

Photo ID

  • Passport
  • Aadhar Card
  • Driving License
  • PAN Card
  • Voter ID Card
  • Government Approved College/university I.Card,
  • Government/Semi government/Department I.Card

Address Proof.

  • Electricity Bill (Not more than 2 months old)
  • Telephone Bill (Not more than 2 months old)
  • Municipal Tax Bill
  • Aadhar Card
  • Driving License
  • Bank Statement,
  • Bank or Credit Society’s passbook
  • Receipt of L.I.C. policy or Premium paid
  • Salary Slip with address
  • Other proof acceptable by Bank

Passport Size Photographs – 3 copies
Pan Card or Declaration on Form 60/61.
Birth certificate for minor Account.