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.

1 . 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

• Ration Card
• 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

2 . Passport size photographs – 2 copies.
3 . Pan Card or Declaration on Form 60/61.
4 . Birth Certificate and aadhar card for minor account.