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RECURRING ACCOUNT

  • Recurring Deposit is a monthly 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, 24 and up to 60 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. 1 Lac.
  • Rules & Regulation for Recurring Deposit
  • Depositor has to fulfill KYC norms as per RBI directive.
  • Guardian can open Minor Recurring A/c. When minor turn major there after providing valid age proof he/she can withdraw the amount with his/her signature.
  • Every Depositor must have to deposit their monthly installments regularly till the maturity of account.
  • If Depositors failed to deposit Installment on regular basis, penalty will be levied.
  • The maturity amount is payable after 30 days from the date of last instalment deposited.
  • The Savings rate of interest will be applicable if the recurring deposit account of 12 months close before maturity.
  • No interest will be applicable on excess installments deposited.
  • Standing instruction will be accepted for transfer of monthly installments from other accounts maintained by the account holder.
  • The Bank having the rights of appropriation, set off of lien deposits on maturity.
  • 1% penalty in the interest will be applicable on withdrawal before maturity.

Requirements to Recurring Deposit

Valid Photo I.D. & Address Proof of proprietor / partners /directors
(A) Any one of proof for all partners/ directors or proprietor (Photo Id)
1.Passport,

2.Driving License,

3.Voter ID Card,

4.Government Approved College/university I.Card,

5. Government/Semi government/Department I.Card

5. Aadhar Card

(B) Address Proof(Any One)
1. Electricity Bill (not more than 2 months old)

2. BSNL Landline Telephone Bill (not more than 2 months old)

3.Municipal Tax Bill

Other proof acceptable by Bank.

  1. Passport Size Photograph – 2 Copies
  2. Pan Card
  3. Birth Certificate for minor a/c.
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