Recurring Deposit

This is a deposit for those who are willing to invest a certain amount every month and are looking for a higher rate of interest than savings deposit. Interest rate will be equivalent to Fixed Deposit accounts and will be compounded quarterly. Any amount in the multiples of Rs.10/- can be chosen at the time of submitting the application form. Auto debit facility is available for the remittance of monthly instalments provided the customer is maintaining a Savings Bank account in any of our branches.

The key features of Recurring Deposits are : 
  1. Any person or a body of persons recognized by the Bank may open an A/c
  2. Recurring Deposits can be opened for monthly instalments in sums of Rs. 10.00 or in multiples of Rs. 10.00
  3. Account can be opened with quarterly rests provided that minimum period is defined as 4 quarter (1 Year).
  4. Compounded interest is eligible, depending upon the period in quarters fulfilled.
  5. Premature closing is allowed, subject to penalty if any.
  6. Nomination facility is available.
  7. Loans can be obtained against the deposit amount.
  8. Depositor can remit the monthly installment in any day of that particular month. Fine will be collected if the installment is not paid within the month.
  9. Depositors are at liberty to pay the deposit in advance for any number of instalments.
  10. Standing instruction is accepted for transferring the monthly instalments from the customer’s SB / CA account.

If a depositor is habitually late in depositing the instalment or if the deposit is in arrears for a period exceeding three months, the bank may at its discretion close the account. On such closure, the deposit shall be entitled to the amount already deposited with interest at the rate applicable to the period for which the deposit remained with the bank less 1% penalty

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