Recurring Deposit

Recurring Deposit account may be opened by  individual and also a minor

Deposit by way of fixed monthly instalment is made in the account during the fixed period.

  • Interest is compounded on quarterly basis and payment thereof is made on date of maturity.
  • TDS  on interest is deducted as per income tax laws.
  • 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 directive.
  • 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.
  • Every Depositor must have to deposit their instalments till 10th date of every month.
  • If Depositor fails to deposit more than 2 instalments and if he/she does not deposit the due amount within 10 days after notice, then Bank can close such account and pay the amount with the Bank with interest, where interest rate will be Savings Interest Rate.
  • The maturity amount is payable after 30 days of last instalments deposit date.
  • If deposit is closed before 12  months then the interest will be paid as per Savings Interest Rate.
  • If deposit is closed before maturity but after 12 months period then interest will be paid as per rate applicable for that period minus 1% penalty will be levied.
  • If Customer deposits more instalments 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) Any one of proof.(Photo ID)
    Passport,Aadhar Card,
    Driving Licence ,PAN Card,
    Voter ID Card
    Government Approved College/university I.Card
    Government/Semi government/Department I.Card
  • (B) Address Proof.
    Electricity Bill (not more than 2 months old)
    BSNL Landline Telephone Bill (not more than 2 months old)
    Municipal Tax Bill,Aadhar Card,Driving Licence
    Other proof acceptable by Bank.
  • Passport Size Photographs – two copies
  • Pan Card with forwarding letter or Declaration on Form 60/61.
  • Birth certificate for minor a/c.