| Who can open recurring deposit |
Resident Individuals (individually or jointly)
By a natural guardian, i, e. father or mother on behalf of a minor in which case the date of birth should be declared at the time of opening of account or by a guardian appointed by Court and
A Co-operative Society through the persons authorized by its Board of Directors. |
| Minimum Instalment amount |
Rs. 100/- |
| Documents required |
Identity Proof and Address Proof: Passport/Aadhar card/ Driving Licence/voter ID card
PAN card
Photographs
Note : Aadhar card is mandatory to open account |
| Payment of monthly installments |
Every Depositor shall pay the monthly deposit amount before the end of the month. Standing instructions from the Depositor for transfer of monthly installments from his/her savings Bank or Current accounts till the deposit matures will be accepted by the Bank and such transfers will be effected by the Bank, free of the charge. |
| Pass book |
Each Depositor will be supplied with a pass book of such deposit in which the payment made in each month will be entered and acknowledged by the officer of the Bank. |
| Nomination |
Nomination Facility is available. |
| Loan on recurring deposit |
The Bank may grant loans on the security of Recurring deposit accounts not exceeding 85% of the balance at credit fixed by the Bank from time to time. |
| Rate of Interest |
| Tenure |
ROI |
| 1 year to less than 2 years |
7.10% |
| 2 years and above but less than 5 years |
7.00% |
|
*(Additional 0.50% for Senior Citizens)
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