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Recurring Account

Recurring Account

  • Recurring Deposit is a monthly Fix Savings 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 minimum 12 Months, and Maximum 10 years.
  • 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 Deposite

  • Depositor has to fulfill KYC norms as per RBI directive.
  • Guardian can open Minor’s 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 instalments till date of opening a/c or last installment date of every month.
  • If Depositors failed to deposit Installment on regular basis, penalty will be levied.
  • The maturity amount is payable after 30 days of last instalments deposited.
  • If customer want to close the 12 months period deposit account before its mature period then the interest will be applicable as per Savings Interest Rate.
  • If Customer Deposit more instalments than required for prescribe period then Interest will not be applicable on extra installment he/she deposited.
  • 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 is having rights of appropriation, set off, lien and change the rules and regulation for the scheme.
  • 1% penalty will be levid on present interest rates.

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