Recurring Deposits (RD) scheme is to enable the depositor to make a financial provision for his future needs, by paying deposits in monthly installment for an agreed period. At the end of the period, the customer can get the lump sum representing the instalment amount paid together with the interest thereon.
Eligibility
Resident Individuals
Sole Proprietorship Firms
Partnership Firms
Limited Companies
Trust Accounts
Association / Clubs / Societies
How to open
Should submit the dully filled & signed Account opening form along with;
Specimen Signature.
Photograph of the operator.
ID proof of operator as per KYC norms.(Passport, Driving licence, Permanent Account Number (PAN) Card, Voter's Identity Card issued by the Election Commission of India, Job card issued by NREGA duly signed by an officer of the State Government, Letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number)
Address proof.
Business proof from panchayath/ partnership deed / trust deed/ Articles of association / Registration Certificate / bylaws / minutes copy / authorisation letter
Proper introduction
PAN card copy for deposits more than ` 50000/-
Facilities
Nomination facility is available on RD A/cs
The Bank allows loan to the depositors up on the security of the RD at a maximum amount of 90% of the amount deposited. For more details about deposit loans please visit the page ‘ deposit loan ’ in this site.
Due date will be recorded on the RD pass book to enable the depositor.
Standing instructions from the depositor for transfer of monthly installment from his savings bank account or current account may be accepted, and such transfers may be effected free of charge.
Monthly installment
Recurring Deposit accounts may be opened with a minimum monthly installment of Rs.100/- or, in multiples thereof. The monthly installment may be made on or before the last working day of the month
Defaulted installment
If the monthly installment are not paid on or before the last working day of the calendar month, the installment should be deemed to have fallen in arrears and penal interest will be charged.
Interest Rates
The rate of interest offered to the RD account will be the rate prevalent to the term deposits for the corresponding periods of maturities, may vary from time to time. Please visit the page of Interest Rate on deposits.
Payment and Maturity
Notwithstanding such advance remittances, the Recurring Deposit account will mature and become due one month after the last instalment is remitted or on the expiry of the agreed period, whichever is later.
Premature Closing
The bank may, at its discretion, consider payment of the deposit before the due date subject to the penal provisions applicable from time to time.