RECURRING DEPOSIT ACCOUNT
Recurring deposit Account facilities for Co-operative Societies/Institutions, Individuals and other firms, Public and Private Limited Companies, HUF, Trust, Government and Semi Government Departments.
Documents required for account opening
1) Co-operative Institutions, other firms, Public and Private Limited Companies, HUF, Trust, Government and Semi Government Departments.
- Application in the Bank’s prescribed form.
- Certificate of commencement of business.
- Partnership deed
- Certificate of Incorporation and the resolution of the Board of management.
- License copy
- Permanent Account Number
- Authorized officials ID proof , 2 photos and PAN
- Necessary information required by the Bank.
2) Individuals
- Application in the Bank’s prescribed form.
- Two Passport size Photographs
- Aadhar card Xerox
- Permanent Account Number
- Address proof – Pass port, Driving Licence, Voter ID, aadhar
3) Account Advantage and Features
- Nomination facility is available on Individual Customers
- Joint accounts can be opened.
- Minor accounts
- Pass books are supplied free of charges for first time.
- Minimum Rs.100/- per month(and in multiples thereof) No ceiling on maximum amount
- A fixed amount by way of monthly instalments deposited over a stipulated period.
- Minimum 12 months and maximum 120 months.
- Interest as applicable to term deposits of various tenure prevailing from time to time. Interest compounded quarterly
- 0.50% over and above the rate applicable to senior citizen.
- TDS applicable
- Loan facility available up to 80% of the available deposit balance.
- A premature closure of deposit levied penalty of 1%. Such prematurely closed Recurring deposit will earn interest at 1% below the interest rate as ruling on the date of deposit and as applicable for the period run.