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.( (a) Passport (b) Ration card containing Photograph (c) Driving License (d) PAN card (e) Voters Identity card (f) Unique Identity card issued by the Government of India.) ,

Address proof.,Business proof from local body/ partnership deed / trust deed/ Articles of association / Registration Certificate / byelaws / minutes copy / authorisation letter,(Proper introduction,PAN card copy for Initial deposit)

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. 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 instalment 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.

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.

Insurance

Depositors along with insurance guarantee from DICGC up to 5 lakh