Recurring Deposit

The advantage in opening a Recurring Deposit Account that the depositor would be able to save certain sums in fixed monthly installments so that he/she would be able to meet an anticipated liability/obligation after the end of a specified period.

Eligibility:

  • 1. Any person or persons approved by the Bank.
  • 2. Co-operative Societies, Registered Trust, Institutions and Associations.
  • 3. By two or more persons in their joint names.
  • 4. By a natural guardian i.e., father or mother approved by the bank on behalf of a minor.

Minimum deposit:

Rs.100/-

Interest:

  • 1. Interest will be paid on the deposits at the rates in force as per the Reserve Bank’s directive from time to time.
  • 2. Interest amount will be paid at the time of maturity.

Pass book:

The Bank will issue a Pass Book showing the name, address, installment amount, the period for which the deposit is accepted, maturity date and maturity amount.

Loan against deposit:

90% Loan against deposit amount is available.

General:

The Bank reserves the right to alter, amend and rescind the rules from time to time.