Recurring Deposit

  • Who can open the account? : All Resident Individual (singly/jointly) including minors, Traders, Trusts, Businessman, Corporate, HUF, Proprietorship / Partnership Firm, Private/Public Ltd. Co., Club, Association, Societies.
  • KYC documents to open the account: As per S.B. deposit account. If customer is having KYC complied S.B., C.A. account with bank than no separate KYC required.
  • Minimum amount requirement: 100/- to any amount in multiple of Rs. 100/- as per savings ability of customer from known source of income.
  • Rate of interest: Interest rate payable on fixed deposit according to tenure prevailing at the time of opening the account.
  • Remarks :
    • Period: Min. Six month instalment and in multiple of 3 months. Max 120 months.
    • Prepayment of deposit allowed with 1% lower ROI applicable for the period for which account has run. However no panel interest if amount reinvested for the period longer than residual period of original deposit.
    • D. / Loan facility up to 90% of book value. ROI 1% more than interest on R.D. min amount consideration for loan/ O.D. will be Rs.1000/-.
    • Interest will be calculated on quarterly compounding basis and paid on maturity.
    • Loan/O.D. will be considered at base branch only.
    • Monthly instalment is payable as scheduled on due date. Non compliance will attract penalty/charges.