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KNOW YOUR CUSTOMER (KYC GUIDELINES)

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Recurring Deposit

Every Drop Counts...

Scheme
  • An ideal way to plan for the future needs. Best way to save a fixed sum every month for a fixed period and get a lump sum amount on maturity, along with interest rate payable for term deposit.
Who can open :
  • An Individual in his/her own name.
  • Individuals in their joint names with suitable repayment instructions.
  • Minor represented by parents / guardian.
  • Clubs, Societies, Associations, Educational Institutions, Trusts, Firms, Partnerships, Joint Stock Companies, Executors, Administrators, HUFs, Govt. Departments, etc.
Period of Investment
  • 12 months to 120 months.
Amount of Deposit
  • Minimum Rs.50/- per month in Rural & Semi Urban Branches & Rs.100/- per month at all other branches.
  • Deposit to be made in multiples of Rs.25/-, subject to the minimum amount.
  • No Maximum Limit on deposit.
Rate of Interest
  • The rate of interest depends on the period of deposit, payable at the rate as decided by the Bank from time to time.
Interest Payment Frequency
  • Interest is compounded on quarterly basis, credited to the account at the end of every financial year and paid on maturity.
Penalty
  • Penalty @ Rs. 1.50 per Rs. 100/- per month is applicable, if any installment is not paid for the relevant month.
TDS on Interest Amount
  • TDS is applicable as per norms.
Add-ons
  • Nomination facility
  • Premature closure facility as per the rules lay down by the Bank.
  • Loan facility up to 90% on the deposit

Online Savings Account Opening

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