Recurring Deposit

People with regular saving habits expecting to earn a fair return on the deposits over a period of time can avail the benefits of our Recurring Deposit scheme. While opening the account, the depositor has to agree to credit a fixed amount once a month for a specific period predetermined at the time of account creation.

The total deposit along with the interest there in is payable on maturity. However, the depositor can close the account before its maturity and get back the money along with the premature rate of interest till that period.

The account can be opened by a person individually or jointly with another, or by the guardian in the name of a minor.

Recurring Deposit Account

Recurring Deposit can be opened by Individuals/Minors/Institutions/Associations/Regd. Co-op. Societies/Trusts/HUFs

Features & Benefits

• Minimum initial deposit amount is Rs.500/- or multiples thereof with no Ceiling for the maximum deposit amount.
• Minimum Deposit period is 12 months and Maximum Deposit period is 120 months
• The Deposits in this type of account will earn compound interest on quarterly basis
• Deposit account can be closed prematurely subject to certain conditions.
• SMS Alerts for Transactions.
• Nomination facility.
• The rates of interest are as fixed by the Bank from time to time.
• Individual Deposit/Joint Deposit/Deposit in the name of Minors can be made
• Loan can be granted up to 80% of the deposit amount against the pledge of Deposit as per Existing norms

Officially Valid Documents

Two latest passport size photographs and any one of the officially valid documents as Identity and Address proof from the list below,

• Aadhar Card
• PAN Card
• Voter's Identity Card
• Driving License
• Passport
• Ration Card
• Electricity Bill
• Telephone Bill

General Rules

• Account not operated for more than two years will be treated as inoperative/dormant account.
• Bank reserves the right to alter, revise and cancel the rules from time to time.

Click here for Deposit Interest Rates