Recurring Deposit Scheme
Only individuals (Single accounts/ Joint Accounts) are eligible to open accounts under the scheme.
Minors, Illiterate persons are also eligible to open the accounts
KYC documents viz., Aadhar card, PAN card is required to open the account for Proof of Identification and Proof of residence.
Minimum Rs. 100/- and in multiples of Rs. 10/-. No Maximum limit
Monthly installments should be paid on or before last working day of that calendar month. If not paid, penalty will be charged on the installments in arrears at the following rates :
Rs. 1.50 ps for every Rs. 100/- per month
12 months- 120 months
Interest is calculated quarterly and added to the principal Amount.
As applicable for senior citizens from time to time
Premature cancellation facility is available
Premature Penal charges applicable i.e., 1%
Loan/Overdraft up to 80% of the available balance in Recurring Deposit account
TDS is applicable in these accounts
Nomination facility is available
On the date of maturity, the maturity amount will be credited to Savings Bank account