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RECURRING DEPOSITS

RECURRING DEPOSITS

ELIGIBILITY

Individual, Joint Account, Guardian on behalf of minor, HUF, Proprietorship firm, a Company, An association, a trust, an institution

PATTERN OF DEPOSIT

Minimum Rs.50/- per month (and in multiples thereof)

No ceiling on maximum amount

A fixed amount by way of monthly instalments deposited over a stipulated period.

PERIOD OF DEPOSIT

Minimum 6 months & Maximum 120 months (multiples of 3 months)

INTEREST RATE

As applicable to term deposits of various tenures prevailing from time to time, Interest compounded quarterly.

SPECIAL RATE FOR SENIOR CITIZEN

0.50% over & above the rate applicable to general public.

TDS

Applicable.

NOMINATION FACILITY

Available

LOAN FACILITY

Available upto 90% of the available deposit balance

PENALTY FOR PRE-MATURE CLOSURE

A penalty of 1.00% will be levied for premature closure of Recurring Deposits that are opened on or after 04.02.2011. Such prematurely closed Recurring Deposits will earn interest at 1.00% below the interest rate as ruling on the date of deposit and as applicable for the period run.

APPLICATION AND DOCUMENTS

Application in the Bank's prescribed form.
Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card).
Photograph of Depositor/s (2 copies).
Proof of Identity and address as per KYC Norms.
Any other related documents as applicable to proprietor ship concern, Partnership Firm, Company, HUF etc.

PENALTY FOR DELAYED INSTALMENTS

  1. @ of Rs. 1.50 for every Rs. 100/- instalment per month, in the case of RD accounts for five years and @ of Rs. 2/- for every Rs. 100/- instalment per month in the case of RD accounts for above five years should be collected.
  1. If there is delay in remittance of more than four instalments, the RD Account is to be repaid at Simple Interest on monthly product basis.

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