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Recurring Deposit
The advantage in opening a Recurring Deposit Account that the depositor would be able to save certain sums in fixed monthly installments so that he/she would be able to meet an anticipated liability/obligation after the end of a specified period.
PASS BOOK : The Bank will issue a Pass Book showing the name, address, installment amount, the period for which the deposit is accepted, maturity date, maturity amount and details of nominated person if registered and if so desired by the depositor.
Recurring Deposit Schemes
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Monthly Installment amount
Minimum Rs.100/- and in the multiple of Rs.100 but maximum Rs.10000/- per month.
Tenure of Deposit:- Minimum tenure for deposit is 12 months and maximum is 120 Months.
- Interest will be paid on the deposit at the rate in force from time to time.
- Interest amount will be credited to deposit account at every quarter end (on quarterly cumulative basis) on the last day of that quarter.
- Interest amount will be paid on maturity.
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