Recurring Deposits account can be opened by Individuals
and Non-individuals(Co-operative Societies). These
deposits will be in equal monthly installments.
The number of monthly installment may be from 12
to 33. Each monthly installment will be Rs. 50/-
or an exact multiple of Rs. 50/-. The depositor
shall at the time of opening the account stipulate
both the amount of the monthly installment and the
total number of installments to be payable by him
and shall not subsequently alter or vary them.
|
The loan not exceeding 75%of the amount
deposited may be allowed to depositor subject to condition
and interest on such loan at the rate will be charged
half yearly at the rate not less than 2% above the fixed
deposit rate for the similar period for which the Recurring
Deposit is opened.
TOP
The interest rate for recurring Deposits is similar
to Fixed Deposit for the certain period.
TOP
1) Account Opening Form
2) PAN/Gir No./Form No. 60/61
3) Residential Address Proof
4) Introduction bby Saving or Recurring Bank A/c Holder.
5)The installment for any calendar month must be paid on or within 3 days of the stipulated date.
6)
Standing instructions from a depositor for transfer of monthly installments from his saving Bank or Current account will be accepted.
7)
The cheques will not ordinarily be accepted in payment of installments, but special request may be considered.
TOP
|
