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.

ELIGIBILITY:
  1. Any person or persons approved by the Bank.
  2. Co-operative Societies, Registered Trust, Institutions and Associations.
  3. By two or more persons in their joint names.
  4. By a natural guardian i.e., father or mother approved by the bank on behalf of a minor.
MINIMUM DEPOSIT:

Rs.100/-

INTEREST:
  1. Interest will be paid on the deposits at the rates in force as per the Reserve Bank’s directive from time to time.
  2. Interest amount will be paid at the time of maturity.

Maturity Value of Deposit of Rs.100/- p.m.

 

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 and maturity amount.

LOAN AGAINST DEPOSIT:

90% Loan against deposit amount is available.

GENERAL:

The Bank reserves the right to alter, amend, rescind the rules from time to time.

TAX DEDUCTION AT SOURCE (TDS):

No TDS on Recurring Deposit Accounts.

Contact Info

Our vision: Rural prosperity

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