How to open a Recurring Deposit Account:
A recurring deposit account may be opened for Minimum 12 months Maximum 120 months, in multiples of Rs.5/- per month. More than one account can also be opened in the name of the same person.
Who may open a Recurring Deposit Account:
A recurring Deposit may be opened by a person in his or her name (ii) more than one person payable to jointly or to either or any one or more of them or Survivor or Survivors (iii) by a natural guardian, i, e. father or mother on behalf of a minor in which case the date of birth should be declared at the time of opening of account or by a guardian appointed by Court and (iv) a Co-operative Society through the persons authorized by its Board of Directors
Terms of deposits:
The account can be opened on any day in a month. But every subsequent installment is due for payment by the last day of every calendar month.
Payment of monthly installments:
Every Depositor shall pay the monthly deposit amount before the end of the month. Standing instructions from the Depositor for transfer of monthly installments from his/her savings Bank or Current accounts till the deposit matures will be accepted by the Bank and such transfers will be effected by the Bank, free of the charge.
Each Depositor will be supplied with a pass book of such deposit in which the payment made in each month will be entered and acknowledged by the officer of the Bank.
If the depositor pays the monthly installments promptly every month on the date, the maturity value of the deposit will be paid 30 days after the date of payment of the last installment to the depositor or his nominee in accordance with the declaration that may have been left by him.
Loan on Recurring Deposits:
The Bank may grant loans on the security of Recurring deposit accounts not exceeding 80% of the balance at credit fixed by the Bank from time to time