The advantage in opening a Recurring Deposit Account that the depositer 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
- Any person or persons approved by the Bank.
- Co-operative Societies, Registered Trust, Institutions and Associations.
- By two or more persons in their joint names.
- By a natural guardian i.e., father or mother approved by the bank on behalf of a minor.
- Interest will be paid on the deposits at the rates in force as per the Reserve Bank’s directive from time to time.
- Interest amount will be paid at the time of maturity.
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.
The Bank reserves the right to alter, amend, rescind the rules from time to time.
TAX DEDUCTION AT SOURCE (TDS):
TDS on Recurring Deposit Accounts.