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

ELIGIBILITY:

• 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.

MINIMUM DEPOSIT:

Rs.100/-

INTEREST:

• 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.

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):

TDS on Recurring Deposit Accounts.