Recurring Deposits

Bank providing deposit account which enables a depositor to save by paying into the account an agreed minimum sum of money monthly like "A penny saved is a penny earned" over a stipulated period.

Eligibility

Recurring Deposit can be opened by Individuals/Minors/Institutions/Associations/Regd. Co-op. Societies/Trusts/HUFs

Features & Benefits

  • Minimum initial deposit amount is Rs.100/- or multiples thereof with no Ceiling for the maximum deposit amount
  • Minimum Deposit period is 12 months
  • Maximum Deposit period is 120 months
  • The Deposits in this type of account will earn compound interest on quarterly basis
  • Individual Deposit/Joint Deposit/Deposit in the name of Minors can be made
  • Additional Interest Rate for senior citizen
  • Nomination facility is available
  • Loan can be granted up to 80% of the deposit amount against the pledge of Deposit as per Existing norms
  • It is mandatory for the depositor to deposit the core deposit amount every month

Officially Valid Documents

Two latest passport size photographs and any one of the officially valid documents as Identity and Address proof from the list below,

  • Aadhar Card
  • PAN Card
  • Voter’s Identity Card
  • Driving License
  • Passport
  • Ration Card
  • Electricity Bill
  • Telephone Bill
  • NREGA Job Card
  • Pension Payment Order

Click here for Deposit Interest Rates