Opening of Recurring Deposit
- The bank is providing an R.D. facility to its depositors to save at their convenience by paying a fixed sum of money every month for a pre-determined period. The account can be opened by:-
- A person in his/her own name.
- By two or more persons in joint name with “E or S”/”A or S”/jointly clause.
- On behalf of a minor by a guardian.
- Minor aged 14 years and above.
- In the name of a registered club, associative, educational institutions, etc.
- A depositor may have more than one R.D. account in his name or in the joint names with another’s.
- The period of deposit is normally in the multiple of 12 months like 12, 24,36 up to a maximum period of 120 months.
- The account will be opened after completion of all the necessary documents & fulfilling the KYC norms.
- The installment for each calendar month must be remitted on or before the last working day of that month, thereafter penal charges are imposed for the delayed period.
- The rate of interest is the same as that of FDR/RITD schemes.
- The loan facility is extended against the R.D. up to the maximum of 85% of the amount at credit in the RD account.
ATM HELPLINE (9:00-05:00)
