Recurring Deposit

Opening of Accounts

A Recurring Account Deposit can be opened by signing the Bank’s standard account opening form in the presence of an authorized officer:-
(a) By a person in his /her own name

(b) In the name(s) firms, clubs, associations educational institution, municipalities, panchayats, Government and semi Govt. bodies, Co operative societies, religious and charitable institution etc.

2. Recurring deposit accounts may be opened for monthly installments of Rs. 10/ or for an exact multiple of Rs. 10/­

2.1 The number of monthly installments shall be 12 to 120. The depositor shall at the opening of account, stipulates the number and amount of installment and shall not subsequently charge them.

Payment of Monthly Installments

3. the installment ior any calendar month shall be paid on or before the last working day of that month failing which interest will be charge on the installments in arrears at the rate of 4 paise for every five rupee per month, a fraction of a month being treated as full month for the purpose of calculating such interest.

3.1 All installment, to be paid, will be accompanied by Pay in slips and the relative pass book, installments, it is remitted by money order, postal order etc. should bear depositors name and account number, cheque will not ordinarily be accepted in payment of installments but special request in the behalf may be considered by the bank in its discreation.

3.2 Standing instructions for transfer of monthly instal Iments from depositors account will be accepted and compiled with free of charge. In case the depositor fails to maintain sufficient balance in his account to permit of such transfers, the standing instructions will be treated as cancelled and the installments will be deemed to have fallen in arrears.

3.3 The deposit can be made in advance for any number of installments.

Pass Book

4. Every depositor will be provided with a pass book of his/her account which should be presented along with each remittance. Similarly repayment will be made from the account only on production of the pass book.

4.1 If a pass book is lost, spoiled or mutilated a charge of Rs.50 /- will be made for the issue of duplicate pass book.

4.2 Any change in address must immediately be intimated to the bank for correction in the pass book and record of bank.
With drawls

5. When all the stipulated installments have been received by the bank, the accumulated amount with interest will be paid to the depositor at his/ her request on production of his/her pass book, 30Days after payment of last installment becomes payable and has been paid or on the date of maturity whichever date may fail later.

5.1 The amount may also be paid to a messenger of the depositor on production of proper letter of authority from the depositor along with his/ her pass book, on his/her furnishing proper identification.

5.2 Deposit will not earn any interest after the date of maturity.

5.3 The date of maturity will not be less than 12 months from the date of opening of the account.

6 The bank reserves the right to close any account in which the monthly installments are not regularly paid.

6.1 in case a depositor desires to discontinue the account, before all thestipulated and agreed installments are paid the amount of installments already paid will be repaid with interest in terms of rule. In all such cases, however